Canada Life My TermTM life insurance
Flexible and convertible term life insurance
Canada Life My Term life insurance gives you flexible, affordable coverage that fits your needs today and can be adapted for tomorrow.
Whether you’re looking for short-term or long-term protection, you can choose a term length that works for you, with options to renew or convert as life evolves.
Here’s what makes Canada Life My Term a smart choice:
Speak to your advisor about My Term today.
It all comes down to where you are in life. Your age, income, debts and family situation all play a role in finding the right coverage for you.
Here are a few reasons why this customizable coverage might be right for you.
How much does My Term cost?
In general, Canada Life My Term life insurance is more affordable than permanent life insurance and may be more affordable than you think. While many factors won’t affect the price you pay, some may decrease or increase your monthly premium.
This will depend on your specific circumstances, but here are a few scenarios of what My Term might cost:
- Non-smoker
- $250,000 coverage
- 20 year term
Monthly premium: $18.08
- Non-smoker
- $250,000 coverage
- 25 year term
Monthly premium: $47.91
- Smoker
- $1 million coverage
- 25 year term
Monthly premium: $393.12
Talk to your advisor today.
With Canada Life My Term life insurance, you can customize your policy with optional benefits, or riders, to provide extra protection and flexibility.
Yes. My Term insurance requires a more detailed health and lifestyle questionnaire and may include medical exams.
If you’re in good health, you may qualify for better-than-standard rates.
You may qualify for these if:
You have several conversion options (within limits) to tailor your coverage as your needs change.
| Conversion type | Purpose |
|---|---|
| Term-to-term conversion |
If you have a term insurance policy or a term life insurance benefit (sometimes called a ‘term rider’) with a conversion option in the contract, you may be able convert some or all coverage to a longer term or a permanent policy without evidence of insurability. Check your contract for conversion options and when they expire. |
| Term-to-permanent conversion | Convert your term policy to a permanent life insurance policy without proof of health up to age 70. |
| Term conversion with reset | Added flexibility to upgrade term coverage to a combination of permanent and temporary coverage and reset the term length of the temporary coverage without any proof of health. |
| Partial conversion | Convert part of your term coverage to permanent life insurance, allowing you to adjust your protection as needed. Added flexibility to upgrade term coverage to a combination of permanent and temporary coverage and reset the term length of the temporary coverage without any proof of health. |
| Original age conversion | You may be eligible to amend your term policy to a par policy (permanent) based on your original age at time of the original term policy. You will have to pay the difference in premium plus interest. |
It all comes down to where you are in life. Your age, income, debts and family situation all play a role in finding the right coverage for you.
Short term (5 to 10 years)
You want affordable life insurance that locks in your insurability, offers flexibility to extend or convert, and adapts to life changes like a longer mortgage or growing family.
Medium term (11 to 21 years)
You want coverage that matches a need like your mortgage term or to help support your children until they’re financially independent.
Long term (21 to 50 years)
You want long-term coverage that supports life milestones, like your mortgage, secures your kids’ future, and keeps premiums the same for the initial term length you choose.
Premium payments stay the same for the initial term length if you don't change the policy. There are many options for paying premiums depending on what works best for your budget and convenience. Monthly or annually. Pre-authorized payments (monthly) or a one-time payment withdrawal authorization (annual), online banking, cheque, money transfers.
Premium payments are required for the chosen term period (e.g., from 5 to 50 years). When the initial term ends, the policy will renew automatically each year with premium payments increasing each year until the policy anniversary nearest your 85th birthday, unless you choose to cancel. Also, you may be able to change to a different type of coverage as your budget and needs change.