Benefits of whole life insurance coverage for your loved ones

Whole life insurance, a type of permanent life insurance, is lifetime insurance coverage. In Alberta, this kind of policy offers a tax-free lump sum benefit to your beneficiaries upon your death.

As long as your premiums are paid regularly, you will never have to renew your coverage. This means you are insured for life, regardless if your health declines in the future.

Benefits of whole life insurance coverage for your loved ones

Why is whole life insurance coverage advantageous compared to other types of life insurance? 

Aside from the premiums being fixed during your lifetime, your premiums also have a cash value that accumulates over time.  You can borrow against the cash value of your policy subject to its terms and conditions.  

Although whole life insurance is generally more expensive than term life insurance, its extended coverage and savings component are truly worth considering.

If you need to buy life insurance but are unsure which one is right for you, compare multiple life insurance quotes from top insurance brokers in our network. All it takes is for you to fill out the short online form on this page at no cost!

Compare free quotes in the comfort of your home without pressure to save time and ensure you buy the best type of coverage for your needs.

Why choose Whole Life Insurance in Alberta?

Albertans seeking long-term financial security will benefit significantly from whole life insurance.

Several insurers in the province offer whole life insurance policies including Alberta Blue Cross, Manulife, Beneva, Sun Life, Empire Life, and Equitable Life.

Family with young children protected by whole life insurance

It goes beyond simple insurance coverage because you can also access funds through the policy’s cash value when you need it. You can do so with a loan (repayment over time) or a withdrawal.

Below you will find the 5 most important benefits of permanent life insurance.

  1. Coverage for life

Unlike term life insurance which is valid for a specific term, permanent life insurance is for life.  Once you get your policy, you never have to renew it.  Regardless of when you die, your dependents or beneficiaries will receive the lump sum payment.

  1. Cash Value 

The premiums you pay have a cash value component that grows tax-deferred over time. You can withdraw or borrow against these funds for your projects, investments, or for personal expenses.

  1. Fixed Premiums

Whole life insurance premiums are fixed for life.  This feature allows a policyholder to plan his finances long-term and manage payments more easily.

  1. Tax Benefits 

Death benefits from whole life insurance are tax-free while the tax on the cash value is tax-deferred.  This feature is advantageous for estate planning. 

  1. Estate Planning Benefits

Permanent life insurance benefits can be used for estate planning, inheritance planning, and tax payments.  

While permanent life insurance policies tend to have higher premiums than term life insurance, the lifelong coverage, cash value accumulation, and additional benefits make them a valuable consideration for those seeking comprehensive, long-term financial protection in Alberta.

Compare different options from top insurers in Alberta with our free online form. Connect with top insurance advisors and brokers in our network, free of charge, to get tailored recommendations based on your situation.

Whole Life insurance vs. Universal & Participating Life Insurance

In Alberta, people looking for permanent life insurance can choose from whole life insurance, universal life insurance, and participating life insurance.

These 3 types of policies have one thing in common – they all provide lifetime protection and tax-free death benefits. But they also have unique features that would suit different individuals. 

Explore the 3 types of permanent life insurance to find the right one for your needs.

Feature   Whole Life Insurance Universal Life Insurance Participating Life Insurance  
Coverage Lifetime Lifetime Lifetime
Tax Advantage Tax-free death benefits Tax-free death benefits Tax-free Death Benefits
Premiums Fixed Flexible Semi-flexible
With cash value growth Yes Yes Yes
With option to increase cash value Yes Yes Yes
With a choice on investment options based on risk tolerance   No Yes No
Can earn dividends No No Yes  

What is universal life insurance?

Universal life insurance is a flexible permanent life insurance.  If offers opportunities for savings growth on a tax-deferred basis.  It can protect your dependents from financial hardship after your death by maximizing the value of your estate.

You can choose the amount of premiums to pay to have flexibility in the future when you retire or earn less.

You can also choose from a wide array of investment options.  The interest earned will not be taxed while in your policy.

Some policies allow you to reduce the death benefits and stop payment of premiums after age 70.

What is Participating Life Insurance Coverage?

This type of permanent life insurance pays dividends to the insured. Your beneficiaries are guaranteed to receive death benefits when you die, provided the policy is active and up-to-date with payments.

While similar to Whole Life and Universal Life insurance as far as cash value growth is concerned, Participating Life Insurance gives options to earn dividends.  The funds can be placed in a separate account, used to buy another policy, withdrawn to get funds, or used to reduce premiums.

Take note, however, that insurers don’t guarantee the dividends.

The choice of permanent life insurance should be based on your financial goals, risk tolerance, and desired flexibility.  You can speak to a financial advisor to find the best option based on your personal circumstances.

Would you like to connect with our reputable partner insurance brokers? Fill out the short online form with no cost or obligation today!

How much is Whole Life Insurance in Alberta?

The price of whole life insurance in Alberta is not the same for everyone. Factors including age, gender, health status, lifestyle (smoking/alcohol), and the desired amount of coverage will affect the cost of premiums.

A whole life insurance policy for $50,000 could range from $33 to $900, depending on age and smoker or non-smoker.  In general, men pay higher premiums than women.

Given that premiums are so variable, it is best to speak to an insurance advisor or use our comparison form to get quotes tailored to your needs and situation.

If you buy whole life insurance today, you are sure to pay less than in the future!

You can get coverage for $50,000 now and buy more when you can afford it. The important thing is to get protection as soon as possible.

Get calculations for monthly premiums of whole life insurance to compare and choose the most affordable policy that suits your budget.

Simply fill out the short online form on this page and get FREE QUOTES for whole life insurance.

Can’t afford whole life insurance? Consider term-life 100 Insurance

Paperwork and insurance checklist in home life

With the cost of living so high nowadays, we understand if the cost of whole life insurance is not within your budget.

While the cost of premiums can be daunting, it should not be the main reason for you to remain uninsured.  The cost of not having insurance is much higher than the premiums because your dependents could lose everything if you should die unexpectedly.

If you prefer to have lifetime coverage but at a lower cost, you should consider term life 100 insurance.

Why is term life 100 insurance cheaper?

  • No accumulation of cash value
  • No cash value growth
  • No investment component
  • Lifetime coverage with only death benefits


Check out the comparison of whole life insurance and term life 100 insurance in the table below.

Comparison of Term Life 100 Insurance and Whole Life Insurance – $100,000 Policy  
Age Term Life 100 Insurance Whole Life Insurance
30 years old $40 – $60 per month   $60 – $120 per month
40 years old   $60 – 90 per month $100 – 200 per month
50 years old   $80 – $150 per month $180 – $300 per month

Which one should you choose?

If lifetime coverage (no renewal required) is important to you but you want lower premiums, choose term life 100 insurance.  Keep in mind that your policy will not have cash value.

If you desire cash value growth with lifetime coverage, choose whole life insurance.

Assess your financial goals or seek the help of an insurance advisor to ensure you get the policy that is aligned to your future goals and budget.

Start comparing your options today to lock in the lowest possible insurance rates! Please fill out the short online form on this page and secure a brighter future for your loved ones.

Are there disadvantages to whole life insurance coverage?

Whole life insurance offers many benefits but it is not also for everyone. Consider the following potential drawbacks before making your decision.

1. High Cost of Premiums: 


The high cost of premiums which you will need to pay for many years can be a strain on the budget, particularly if you live on a tight budget or have financial obligations such as rent, mortgage, loans, etc.

While it is cheaper for young adults to buy whole life insurance, they may also find it difficult to cover the cost.

2. Complex Policies

Compared to term life insurance, whole life insurance is more complex. Make sure to read your policy 2 or 3 times to understand the fine print.

There are many pros and cons to whole life insurance. Again, the decision is yours to make after you fully understand how whole life insurance can secure your finances and what it will cost you in the long term.

You can find cost-effective premiums that suit your budget. Take 2 minutes to fill out our short online form and get competitive quotes, free of charge!

Who is qualified to get whole life insurance coverage?

To qualify for whole life insurance coverage, you will need to meet certain criteria:

  • Age: Varies among insurers but generally less than 80 to 85 years old.
  • Citizenship or Residency: Must be a Canadian citizen or permanent resident
  • Medical status: Must pass the medical examination and evaluation.
  • Financial capacity: Must show capacity to pay the required premiums.


Please note that insurers also have specific criteria for eligibility.  You can get help understanding the requirements from our partner insurance advisors.

What do I need to get whole life insurance in Alberta?

Personalized solutions with whole life insurance

Now that you have seen the significant benefits of whole life insurance, you probably want to know what you need to get covered right away.

You must choose your preferred insurer and fill out an application form including your personal details, medical history, pre-existing conditions, and lifestyle (job, hobbies, habits such as alcohol or smoking).

Most insurers will require a medical examination to verify your health status. The insurer will check your insurability and determine your insurance premium.

Our partners, experienced and reputable insurance brokers, work with most insurance providers in Alberta. This means you get to compare multiple insurers at once with no obligation.

They can simplify the application process, recommend the best policies, and find the lowest premiums for you.

Get in touch with our partner insurance advisors using our short online form.
Take advantage of a free comparison of whole life insurance policies in Alberta!

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