Term life insurance

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Affordable coverage when you need it

Life insurance doesn’t have to be a lifelong commitment. Term life is affordable coverage for your big expenses, so you’re protected when it matters most.

Low-cost coverage

Payments don’t change for the initial period you choose.

Temporary protection

Choose the period of coverage that works for you.

Tax-free payout

Your insurance payout goes to whomever you choose.

What is term life insurance?

It’s temporary coverage that lasts for a set period and automatically renews in most cases. With term insurance, the payments you make, called premiums, are set at an initial low cost and won’t change during that period. 

How does it work?

  • Choose the coverage amount and length you want.
  • Decide if you want your coverage for 10, 20 or 30 years or to age 65.
  • Customize your coverage with optional benefits.
  • Pay the monthly or annual premiums.
  • Your coverage automatically renews
  • You can convert to longer-term or permanent life insurance without medical questions, within limits.
  • The people you chose receive a tax-free payment if you pass away while your policy is active.

Get a term life insurance quote from an advisor.

What happens after the initial term ends?

Your policy automatically renews in most cases for the same length of time, unless you tell us otherwise. But you can change your coverage without medical questions if your needs have changed. Your premiums will increase because you’ve gotten older or converted to a different product. Here are your options:

  • Cancel your policy if you don’t need it anymore. 
  • Let it renew automatically (in most cases for the same term; age limits apply). 
  • Convert to a new longer-term policy. 
  • Convert to permanent insurance coverage.  

How much does it cost?

In general, term life insurance is the most affordable type of life insurance available. There are a few factors that can affect the price of your policy, including:

Age

Generally, insurance is less expensive when you’re younger.

Health

Family history, chronic diseases and lifestyle can increase costs.

Gender

Women live longer than men on average, so insurance may cost less.

Occupation

If you have a dangerous job, your insurance costs can be higher.

When do you need it?

Starting a family

Provide income replacement to help your partner and kids.

Buying a home

Make sure your family can still pay off large expenses, like a mortgage.

Planning ahead

Leave money to help your family cover debt and funeral costs.

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How much insurance coverage do you need?

Ideally, you want to make sure your debts are covered, so you don’t leave major expenses behind for your loved ones.

Here are a few things to consider:

  • Your income
  • Net worth
  • Family needs
  • Debt
  • Other insurance you have 
What kind of insurance do you need?
Term life insurance
Permanent life insurance

What does it provide?

Short-term protection

Long-term protection

How long are you covered?

The length of time you choose

Your lifetime

How can it help?

  • Replace lost income
  • Cover debt and funeral expenses
  • Replace lost income
  • Cover debt and funeral expenses
  • Build wealth
  • Estate planning  

What's the cost?

Typically the most affordable type of insurance 

Usually more expensive than term life insurance

Investment options

No

Yes

Benefits

  • You choose who receives a tax-free one-time payment when you die
  • You choose who receives a tax-free one-time payment when you die
  • Build wealth inside your policy, within limits, that you can access during your life    
View term life insurance
View permanent life insurance

Why us?

Canada Life has been paying claims for 150 years. Work with one of our trusted advisors to help build a plan for you.