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Insights & advice

What will happen when my term life insurance expires?

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My term life insurance will end in a few years – what are my options?

Term life insurance is a flexible insurance option: you choose the term length, you choose the coverage amount, and you choose what happens when that term length ends.

When it comes to deciding what to do next with your existing term insurance policy, you’ll have options once again. If your needs have changed, you may be able to convert to longer-term or permanent coverage, or, extend your coverage by renewing at the end of your term.

Renew

  • This is the default: When the original term expires, if you don’t do anything, your term life insurance will automatically renew on a yearly basis until its ultimate expiry date.
  • You can always notify Canada Life if you don’t want to renew.
  • When your coverage renews each year, your premiums will gradually increase because you’ve gotten older.
  • You don’t need to requalify or answer any more health questions.

Convert to a longer term

  • If you decide you want to be covered for longer, you can convert to a term that is 10+ years longer than your original term.
  • This option provides affordable, longer term coverage for some or all of your original policy.
  • Depending on your age and how long you’ve had your policy, you may be able to choose this option.
  • Your premiums will increase for your new term length, because you’ve gotten older.
  • You don’t need to requalify or answer any more health questions if you keep your coverage amount the same.

Convert to permanent insurance

  • Offers insurance coverage for life and investment opportunities.
  • In most cases, you can convert your Canada Life My Term™ policy to any permanent plan that we offer for conversion, any time after the first anniversary of the policy. If you bought your policy at age 69 or older, you can convert to any such plan in the first 2 years.
  • Your premiums will be based on the coverage you choose.
  • You don’t need to requalify or answer any more health questions.

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