Like term life insurance, whole life insurance too depends on the type of policy you choose and other factors like age, gender, health, and lifestyle.
With that considered, if you are a senior in Canada looking to build a cash value that can be used to supplement your income in retirement or meet unexpected expenses, then whole life insurance may be right for you. While term life insurance is aimed to protect you for a temporary period usually until you pay off your loans, whole life insurance not only protects you for your entire life but also helps accumulate a cash value that grows over time on a tax-deferred basis.