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What is whole life insurance?

If you’re looking for a lifetime of protection and peace of mind, whole life insurance may be the ideal choice for you. As the name suggests, it is insurance for your whole life as long as the premiums are paid on time. 

Whole life insurance may help you build cash value that you might be able to borrow against. Another advantage of whole life insurance is that it might be a participating product. Participating whole life insurance may be eligible for dividends, if the insurer’s expenses are lower or its earnings are higher than it assumed when it set the premiums. Dividends can be used to purchase additional coverage or reduce premiums. Dividends are not guaranteed.  

Whole life insurance offers stability and long-term financial protection designed to cover your permanent insurance needs such as:  

  • Estate planning
  • Funeral or other final expenses
  • Income for your surviving spouse
  • Financial legacy for your children  

In addition to permanent protection, whole life products offer the added benefit of accumulating cash value. Cash value is the amount of money paid to the policy holder if the policy is terminated. As long as you pay your premiums and your policy stays in force, the cash value accumulates year after year. It’s a real asset with real value that can help protect you and your family.  

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A third of people wish their spouse or partner would purchase some or more life insurance.¹ 

Advantage Plus whole life insurance

Product overview

Advantage Plus2 from Foresters offers solid protection, a range of attractive options and benefits, the flexibility to meet changing needs, and the opportunity to contribute to your favourite registered charity with our Charity Benefit provision.3

Advantage Plus provides a tax-free death benefit4 that can protect the financial security of your loved ones in the event of an untimely death. In addition, the cash value of your Advantage Plus certificate grows over time and can be accessed either by withdrawing money directly from the certificate or by requesting a certificate loan.5

As a participating product, Advantage Plus provides the opportunity to earn dividends.6 Depending on the option you choose, these dividends can be:

  • Paid to you in cash
  • Used to purchase additional insurance that can be added to the death benefit and contribute to growth in cash value
  • Left as "dividends on deposit" to earn interest
  • Used to pay or reduce premiums

Foresters Financial provides financial solutions and services to help today's families achieve financial security and make a lasting difference in their lives and communities.

1Source: LIMRA, 2014 Insurance Barometer Study.  

 2Advantage Plus participating whole life insurance (Canada) is underwritten by The Independent Order of Foresters.

3The maximum payment under this provision is $100,000. The designated charitable organization must be registered as a charity with the Canada Revenue Agency. The Charity Benefit will only be paid if an eligible beneficiary for the benefit has been designated, prior to, and is in effect on, the date of the death of the insured.

4Proceeds from an insurance certificate paid due to the death of the insured person are generally excludable from the beneficiary’s gross income for income tax purposes. Consult your tax advisor for complete information on your specific situation. Foresters, their representatives and employees, do not give legal or tax advice. The information given here is merely a summary of our understanding of current laws and regulations. Prospective purchasers should consult their tax or legal advisor.

5Loans or withdrawals reduce the death benefit and cash value.

6Dividends are not guaranteed.

7The Expert Medical Opinion Program is provided solely by Advance Medical, Inc., subject to eligibility requirements and limitations and may be changed or cancelled at any time without notice.

412598 CAN (12/17)

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