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How Canada Life is supporting you during COVID-19. Learn more

The Great-West Life Assurance Company, London Life Insurance Company and The Canada Life Assurance Company have become one company – The Canada Life Assurance Company. Learn more

The Great-West Life Assurance Company, London Life Insurance Company and The Canada Life Assurance Company have become one company – The Canada Life Assurance Company. Learn more

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Freedom 55 Financial is a division of The Canada Life Assurance Company and the information you requested can be found here.

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.* 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. 

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:

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?

No

Yes

Benefits

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

Talk to an advisor

View permanent life insurance

Renew

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.

With over 170 years of experience, we have a long history of financial strength and stability. Work with one of our advisors to make a plan that works for you.

Find an advisor

Already have an advisor? Get in touch.