Whole Life Insurance Quotes Canada

Whole life insurance quotes Canada provides you with the basic information you need for this type of life insurance protection. However, it's almost impossible to get an immediate quote online.

Whole Life Insurance Quotes Canada

Whole life insurance policies can be quite complex. To really get an accurate quote and to explore all of your options, you need to speak to a broker or agent.

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Online quotes will have various examples of typical policies based on age and the amount of death benefit you require. This does not include any riders, options for dividends or any other possible add-ons you may be interested in buying.

Of course, some of the more comprehensive sites will offer a more advanced quick quote form that does include some of the extras, but it is still best to speak to a professional.

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The main thing to keep in mind when researching whole life insurance quotes Canada is that this product is much more than just a lump sum of money your loved ones will receive when you die.

It is an essential component in estate planning and comes with all sorts of tax applications. It is vital that you look beyond the sticker price of the premiums and look deeply into all of the benefits a whole life insurance policy has to offer.

Covered for Life

With a whole life insurance policy you are covered for your entire life, as long as you keep paying your premiums. Plus, your premiums will never go up.

That is why it is best to lock in a low rate when you are young. Your policy does not expire; therefore it never needs to be renewed. The longer you leave it, the higher your whole life insurance quotes Canada will be.

Real Cash Value

You should think of a whole life insurance policy as more of an investment in life than a payoff for death. Your policy accumulates real cash value. The premiums you pay cover the cost of your insurance coverage and the excess is put into a supplemental account that grows savings for you.

This account accrues interest and keeps growing until you decide to cash out. If you do not cash out before death, this amount is included in the death benefit, not an additional amount paid to your beneficiary.

How You Can Use the Cash Value

There are several ways you can use the accumulated cash value in your policy.

  1. Take out a loan from the insurance company. Your provider will issue you a low interest loan, using the built up cash value as collateral. You can use the loan money for an emergency or any thing else you need. You do not necessarily have to repay the loan, either. If you are unable to repay the loan for any reason, there are no extra fees or penalties, just the normal interest charges. The only stipulation is that the loan amount and any unpaid interest will be deducted from the death benefit if you die without paying back the loan. Of course, if you do pay it off in full, there will not be any deductions.
  2. Withdraw the accumulated cash value. Since the money was set aside for you, you are able to withdraw the funds. Just remember, the accumulated cash value will not be equal to the amount you paid in premiums. Part of your premium payments go to the insurance company for providing the death benefit.
Both of these options can come in quite handy when you are suddenly faced with unexpected expenses or a business opportunity that is too good to pass up.

Whole Life Insurance

A whole life policy spreads the cost of coverage out over many years. This eliminates the need to increase your premiums. Once the premium is set, that is where it stays. You may choose to spread out the payments over your entire life or up to a certain age.

Some companies will allow you to double up on payments so you can pay off the policy faster. That's right: it is possible to pay off a whole life insurance policy.

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This does not mean that once the policy is paid you are no linger covered. You are still covered; you just do not have to make any more payments. Just like a mortgage. You do not lose your house when your mortgage gets paid off.

The earning on the savings part of the policy is not subject to income taxes unless you make a withdrawal. That means that it's not exactly tax exempt, only tax-deferred. And your death benefit does not decrease, no matter how many payments you still have to make before the policy is paid in full.

Whole Life Insurance Quotes Canada: Universal Life Insurance

When you go to talk about a whole life insurance policy, the subject of a universal policy will come up. This is different from whole life, but still related.

With a universal policy you usually have the option of reducing or increasing the amount of the death benefit. Additionally, the cash value generally increases in a more spread out fashion, depending on how the company invests the money.

Whole Life Insurance Quotes Canada

This type of insurance is usually a better choice for estate planning and wealth management, since you have many more options available to you.

A permanent life insurance policy, whether it's whole or universal life, tends to be much more complicated than a term policy. That is why is important to get whole life insurance quotes Canada from an experienced professional.

Lowering Your Premiums

Don't like the whole life insurance quotes Canada you received? You can lower your premiums in several ways. These include:

  • Quit smoking. Since it is believed that smoking reduces your life expectancy, non-smokers get lower rates.
  • Maintain a healthy lifestyle. This includes exercising regularly and avoiding high risk activities. People deemed to be a high risk are generally charged higher premiums.
  • Consolidate your policies. Some people have several small policies with various companies. It is much better and cheaper to have just one larger policy.
  • Get a first to die policy. The premiums on this type are higher, but the policy covers both spouses. Making it cheaper than having separate coverage for each one. The philosophy behind this type of policy is that the second spouse to die does not need to leave benefits to anyone. Benefits are paid to the surviving spouse, regardless of who dies first.
  • Purchase a life insurance policy when you are young and healthy. The younger you are, the lower your premiums will be.
When getting your whole life insurance quotes Canada, just remember, a whole life policy is much more than a lump sum of cash for your beneficiary.

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We're waiting to help you! Click here to ask any question. We'll contact you with your answer, or to make an appointment, free of charge.

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