Term Life Insurance - Secure your life

Term life insurance

Flexible term lengths between 10 years and 40 yearsA tax-free death benefitsLow cost and affordable monthly paymentsFlexibility to convert to permanent insurance

What is term life insurance?

Term life insurance is a type of life insurance that gives your beneficiaries a payout if you die anytime during the term or length of you policy.

With term life insurance, you can choose exactly how long you will be covered. Some of our clients find it helpful to match their coverage length with various milestones, like paying off a mortgage or seeing their children through college. Whatever your needs are, you can build a custom term policy and covert to permanent policy later.

Consider term life insurance if you are looking for:

Temporary coverage that allows you to convert to long-term coverage later.
Affordable coverage that can meet your budget for big expenses, so your loved ones are protected when it matters the most.
Customizable add-ons that can adapt to your individual needs, even as they change.
Protection for your family that’s still flexible.

Get affordation life insurance coverage that can last 10-40 years.

Get a term life insurance quote

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Benefits of term life insurance

Flexible policy lengths

You can choose a term length between 10 and 40 years.

A tax-free death benefit

Provides your family stability at the very time they will need it most.

Affordable rates & payments

Plan start as little as you can afford. You can pay monthly or annually.

Flexibility to convert to permanent insurance

Switch to longer term protection in the future as provided by policy provisions.

How does it work?

Choose the coverage amount and term length you want.
Pay the monthly or annual premiums.
Customize your coverage with additional benefits.
When the term is up, your policy will automatically renew each year, or you can end it or convert it to longer-term or permanent life insurance, within limits.
If you die while you policy is active, the people or charity you named as beneficiary receive a tax free payout.

Frequently asked questions

How long does term life insurance coverage last?

Term coverage provides protection for a fixed payment amount, for a given number of years. This could be 10, 15, 20, 30, 40 years. You can choose the amount of time you need.

You can choose term as per your specific needs for an example if your mortgage is ending in 18 years and you want coverage specifically for this, you can have term life insurance for 18 years.

What happens if you were to die while your term life insurance policy is still active?

Then your beneficiaries – the people or person you want to leave money behind to – will get a tax-free death benefit. This is provided you give us accurate information when you apply and pay your premiums on time.

The death benefit refers to the amount of money your beneficiary gets when you die. The exact amount they get depends on how much life insurance coverage you buy. Your beneficiaries can then use the money from that benefit for any reason.

What’s the difference between permanent and term life insurance?

The main difference between permanent life insurance and term life insurance is that permanent life insurance offers lifelong insurance coverage whereas term only covers you for a specific number of years (e.g. 10, 15 or 20 years).

Both term and permanent life insurance will give your beneficiaries a payment after you die. But with a term policy, your beneficiaries won’t receive any money if you die after your term expires. Also, with a term policy your premiums may increase if you want to renew your term. With most permanent life insurance, however, your premiums are guaranteed to remain the same all throughout your life, regardless of any changes to your health.

Do you have to be Canadian or live in Canada to apply for term life insurance?

You don’t have to be Canadian to apply for life insurance in Canada. However, you do need to be legally living in Canada to be eligible for any of our life insurance products.

What happens to a term life insurance plan when the term ends?

You have the option to renew your policy. However, your premiums may increase when you renew.

Some policies will let you convert your policy to permanent life insurance – which offers lifelong insurance coverage that doesn’t expire.

Can I get term life insurance even if I already have insurance through my group benefits?

You can buy additional life insurance to top up the life insurance you get through your employee benefits. This provides you with insurance coverage even if you leave your job or retire.

Where can I learn more about my insurance options?

If you’re not sure if term life insurance is right for you, then consider getting some advice. An advisor can explain your options, answer your questions, and help you build life insurance into your overall plan.

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What’s the benefit of getting term life insurance?

The biggest perk of having life insurance is the ability to financially protect your loved ones after you die. Your beneficiaries can then use the payment from the death benefit for any reason. For example, they can use it to pay: