Canada Life My Simple Term™ life insurance FAQ
Got questions about My Simple Term life insurance? We’ve got answers.
It’s temporary coverage that provides the people or charities you name as beneficiaries with a tax-free payout if you die while the policy is in effect.
Term life insurance differs from permanent life insurance in a few ways.
Term life insurance:
- Can provide protection until the policy anniversary nearest your 85th birthday, when coverage ends.
- Helps replace lost income or cover debt and funeral expenses.
- Is usually more affordable than permanent life insurance.
- Doesn’t build any cash value.
- The premium payments increase each year after the initial term ends.
Permanent life insurance:
- Provides permanent protection.
- Helps by replacing lost income, covering debt and funeral expenses, building cash value over time, and estate planning.
- Is usually more expensive than term life insurance but generally has a level premium for the life of the policy.
- The policy may build cash value tax-free while inside the policy subject to government limits.
- You may be able to access some of the policy’s cash value during your life.
Term life insurance is generally a lower-cost product compared with permanent products that protect you for a set period.
Term life insurance is simple and affordable insurance that lets you:
- Choose your coverage amount and length.
- Decide on monthly or yearly payments.
Your coverage continues with automatic renewals each year after your initial term ends with premium payments increasing each year until the policy anniversary nearest your 85th birthday, unless you choose to cancel.
No. Term life insurance provides a tax-free payout on death to your named beneficiaries. Visit this page to learn more about disability insurance.
No. Term insurance doesn’t have any cash value.
Usually, yes. You’ll need to submit an application to increase the coverage amount, and answer questions about your health.
Yes. You can cancel your term life insurance coverage at any time.
Once you’ve used our tool to get a quick quote onlineOpens a new website in a new windowOpens a new website in a new window, 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 My Simple Term coverage optionsOpens a new website in a new windowOpens a new website in a new window that might match your needs based on the information provided.
The quotes presented are simply recommendations of what could work for you based on the information you provided.
It’s also recommended to compare your My Simple Term quotes together only, as quotes of other companies’ products may not include differences in product and service options.
Follow the steps in your confirmation email to reschedule or cancel your phone appointment.
Individuals aged 18 to 80. The available product type and term lengths depend on your age.
Depending on the health problems and the severity, you may be eligible for term life insurance.
Smokers can apply for term life insurance. If approved for coverage, they will have higher premium payments than non-smokers for the same term length and coverage amount.
Term life insurance premium payments are guaranteed to stay the same for the initial term length, if you don’t make any changes to your policy.
You’ll pay the same premium payment for the term period you choose. When that term ends, your coverage will automatically renew with premium payments increasing each year until the policy anniversary nearest your 85th birthday, unless you choose to cancel.
You may pay your premiums monthly or annually.
You can pay your term life insurance policy annually or monthly.
Options for annual payments include:
- Money order
- Bank draft
- Online banking
- Wire transfer
Monthly payments are made as pre-authorized debits.