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Term life insurance

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 your loved ones are protected when it matters most.

  • Budget-friendly coverage

    Payments don’t change for the period you choose.

  • Temporary protection

    Choose the period of coverage that works for you – anywhere from 5 to 50 years.

  • Tax-free payout

    Your insurance payout goes to whomever you choose.

What is term life insurance?

It’s temporary coverage that provides the people or charities you name as beneficiary with a tax-free payout if you die within the term you choose. Footnote * The money can be used to pay bills, the mortgage, kids’ education or to keep your business running.

The payments you make, called premiums, are set for the term you choose and won’t change during that period. 

How does it work?

  • Choose the coverage amount and term length you want.
  • Customize your coverage with additional benefits.
  • Pay the monthly or annual premiums.
  • 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 your policy is active, the people or charity you named as beneficiary receive a tax-free payout.

Have benefits through your employer?

Use your online account to submit a claim, manage your plan and explore additional coverage options. 

Sign in to your account  - Opens in a new window

How much does it cost?

In general, term life insurance is more affordable than permanent life insurance. 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 their insurance may cost less.

  • Occupation

    If you have a dangerous job, the cost to insure you 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 a legacy to help your family cover education and funeral costs and provide for future income.

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

Submit a claim online

Notify us of a death and/or make a claim on a wealth or life insurance policy bought through an advisor.

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What kind of life insurance do you need?

There are two main types of life insurance: term life insurance and permanent life insurance.

Term life insurance
Permanent life insurance

What does it provide?

Protection for a set length of time
Permanent 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
  • Can build cash value over time
  • Estate planning  

What's the cost?

Usually more affordable than permanent life insurance
Usually more expensive than term life insurance

Can it build cash value over time?




  • You name the beneficiary who receives a tax-free one-time payout when you die Footnote *
  • If your plans change, your coverage can change with them
  • You name the beneficiary who receives a tax-free one-time payout when you die Footnote *
  • Build wealth inside your policy, within limits, that you can access during your life    

Talk to an advisor

View permanent life insurance

Get help with your Canada Life products and services.

Contact us

What are your options when your term ends?


With most traditional term insurance products, your policy would automatically renew for the same length of time as the original term. With Canada Life My Term™, your policy renews on a yearly basis at a lower initial rate than traditional term products. This allows you to keep your coverage longer if you need it.

Convert to a longer term

You may be able to convert to a term that is 10 or more years longer than your original term. Your premiums will increase gradually each year.

Convert to permanent insurance

Choose this option if you want insurance that lasts a lifetime and may grow in value over time, with tax advantages. Your premiums will be based on the coverage you choose.

Learn more about your options
Footnote *
* This refers to named beneficiaries (people). Probate fees (estate administration tax), if any, may apply on money paid to an estate. All comments related to taxation are general in nature and are based on current Canadian tax legislation and interpretations for Canadian residents, which are subject to change.