{
  "id": "v20-ca-term-vs-whole-life",
  "version": "20.16.0",
  "name": "Term Versus Whole Life Scenario Calculator — Canada",
  "shortName": "Term Versus Whole Life Scenario",
  "description": "Compare transparent cash-value scenarios using equal coverage needs and an actual guaranteed policy illustration. CAD planning view; stated limitations apply.",
  "category": "Finance",
  "categorySlug": "finance",
  "keywords": [
    "term-vs-whole-life",
    "ca",
    "insurance-consumer",
    "insurance-terms"
  ],
  "status": "live",
  "workStatus": "pending",
  "reviewStatus": "pending",
  "migrationStatus": "new",
  "engine": "native",
  "creator": null,
  "reviewer": null,
  "quality": {
    "availability": "live",
    "technicalReviewRecord": "/reviews/v20-ca-term-vs-whole-life.json",
    "qualifiedReview": "pending",
    "qualifiedReviewer": null,
    "qualifiedReviewDate": null,
    "formulaVersion": "20.16.0",
    "referenceCoverage": "references-listed",
    "releaseTestScope": "Catalog and regression checks are not a professional formula audit; consult release evidence.",
    "historicalMetadataDate": "",
    "historicalMetadataNotice": "The imported date is not evidence of a completed human review."
  },
  "notice": "Illustrative defaults are not local quotes or verified legal rules. Dated reference components and user-entered assumptions are explicitly distinguished. Professional review is pending.",
  "urls": {
    "page": "/ca/term-vs-whole-life/",
    "definition": "/ca/term-vs-whole-life/definition.json",
    "schema": "/ca/term-vs-whole-life/schema.json",
    "llms": "/ca/term-vs-whole-life/llms.txt",
    "legacyDefinition": "/ca/term-vs-whole-life/definition.json"
  },
  "queryExample": "https://askcalculators.com/ca/term-vs-whole-life/?termAnnual=700&wholeAnnual=6000&years=20&investmentReturn=4&guaranteedCashValue=90000&surrenderCharges=0",
  "queryParameters": {
    "termAnnual": {
      "label": "Comparable term annual premium",
      "type": "money",
      "required": true,
      "default": 700
    },
    "wholeAnnual": {
      "label": "Comparable whole-life annual premium",
      "type": "money",
      "required": true,
      "default": 6000
    },
    "years": {
      "label": "Comparison horizon, years",
      "type": "number",
      "required": true,
      "default": 20
    },
    "investmentReturn": {
      "label": "Assumed net investment return",
      "type": "percent",
      "required": true,
      "default": 4
    },
    "guaranteedCashValue": {
      "label": "Illustrated guaranteed cash surrender value at horizon",
      "type": "money",
      "required": true,
      "default": 90000
    },
    "surrenderCharges": {
      "label": "Charges not already deducted in cash value",
      "type": "money",
      "required": true,
      "default": 0
    }
  },
  "inputs": [
    {
      "id": "termAnnual",
      "label": "Comparable term annual premium",
      "type": "money",
      "defaultValue": 700,
      "required": true,
      "min": 0,
      "max": 1000000000000,
      "step": 0.01,
      "prefix": "CAD",
      "help": "Illustrative starting value; replace with your own evidence."
    },
    {
      "id": "wholeAnnual",
      "label": "Comparable whole-life annual premium",
      "type": "money",
      "defaultValue": 6000,
      "required": true,
      "min": 0,
      "max": 1000000000000,
      "step": 0.01,
      "prefix": "CAD",
      "help": "Illustrative starting value; replace with your own evidence."
    },
    {
      "id": "years",
      "label": "Comparison horizon, years",
      "type": "number",
      "defaultValue": 20,
      "required": true,
      "min": 1,
      "max": 80,
      "step": 1,
      "help": "Illustrative starting value; replace with your own evidence."
    },
    {
      "id": "investmentReturn",
      "label": "Assumed net investment return",
      "type": "percent",
      "defaultValue": 4,
      "required": true,
      "min": 0,
      "max": 30,
      "step": 0.1,
      "help": "Illustrative starting value; replace with your own evidence."
    },
    {
      "id": "guaranteedCashValue",
      "label": "Illustrated guaranteed cash surrender value at horizon",
      "type": "money",
      "defaultValue": 90000,
      "required": true,
      "min": 0,
      "max": 1000000000000,
      "step": 0.01,
      "prefix": "CAD",
      "help": "Illustrative starting value; replace with your own evidence."
    },
    {
      "id": "surrenderCharges",
      "label": "Charges not already deducted in cash value",
      "type": "money",
      "defaultValue": 0,
      "required": true,
      "min": 0,
      "max": 1000000000000,
      "step": 0.01,
      "prefix": "CAD",
      "help": "Illustrative starting value; replace with your own evidence."
    }
  ],
  "outputs": [
    {
      "id": "annualDifference",
      "label": "Annual premium difference",
      "format": "currency",
      "digits": 2,
      "currency": "CAD"
    },
    {
      "id": "investedDifference",
      "label": "Value of end-year invested premium differences",
      "format": "currency",
      "digits": 2,
      "currency": "CAD"
    },
    {
      "id": "netCashValue",
      "label": "Entered net guaranteed cash value",
      "format": "currency",
      "digits": 2,
      "currency": "CAD"
    },
    {
      "id": "difference",
      "label": "Invested difference minus net cash value",
      "format": "currency",
      "digits": 2,
      "primary": true,
      "currency": "CAD"
    }
  ],
  "formula": {
    "expression": "invested difference = sum of equal annual premium differences accumulated from each year end at the entered return.",
    "note": "Inputs are converted to canonical units before evaluating this stated formula."
  },
  "examples": [
    {
      "label": "Illustrative defaults; required verification checks remain unconfirmed",
      "inputs": {
        "unitSystem": "metric",
        "termAnnual": 700,
        "wholeAnnual": 6000,
        "years": 20,
        "investmentReturn": 4,
        "guaranteedCashValue": 90000,
        "surrenderCharges": 0
      }
    }
  ],
  "sources": [
    {
      "label": "NAIC consumer insurance resources",
      "url": "https://content.naic.org/consumer"
    },
    {
      "label": "NAIC insurance glossary",
      "url": "https://content.naic.org/glossary-insurance-terms"
    }
  ],
  "publicSlug": "term-vs-whole-life",
  "namespace": "ca",
  "countries": [
    "us",
    "ca",
    "uk",
    "ie"
  ]
}