Whole Life Insurance
Coverage that lasts your whole life and builds value along the way — for final expenses, estate taxes and the legacy you want to leave.
Reviewed by Pankaj Bhatia, PFA, CHS · Last updated October 2026
Get a whole life quote
We'll compare guaranteed and participating options for your age and goals.
Quotes are estimates based on each insurer's current rates. The insurer's policy wording and final rate always apply.
Quick answer
Whole life insurance is permanent coverage with level premiums and a guaranteed death benefit. Part of each premium builds cash value you can borrow against. Participating policies may also earn dividends. It costs more than term, but it never expires.
Why families choose whole life
- Pay final expenses and estate taxes
- Leave an inheritance or equalize one between children
- Build tax-advantaged cash value
- Lock in coverage while you're healthy
- Leave a gift to a charity or place of worship
Guaranteed vs participating
| Non-participating | Participating | |
|---|---|---|
| Premiums | Level, guaranteed | Level, guaranteed |
| Cash value | Guaranteed schedule | Guaranteed, plus dividends (not guaranteed) |
| Best for | Simple lifelong cover at lower cost | Long-term growth and estate planning |
Payment options
You can pay for life, to age 100, or over a shorter period such as 10 or 20 years so the policy is fully paid before retirement.
Insurers we represent
- iA Financial Group
- Empire Life
- Foresters Financial
- The Co-operators
- Wawanesa Life
- BMO Insurance
- Equitable Life
- Assumption Life
Product availability depends on age, health and province.
Whole life FAQs
What's the difference between whole life and term life?
Term covers a set period at a low cost. Whole life covers you for life, builds cash value and costs more. Many families use term for the mortgage years and a smaller whole life policy for lifelong needs.
What is participating whole life?
A participating policy can earn dividends from the insurer's participating account. Dividends aren't guaranteed, but they can buy extra coverage, reduce premiums or be taken as cash.
Can I borrow from my whole life policy?
Yes, you can usually take a policy loan against the cash value. Unpaid loans and interest reduce the death benefit, so it's worth planning carefully.
Is whole life good for estate planning?
It's one of the most common tools — it can pay final taxes on an estate, equalize an inheritance between children, or leave a gift to charity, with the benefit paid to beneficiaries generally tax-free.
Planning your legacy?
Let's look at what your estate will need and the most efficient way to fund it.