Canadian Participating Whole Life Report — 2026 Edition

Dividend scale interest rates — carrier by carrier (2026)

The table below shows the most recently published dividend scale interest rates for the major Canadian participating whole life insurers. These figures are compiled from public disclosures and each carrier's own published materials. The DSIR is the annual dividend interest rate credited to participating policy cash values.

*iA reports a consolidated solvency ratio, not an operating-company LICAT ratio, so it is not directly comparable. OSFI's supervisory target is 100%. Capital ratios are as reported in each insurer's most recent public financial results. Dividend scale interest rates are not guaranteed and are not a policy's rate of return.

Not a participating policy: BMO Insurance Whole Life is non-participating and pays a Performance Bonus instead of dividends — 6.00% for May 1, 2026 to April 30, 2027.

Important: Dividend scale interest rates are confirmed from each carrier's own published dividend announcement (linked above). Capital ratios are as reported in each insurer's most recent public financial results. Dividend scale rates are set by each insurer, are not guaranteed, and are not a policy's rate of return. Always confirm current rates with a licensed broker before purchasing.

How to read this data

Dividend scale interest rate (DSIR)

The DSIR is the annual rate at which dividends are credited to your policy's cash value and paid-up additions. It's the most comparable number across carriers, but it only tells part of the story. Two policies with the same DSIR can perform differently because of how dividends are allocated, the cost of insurance charges, and the policy's underlying structure.

Participating fund size

The par fund is the pool of premiums the insurer invests and manages to pay dividends. A larger fund can mean greater stability — more assets to smooth over years of market volatility — but a smaller, well-managed fund can still produce competitive returns. Par fund size is not shown in this table, as comparable figures are not consistently disclosed across carriers; the capital ratio (above) is a better indicator of financial strength.

LICAT ratio

The Life Insurance Capital Adequacy Test (LICAT) is the regulatory capital framework set by the Office of the Superintendent of Financial Institutions (OSFI). The ratio measures an insurer's available capital against required capital. A ratio above 100% means the insurer holds more capital than required; higher ratios indicate greater financial cushion. All carriers listed above hold significant capital reserves well above the regulatory minimum.

Which carrier is best?

There is no single "best" participating whole life carrier — the right choice depends on what you're trying to accomplish:

• For the highest current dividend scale interest rate: Equitable Life (6.40%), followed by Manulife and iA (6.35%).
• For the longest dividend history: Canada Life has paid policy dividends every year since 1848.
• For estate planning and tax-efficient wealth transfer: The carrier matters less than the structure — how the policy is owned (personally or through a corporation), the beneficiary designation, and how the cash value and death benefit integrate with your estate plan.
• For business owners: Corporate-owned par policies can fund buy-sell agreements while building cash value accessible through the Capital Dividend Account (CDA).