Whole Life Insurance

The life insurance solution that works for you

Whole Life Insurance provides lifelong coverage and guarantees a base amount of insurance protection for the insured’s entire life.

There are two options for Whole Life Insurance:

Whole Life – Pay to Age 100

This plan also provides a guaranteed base amount of insurance protection to age 100. You pay premiums on the base policy, and these premiums are guaranteed never to go up. At age 100, your policy is considered paid up and coverage continues for life with no additional premiums.

20 Pay Whole Life

This plan provides a guaranteed base amount of insurance protection for life. You pay premiums on the base policy for only 20 years, and these premiums are guaranteed never to go up. After 20 years, your policy is considered paid up, and your protection continues for life with no additional premiums.

Rider Options:

Accidental Death Benefit, Child Protection Rider, Child Critical Illness Rider, Disability Waiver of Premium Benefit, and Mortgage Protection Benefit.

Unique benefits

Both plans provide the following protection for you and your family:

Lifelong Protection

Whole Life Insurance ensures coverage throughout your entire life, providing peace of mind for you and your loved ones.

Guaranteed Premiums

Premiums remain level and are guaranteed never to increase, allowing for predictable financial planning.

Dividends

Policy owners may receive annual dividends which allow for increases in coverage as well as cash value.

Paid-up Additions

The ability to use dividends to purchase additional permanent coverage without extra premiums.

Flexibility

Options for different premium payment durations (e.g., Pay to Age 100 or 20 Pay) cater to individual preferences and needs.

Access to Cash Values

A portion of the premium payments go into a cash value account which grows over time. These include guaranteed cash values and non-guaranteed cash values. Individual or corporate policy owners can access cash values via a policy loan or surrendering the policy for the cash value.

Tax-Free Growth

The growth of the cash value is tax-deferred, meaning you won't owe taxes on the gains as long as they remain within the policy.

Premiums for Whole Life plans are level, meaning they remain constant and are guaranteed never to increase. After the premium-paying period, the policy is considered paid up, and the permanent insurance protection will never decrease.

Whole Life plans are available to individuals aged 15 days to 80 years, making it suitable for various age groups.

Policy owners of Whole Life plans may receive annual dividends based on the participating account’s performance. These dividends can be used to purchase additional life insurance coverage called Paid-up Additions, which are permanent and do not expire or require extra premiums.

Underwriting classes for Whole Life plans include Non-tobacco User and Tobacco User.

Ready to talk?

Your insurance broker can provide a customized plan and quickly answer all your questions.

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Wawanesa Life does not currently offer Individual life insurance or investment products to Quebec residents – check back with us soon.