Top-Rated Whole Life Insurance Companies in Canada for 2023

A whole life insurance policy is permanent life insurance designed to be active throughout the policyholder’s life. Unlike term life insurance which only lasts for a fixed period, such as 20 years, whole life insurance has a cash value that grows tax-deferred, similar to a savings account. This means you can access the cash value through withdrawals or policy loans.

Deciding on a whole-life policy can be a daunting task, but the insurance company offering it is just as important as the policy itself. Suppose you’re considering implementing the Infinite Banking Concept, as suggested by Nelson Nash in Canada. In that case, choosing a financially stable insurance company with excellent customer service is crucial. The process of purchasing life insurance should also be hassle-free and transparent. Look for policies that offer valuable features such as living benefits and dividends.

If you’re ready to bring the Infinite Banking Concept into your life and want to find a whole life insurance company to help you achieve this goal, then your search should begin with finding an insurer that offers dividend-paying whole life insurance. This type of insurance can provide a solid foundation for building wealth and securing your financial future.

The idea of Infinite Banking Concept Canada, Bank on Yourself, or Becoming Your Own Banker is to use a specific type of policy from well-known mutual whole life insurance companies to create a “private banking model.” This model allows policyholders to use their policy’s cash value as collateral for financing transactions and expenses instead of relying on traditional banks.

This means you can avoid using traditional banks and fund your expenses with your whole life insurance policy. The interest you would have paid to the banks stays in your pocket.

This article will reveal the best insurance companies where you can get cash-value life insurance in 2023 and beyond.

To be honest, the top-rated life insurance companies have more to offer. For example, the best whole life insurance companies for infinite banking have policies and riders that you can use for IBC and also have a history of stability and success.

Most of these companies train their staff and agents on the Nelson Nash concept (Nash is the creator of the Infinite Banking Concept) to give them the ability to help customers understand how to build wealth by thinking differently.

The Best Infinite Banking Insurance Companies in Canada in 2023

Let’s take a moment to consider something vital before we dive into discussing companies. This little nugget of information will be helpful for you to keep in mind. So, take a deep breath and get ready to absorb some valuable insights.

Have you ever heard the phrase “execution is key”? Well, it couldn’t be more accurate when it comes to applying a strategy. You may have the best product in the world, but you must execute your plan correctly to avoid disappointing results.

Have you ever heard the saying “a bad workman blames his tools”? It’s true; having the best tools in the world won’t make you the best at what you do. It takes more than just fancy equipment to excel in any field. It requires discipline and hard work to truly master a skill.

It’s essential to remember that not all insurance companies are suitable for infinite banking. Therefore, it’s crucial to familiarize yourself with the best and worst companies in the industry. After all, you wouldn’t want to entrust your hard-earned money with a company that doesn’t have your best interests at heart.

Just a Guide

As you embark on your journey to explore the top whole life insurance companies for practicing the Infinite Banking Concept, originally proposed by Nelson Nash in Canada, it’s important to note that this article serves only as a guide. It’s essential to seek advice from a certified agent with adequate knowledge of the IBC.

Life insurance policies are not a one-size-fits-all solution. Underwriting is a crucial step in determining the coverage and premiums that individuals will receive. For example, smokers or those with a family history of cancer may have fewer options than those in good health. Therefore, while we can recommend the best whole life insurance companies for Infinite Banking in 2023, it’s important to remember that your unique circumstances may lead to a different list of top-rated companies.

Our list solely includes companies that offer cash-value life insurance policies designed to accelerate cash value accumulation and growth. This guide provides insight into what to consider when searching for an Infinite Banking policy in 2023.

To find the best whole life insurance company for Infinite Banking in 2023, several variables must be taken into account. When compiling our list of the best whole life insurance companies for IBC in 2023, we compared underwriting standards, historical dividend rate, mutual company status, direct vs. non-direct recognition, income performance, current dividend rate, cash value performance, and company strength.

If you need a refresher on these variables, you can check our previous article on identifying a whole life insurance company for Infinite Banking in 2023 or family banking in Canada in 2023. Our primary goal is to help you find the best whole life insurance company that will enable your cash value to grow and accumulate at a faster rate. We’ve developed a list to assist you in getting the most out of the numerous companies available.

These are the top whole life insurance companies for infinite banking in 2023:

1. Equitable Life Whole Life Insurance

Equitable Life is known for its various low-cost life insurance policies for both permanent and term insurance. They have options for business owners and individuals.

The option for business owners is designed for entrepreneurs and businesses. The option for individuals provides basic protection for families’ financial security as a form of family banking in Canada.

Equitable offers cash value that is not guaranteed for Canadians who want long-term financial solutions. The customers can earn cash value from the company.

Equitable Life Whole Life Coverage

Equimax Wealth Accumulator

The Equimax Wealth Accumulator coverage is meant to speed up a policyholder’s cash value in the early years. The option is suitable for startups because it offers business protection. Also, customers can use the cash value in their early retirement years.

Equimax Estate Builder

This coverage is a long-term value option that lets consumers pass on their wealth to beneficiaries for estate planning or charitable purposes.

Advantages of Equitable Life Whole Life

Conversion of term policies
Online account access
Family plan available
Coverage for chronic diseases

Disadvantages of Equitable Life Whole Life

No electronic policy
Policy rates are average
No payment term option
Term options are limited

2. BMO Whole Life Insurance

With BMO Whole Life Insurance, Canadians can get a unique type of whole life insurance that covers individuals, entrepreneurs, and common-law partners. It also protects them from mortgages and other debts. Moreover, it ensures that their beneficiaries are taken care of, and they can use it to secure their key employees and businesses.

However, it is a non-participating plan that gives the policy owner a yearly performance bonus instead of a dividend. Some benefits include premium offset, extra payments, policy loans, and premium change.

Pros of BMO Whole Life Insurance

It’s less costly
It has an option for multiple-term life coverage
It enables coverage alteration
Availability of benefit program
There is an option for coverage conversation
Allows online access
Availability of multi-policy discount

Cons of BMO Whole Life Insurance

Digital policies are unavailable
Non-renewable longer-term life insurance policies

3. Assumption Life

Assumption Life provides a unique insurance system in Canada that does not require clients to undergo medical tests before getting covered—the coverage amount and type depend on the client’s age and plan choice. The plan consists of five products designed for clients wanting medical life insurance coverage.

However, these policies are only up to CA$999,999 for customers who are between 18 and 45 years old. The coverage level decreases as the age increases. Nevertheless, the average is still CA$50,000 for those between 66 and 69 years old.

Pros of Assumption Life Insurance

It has straightforward and accessible non-medical coverage
It’s highly flexible
Processing is fast and easy
There is an option for package exchange and conversation
Allows for online access
It has a range of term coverage
It has a mortgage coverage option

Cons of Assumption Life Insurance

There are no digital policies
It requires clients to pay higher rider fees and policy fees

4. Nationwide

Nationwide is an excellent choice for whole life insurance for people over 50 years old. The company has many impressive features, such as solid financials, satisfied customers, flexible payment options, and transparent information about policy features.

Moreover, it has various benefits that make its whole life insurance policies among the best in the market. It covers up to US$5,000,000 without medical exams for people under 50 and up to US1,000,000 for people between 51 and 60. Their policies include riders that allow early access to death benefits for terminal, critical, and chronic illnesses at no extra cost. This means people diagnosed with terminal, acute, or chronic diseases can get their death benefits sooner.

Pros of Nationwide

You can access your policy details online.
The company has a low number of complaints. J.D. Power gives it second place in customer satisfaction
It does not ask for a medical check for coverage of below US$5 million
It has three living benefit riders at no additional expense

Cons of Nationwide

Final expenses policies are only available to existing clients

5. Canada Protection Plan

Canada Protection Plan offers two types of whole life insurance:

Guaranteed Acceptance of Life Insurance and Simplified Issue of Whole Life Insurance

Both policies provide lifetime coverage without requiring a medical exam or health questions. Guaranteed Acceptance Life Insurance is for people between 40 and 80 years old who have serious health issues or are hard to insure.

Simplified Issue Whole Life Insurance is for people between 18 and 80 years old, with minor or moderate health issues, or looking for a quick and easy application process.

Pros of Canada Protection Plan

Its accessibility to people with health problems
Fast approval processes
It has affordable rates

Cons of Canada Protection Plan

Low coverage amounts (up to $50,000)
Its graded death benefit (meaning the full amount is not paid out in the first two years),
Lack of cash value or dividends

6. Manulife

Manulife is one of Canada’s oldest and most established life insurance companies, with a history dating back to 1887.

Manulife offers two main types of whole-life policies:

Performax Gold and Manulife Par.

Performax Gold is designed for people who want to maximize their cash value growth and dividend potential. It has a unique feature called the Guaranteed Cash Value Enhancement Rider, which boosts the policy’s cash value every 10 years.

Manulife Par is a more flexible and customizable product that allows policyholders to choose from different premium payment periods, death benefit options, and dividend scales.

Final Word

In conclusion, keep in mind that this is only a selection of some of the whole life insurance companies for Infinite Banking Concept Canada, among the many that are available. The list may vary depending on your personal IBC objectives.

Moreover, to find the best whole life insurance company for you, you should consult a professional who can tailor it to your situation. You may have different preferences for death benefit growth versus cash value growth or company stability rather than the current dividend rate.

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