Canada Life My Term™ life insurance FAQ 

It’s temporary coverage that provides the people or charities you name as beneficiaries with a tax-free payout if you die within the term you choose.

In some cases, you could get coverage for term lengths of 5-10 years, 11-20 years, 21-30 years, or 31-50 years. You have flexible and customizable options.  

Term life insurance differs from permanent life insurance in a few ways. 
 
Term life insurance:

• Provides protection up to age 85 when coverage ends.
• Helps replace lost income or cover debt & funeral expenses.
• Is usually more affordable than permanent life insurance.
• Doesn’t build any cash value.
• The premium cost increases on renewal of each successive term.

Some benefits include naming the beneficiary that receives a tax-free one-time payment when you die, and if these plans change, your coverage can change with them.  

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.

Some benefits include naming the beneficiary that receives a tax-free one-time payment when you die.

Term life insurance is generally a lower-cost product compared with permanent products that protect you for a set period.

Term life insurance is a simple, more affordable, flexible insurance that lets you:

• Choose your coverage amount.
• Choose the term length of time you want ranging from 5 years up to 50 years (in some cases).
• Decide on monthly or yearly payments.
• Add optional benefits (or riders) to customize your coverage.
• Keep the option to convert to permanent coverage.

At the end of the initial term, your coverage is renewed automatically at a higher cost if premiums are paid, and you don’t cancel your coverage. Premiums in the renewal period will see a gradual yearly increase until expiry at the policy anniversary closest to the policyholder’s age of 85.

You can also convert it to permanent life insurance without having to answer questions about your health. 

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. You have the option to convert it to permanent life insurance without having to answer questions about your health, within a certain period.  

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 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 Canada Life Term coverage optionsOpens 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. There are many options available to you with Canada Life My Term™ insurance, so you can further customize term insurance to suit your individual needs. Booking an appointment with an advisor can help you with this.

It’s also recommended to compare your My Term™ quotes together only, as quotes of other companies’ products may not include differences in product options, like benefits and riders.   

Follow the steps in your confirmation email to reschedule or cancel your phone appointment. 

Yes. Canada Life My Term™ life insurance is flexible and customizable to suit your individual needs. In some cases, you could get a term length of up to 50 years.

Book an appointment with an advisor who can walk you through your different options.  

Individuals between the ages of 16-80. Note: The coverage period depends upon your age. 

Depending on the health problems and the severity, you may be eligible for term life insurance. You may be required to pay a higher premium though. 

Smokers can apply for term life insurance.  In most cases, they will be offered insurance coverage. Smokers will pay more for their coverage though. 

Term life insurance rates are guaranteed to stay the same for the entire duration of the policy if no changes are made to the policy. 

Premium payments are required for the chosen term period. When that term ends, the coverage and premiums will renew automatically at a higher premium on a yearly basis unless you cancel it, up to age 85 when the coverage ends.

Before your term is up, and in some cases later, you may be able to change to a different type of coverage and different premiums. 

Premiums may be paid 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.