Compare term life insurance quotes in Canada.
Term life insurance is the most affordable way to protect your family. Get coverage for 10, 20, or 30 years with rates from Canada's top insurers including Manulife, Canada Life, RBC, and BMO.
Perfect for mortgage protection, income replacement, and ensuring your loved ones' financial security during critical years. Compare instant quotes and save up to 40% on term life insurance premiums.
How Term Life Insurance Protects Your Family
Imagine this: You're the primary breadwinner for your family. Your spouse relies on your income. Your children depend on you for their education, activities, and future. If something unexpected happened tomorrow, would your family be financially secure?
Without Life Insurance
- Family struggles to pay mortgage, faces potential foreclosure
- Surviving spouse forced to return to work immediately
- Children's education plans delayed or canceled
- Stress and worry compound the emotional grief
With Term Life Insurance
- Mortgage paid off or covered for years to come
- Spouse has financial breathing room to grieve
- Children's university education fully funded
- Peace of mind knowing loved ones are protected
Get term life insurance quotes from 50+ Canadian providers instantly.
Compare rates, choose your coverage, and protect your family today.
Free • No Obligation • Secure
Join 26,000+ Canadians who saved an average of $450/year
What is Term Life Insurance?
Term life insurance provides coverage for a specific period of time, typically 10, 20, or 30 years. It's the most popular and affordable type of life insurance in Canada, designed to protect your family during the years they need it most.
If you pass away during the term, your beneficiaries receive a tax-free death benefit. Term life insurance premiums are significantly lower than permanent life insurance because the policy only covers a set period rather than your entire lifetime.
Did you know?
A healthy 30-year-old can get $500,000 in 20-year term life insurance coverage for as little as $25-35 per month in Canada.
Choose Your Term Length
10 Year Term Life
Lowest premiums for short-term coverage needs. Ideal if you need temporary protection for specific financial obligations or expect your financial situation to change within a decade.
- ✓Most affordable option
- ✓Short-term debt coverage
- ✓Renewable at term end
20 Year Term Life
The most popular choice for Canadian families. Perfect for mortgage protection, raising children, and covering financial needs during your working years. Balances affordability with long-term protection.
- ✓Best value for families
- ✓Mortgage protection
- ✓Children's education coverage
30 Year Term Life
Maximum long-term protection at affordable rates. Ideal for young families who want coverage until retirement or for major long-term financial commitments.
- ✓Longest term protection
- ✓Lock in low rates longer
- ✓Coverage until near retirement
Benefits of Term Life Insurance
Affordable Premiums
Term life insurance offers the lowest premiums of any life insurance type. Young, healthy Canadians can get substantial coverage for less than $50/month.
Simple Coverage
Straightforward protection with no investment components or complicated features. Your beneficiaries receive a guaranteed tax-free death benefit.
Flexible Options
Many term policies are renewable (extend without reapplying) and convertible (switch to permanent insurance without medical exam).
Family Protection
Replace lost income, pay off mortgages, cover education costs, and ensure your family maintains their standard of living if you pass away.
Term Life Insurance FAQs
How much does term life insurance cost?
Term life insurance costs depend on age, health, coverage amount, and term length. A 30-year-old non-smoker can get $500,000 in 20-year term coverage for $25-40/month. A 40-year-old might pay $40-60/month for the same coverage. Get personalized quotes to see your exact rates.
What happens when my term life insurance expires?
When your term ends, coverage stops unless you renew or convert. Most policies offer renewable options (continue coverage at higher rates based on your age) or convertible options (switch to permanent insurance without a medical exam). Many Canadians buy a new term policy if they're still healthy.
Can I cancel my term life insurance policy?
Yes, you can cancel term life insurance anytime without penalties. However, term policies have no cash value, so you won't receive a refund. If you need to reduce coverage costs, consider decreasing your coverage amount instead of canceling entirely.
Is term life insurance better than whole life insurance?
It depends on your needs. Term life insurance is better for temporary coverage needs at affordable rates (mortgage protection, raising children). Whole life is better for permanent coverage, estate planning, and building cash value. Most Canadians choose term for its affordability and simplicity.
Do I need a medical exam for term life insurance?
Traditional term life policies usually require a medical exam for coverage over $250,000-$500,000 (varies by insurer). Many companies now offer simplified issue or no-exam term life up to $500,000 with just health questions. No-exam policies may have slightly higher premiums.
Can I have multiple term life insurance policies?
Yes, you can own multiple term life insurance policies from different insurers. This strategy, called "laddering," lets you match coverage to specific needs (one policy for mortgage, another for income replacement) and potentially save money as different terms expire.
Ready to protect your family?
Compare term life insurance quotes from 50+ Canadian providers and find affordable coverage in minutes.