Whole life insurance goes beyond short-term protection — it’s a permanent insurance solution built for Canadians who want peace of mind and long-term financial growth. At PolicyPlace, we offer whole life insurance in Canada that not only provides a guaranteed death benefit but also builds cash value over time.
Unlike term insurance, which expires after a set period, whole life insurance stays active for life — as long as you continue paying the premiums. This ensures your loved ones receive a tax-free payout, while you enjoy the added benefit of accessing cash value when needed.
Every premium you pay contributes to a cash value account that grows over time. This account earns interest and accumulates tax-deferred savings, which you can use during your lifetime. As long as the policy is active, both the death benefit and cash value continue to grow.
At PolicyPlace, our advisors help you customize the plan to align with your long-term financial and family goals.
Not everyone gets the same rate. Insurers look at several factors before setting your price.
Younger applicants usually get better rates. Some policies are available from infancy all the way to 80 years of age.
Your current health affects premiums. While some insurers ask for a medical exam, others don’t. Even with a health condition, you may still qualify — we can guide you.
Past illnesses or risky health habits can raise your costs, but they won’t always result in rejection.
What you do matters. Habits like smoking or skydiving can impact your premium.
Insurance companies want to know if you can keep paying regularly. Income stability matters here.
Need extra money? You can borrow against the cash value without canceling your policy.
If you cancel your policy, you can still get some cash back — minus any applicable fees.
Whole life insurance isn’t just for protection. It’s also a smart part of long-term financial planning.
This policy lasts forever — not just 10, 20, or 30 years. Your loved ones will receive a guaranteed benefit when you pass.
Your rate stays the same every year, making budgeting much easier.
The payout your family gets is tax-free. It can be used to clear debts, cover expenses, or secure their future.
Your premiums help grow a savings fund. This value is tax-deferred and can be accessed while you’re still alive.
If your policy is “participating,” you might get annual dividends. These can be used to:
Pay your premium
Add to your savings
Take out as cash
If you’re asking for a large amount of coverage, you might have to provide extra paperwork. We’re here to help with that process.
It’s permanent insurance that offers both lifelong coverage and savings through cash value growth.
Term life ends after a fixed time. Whole life lasts your entire life and includes savings.
It offers lifelong coverage, steady premiums, cash value savings, and a tax-free payout to your family.
Whole life policies include a cash value component that grows over time on a tax-deferred basis. A portion of each premium payment contributes to the cash value, which policyholders can access during their lifetime through policy loans or withdrawals.
Premiums paid for whole life insurance are generally not tax-deductible. However, the death benefit received by beneficiaries is typically income tax-free under current tax laws.
Yes, once there’s enough cash value built up, you can take a policy loan.
Depending on the policy, it might use the cash value to keep going for a while, or it could lapse. You may also get a reduced benefit.
If your insurer pays dividends, you can reinvest them, use them to pay premiums, or take them as cash.
