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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

If you have questions about term life insurance including how much may be right for you, speaking to an advisorOpens a new website in a new window can help.

If you’re unable to book an appointment using our webform, please email for help.

  • You’re not sure what life milestones lie ahead, so you need flexibility. (You’ll be able to renew or extend your coverage later.)
  • You’re looking for a low-cost insurance policy.
  • You want to take advantage of your younger age and health to get a good rate.
  • Your mortgage took longer to pay off than you planned, or your kids aren’t financially independent yet, so you need coverage to bridge the gap.
  • You’ve chosen a shorter amortization period on your mortgage, or you’re already several years into your mortgage.
  • You want to provide protection for your children until they’ve finished school or start working full time.
  • You’re looking for coverage for a longer period, to cover you through milestones like getting married, having children or buying a house.
  • You’ve bought a house and want the insurance coverage for the duration of your mortgage, instead of buying mortgage insurance.
  • You have young children and want to make sure they’re taken care of until they’re financially stable.
  • You want coverage that lasts until you retire, and you want premium payments that stay the same throughout your working life.

If you’re still unsure what term length is right for you or if you have other questions about term life insurance, book an appointment with an advisor todayOpens a new website in a new window.

If you’re unable to book an appointment using our webform, please email for help.

Description: This animated video introduces a character named Amira to help illustrate how term life insurance can meet your budget and needs.

Narrator: We all have someone or something worth protecting.

Description: Amira stands outside with her husband and daughter.

Narrator: A family, a home, a business.

Description: Three graphics enter frame illustrating a family of three, single-story home and small business.

Narrator: Canada Life My Term™ life insurance provides protection tailored to your needs and what you can afford.

Description: A shield graphic enters frame. The family, home and small business graphics move within the shield.

Narrator: An advisor can help you figure out how much insurance coverage you require, and

Description: A form field appears to show a coverage amount of “$500,000.” Amira’s hand enters frame and presses a plus button beside the field. Her coverage increases to “$650,000.”

Narrator: the length of your term – any number of years from 5 to 50.

Description: Cut to bar graph displaying length of “MyTerm” coverage from 0 to 50 years. The bar begins at 5 and counts up to 50. Amira’s hand enters frame to choose a 6-year initial term.

Narrator: Payments will stay the same over the entire chosen term for easy budgeting.*

Description: Cut to Amira outside, sitting on the porch of her home, looking at her phone. Her daughter passes by, riding a scooter. She receives a notification that her insurance payment has been received. A legal line appears: *Payments stay the same as long as you make required insurance payments.

Narrator: When the initial term ends,

Description: An outline of a circle labelled “Initial term” appears to show the progression of time. A dollar sign is displayed in the middle of the circle. The circle fills in to complete the initial term.

Narrator: your coverage automatically renews each year.

Description: The circle continues to fill in again as the “Initial term” label switches to “Year 1 renewal” and the dollar sign grows slightly bigger. The renewal completes and continues for “Year 2 renewal” and “Year 3 renewal. The dollar sign continues to grow.

Narrator: If your needs change, you have options.

Description: Cut back to the MyTerm bar graph displaying Amira’s 6-year initial term.

Narrator: You can extend your coverage to a longer term

Description: The bar continues, counting up from 6 to 16 years.

Narrator: or convert it to a permanent insurance policy.


The bar continues to span across the frame, transforming into “Permanent” insurance and “Lifetime” coverage.

Narrator: If you die, term insurance can be used to pay debts,

Description: Cut to Amira’s hand passing an envelope to her husband.

Narrator: like a mortgage,

Description: A graphic enters frame illustrating the cost of a single-story home.

Narrator: cover final expenses,

Description :A second graphic enters frame illustrating a small plant to indicate leaving a legacy.

Narrator: provide future income to your family,

Description: A third graphic enters, illustrating a family of three.

Narrator: or even help keep a business running.

Description: The last graphic is added to illustrate a small business.

Narrator: Canada Life My Term life insurance helps you protect what matters most.

Description: Cut to Amira, playing with her daughter in her living room, while her husband reads a book.

Narrator: Connect with an advisor to see which options work best for you.

Description: Text “Connect with an advisor to see which options work best for you” appears with Canada Life logo and legal line: Canada Life and design and Canada Life My Term are trademarks of The Canada Life Assurance Company. 1-888-252-1847

We’ve been looking out for the financial, physical and mental wellbeing of Canadians for the past 175 years. Last year alone, we helped families cope with loss by paying out more than $2.1 billion in life insurance benefits.

We’ll email your quote details along with next steps for buying term life insurance.

Book an appointment with an advisor to discuss your quote and complete an application over the phone.

Once you’ve used our tool to get a quick quote online, you can schedule a phone appointment with an advisor who will complete your application with you.

Yes. You can use our online tool to view and compare coverage options that might match your needs based on the information provided.

The quotes presented are simply coverage options that may work for you based on the information you provided. There are many options available to you so you can further customize term insurance to suit your individual needs. Booking an appointment with an advisor can help you with this.

Call 1-844-545-0085 or follow the steps in your confirmation email to reschedule or cancel your phone appointment.