Term Life Insurance

Compare top life insurance quotes from Canada’s best providers

What is Term life insurance

Term insurance is designed for temporary or stage-specific financial protection needs.

Key Features:

Affordable premiums: Typically lower cost compared to permanent life insurance.
No cash value accumulation: Pure protection without investment or savings components.
Common terms: Usually offered in 10- or 20-year periods, though some insurers provide options like 30-year terms or coverage until age 65. Specific insurers can offer flexible terms ranging from 5 to 50 years.
Premium renewal: Renewing coverage after the initial term significantly increases the premiums.

Common Uses (Stage-specific financial needs):

Mortgage protection: Ensures family can repay home loans if the insured passes away.
Personal loans: Covers outstanding debts, protecting dependents from financial burden.
Business financing: Protects business interests by covering business loans or financing obligations.

Basically, term insurance is your no-frills, cost-effective safety net—perfect for temporary commitments like mortgages or major loans.

We’re here to help you take the first step

Affordable premiums that remain unchanged, providing maximum coverage at a lower cost during a specified period.
Before the term expires and before certain age written in your policy, the policyholder can convert part or all of the coverage into a longer-term policy or a permanent life insurance plan.
Locks in the insured’s health risk, so if converted to a permanent policy in the future, there is no need for additional health underwriting (eliminating one of the biggest risks in insurance).

No cash value accumulation.
Premiums increase significantly upon renewal.
If the policy lapses due to non-payment (after the 30-day grace period) or is forgotten, it will be canceled and become invalid.
Age restrictions apply; it is not lifelong coverage, and after a certain age, purchasing a new policy is no longer an option.