Term life insurance is the most popular type of coverage in Canada — and for good reason. It’s simple, affordable, and designed to protect your family when they need it most.
Whether you’re a new parent, a homeowner, or someone looking for cost-effective financial protection, term life offers a clear, predictable way to get insured.
What Is Term Life Insurance?
Term life provides coverage for a set number of years — usually 10, 20, or 30 years.
If you pass away during that term, your beneficiaries receive a tax-free payout.
If the term ends, you can renew, convert, or shop for a new policy.
Why Canadians Choose Term Life
✔ Lowest-cost coverage
✔ Perfect for families and homeowners
✔ Coverage matches financial responsibilities (mortgage, childcare, income replacement)
✔ Guaranteed tax-free payout
✔ Flexible terms and benefit amounts
How Much Does Term Life Cost?
Rates vary by age, health, and coverage amount.
But term life is often 70–85% cheaper than whole life.
Example:
A healthy 30-year-old could pay as little as $15–25 per month for $500,000 of coverage.
Who Should Consider Term Life?
Term life is ideal if you are:
- A parent with young children
- A new homeowner
- Supporting a spouse or dependents
- A newcomer building financial security
- Looking for affordable coverage on a budget
Can I Get Approved Online?
Yes — most Canadians can apply online in minutes.
Many plans offer instant approvals and no medical exams depending on age and coverage.
Bottom Line
Term life insurance is the simplest and most cost-effective way to protect your family’s financial future.
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