Whole Life Insurance Rates for Canadian Women: Lowest Quotes for Female Non-Smokers Compared

Whole life insurance policies required a fixed annual premium that remains the same for the duration of the required payment period. Some whole life products are paid up after 20 years.

The whole life insurance in this analysis requires that the annual premiums shown be paid each year that the policy remains in effect. This type of whole life insurance is sometimes called guaranteed whole life or term-to-100 life insurance.

Rates from this analysis are from the Canadian Term4Sale website which offers free quote comparisons. The lowest annual premium for a $100,000 whole life insurance policy is $294.50 (all dollar figures in Canadian currency) for a female age 17 years.

Below are the most competitive annual premiums for women at progressively higher attained ages. The life insurance companies offering the lowest rates are also shown.

Whole Life Rates for Canadian Women Age 25

On their 25th birthdays, female Canadians pay an average yearly premium of $436 per $100,000 of whole life insurance. This average is based on the 17 most competitive whole life quotes from the Term4Life rate calculator, and is 18.2% higher than the average fixed premium for a non-smoking female who starts her whole life coverage at age 17.

Below are the top 5 insurers offering the lowest annual rates per $100,000 of whole life insurance.

  1. Empire Life … $313 fixed annual premium
  2. La Capitale … $329.65
  3. La Survivance … $346
  4. L'Excellence Life … $356
  5. Unity Life of Canada … $389

Whole Life Rates for Canadian Women Age 35

The average premium rate for whole life insurance sold at age 35 is 45% higher than for a younger woman age 25, with La Capitale offering the lowest quotes for 35 year olds among the top 5 life insurers.

  1. La Capitale … $448.40 fixed annual premium
  2. L'Excellence Life … $464
  3. Empire Life … $464
  4. La Survivance … $499
  5. Unity Life of Canada … $561.

Whole Life Rates for Canadian Women Age 45

The average whole life premium for middle-aged females age 45 is $1,016 – an amount 60% higher than for a 35 year old and 133% higher than for a 25 year old. Still, the following 5 life insurers afford significant savings with rates well below the $1,016 average premium.

  1. L'Excellence Life … $713 fixed annual premium
  2. La Capitale … $762.85
  3. Empire Life … $780
  4. La Survivance … $848
  5. Unity Life of Canada … $880.

Whole Life Rates for Canadian Women Age 55

At age 55, the average whole life rate of $1,742 is 3 times higher than the average premium at age 25, about twice as high as at age 35 and 71.6% greater than the rate for 45 year olds. Standard Life joins the list of top 5 life insurers selling for the lowest whole life premiums at age 55.

  1. L'Excellence Life … $1,346 fixed annual premium
  2. Empire Life … $1,423
  3. La Capitale … $1,451.60
  4. Standard Life Assurance … $1,508
  5. La Survivance … $1,525.

Whole Life Rates for Canadian Women Age 65

The average rate again almost doubles to $3,141 for females age 65 with premiums 80.3% higher than for a woman age 55.

  1. L'Excellence Life … $2,426 fixed annual premium
  2. Empire Life … $2,573
  3. La Survivance … $2,781
  4. La Capitale … $2,793.95
  5. Standard Life Assurance … $2,848.

Whole Life Rates for Canadian Women Age 75

A 75-year-old female senior can expect to pay an average whole life rate of $5,778. That amount is about 12 times higher than if she first bought her whole life policy at age 25, over 8 times higher than at age 35, 4.7 times higher than at age 45, 2 times higher than at age 55 and 84% higher than the average low rate at age 65.

  1. Empire Life … $4,687 fixed annual premium
  2. Unity Life of Canada … $5,015
  3. BMO Life Assurance … $5,310
  4. La Capitale … $5,315.25
  5. Assumption Mutual Life Assurance … $5,433.

While the above analysis provides the most economical premiums per $100,000 of whole life insurance, readers should make careful note of the fact that whole life cash values are not included.

That is, an Empire Life policy might cost a lower premium but can also have a cash value worth less than a competitive product from the likes of BMO Life Assurance or Assumption Mutual Life Assurance. To find out these details, consumers should always check with a licensed insurance professional.