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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. Discover the new Canada Life

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. Discover the new Canada Life

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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.

Canada Life My Simple Term™ life insurance

Protect the people who depend on you

Time is precious. Life is busy. It’s easy to put it off, but you can help safeguard your financial plan with affordable short-term coverage.

Get a quote

Your job benefits may not follow you. This coverage will. Lock in your rate now for affordable life insurance coverage.

Get simple coverage to help protect your financial goals without blowing your budget.
  • Competitive pricing
  • No medical tests, no hidden fees, no surprises
  • Streamlined application, coverage and approval process
  • You choose how much coverage you need and how long you need it. Premium payments stay the same for the initial term length if you don't change the policy
  • When you die, the tax-free insurance payout goes to the beneficiary(s) you name

There’s a My Simple Term life insurance plan for everyone

Protect your family when it matters most with a quick and easy application process. 

If your mortgage depends on your income, your life needs a backup plan. 

You’re not too late. Just a few questions and you can get protection for the ones that depend on you. 

You run your own business, make sure it's protected. 

You're just a few easy steps from getting coverage
  • Get a My Simple Term quote.
  • Email the quote to yourself.
  • Book a meeting with an advisor to discuss your options.
  • Once you know what you need, you can complete your application.

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.

Premium payments stay the same for the initial term length if you don't change the policy. There are options for paying premiums depending on what works best for your budget and convenience. You can choose to make your premium payments once a year, or monthly via pre-authorized debits.

Premium payments are required for as long as the policy is in effect. When the initial term ends, the policy will renew automatically with premium payments increasing each year until the policy anniversary nearest your 85th birthday, unless you choose to cancel.

When you die, the insurance payout goes to your named beneficiary tax-free. *

In general, term life insurance is more affordable than permanent life insurance. There are a few factors that can affect the price of the policy you choose, including: 

We need to know about your health and personal history to determine which plans you’ll be eligible for. It’s a very short questionnaire and we don’t ask for any medical tests. 

It’s cheaper than you might think. 

 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.