Whole life insurance covers you for life and builds guaranteed cash value. Participating (“par”) policies can also earn dividends. It costs significantly more than term, so it fits specific goals: covering estate taxes, leaving a guaranteed legacy, funding a buy-sell agreement or providing for a dependant for life.
Life insurance
5 min read
Updated Oct 3, 2026
Term vs Whole Life Insurance in Canada: Which Fits You?
Term life gives the most coverage per dollar for a set period, while whole life covers you for life and builds cash value at a much higher price. Here is how to decide.
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