You have 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 us 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 life insurance
Permanent insurance offers coverage for life and investment opportunities.
In most cases, you can convert your Canada Life My Term™ policy to a permanent plan 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.
Review your insurance needs
As your life changes, so do your life insurance needs. You likely purchased your original policy for a specific reason. However, life events such as getting married or divorced, starting a family, buying your first home, a larger home or a vacation property, or starting a business are all good reasons to review your insurance coverage to help ensure you’re properly taken care of.
In addition, you should consider if you require other types of insurance such as critical illness or disability insurance.