Term Insurance

It’s temporary coverage that provides the people or charities you name as beneficiary with a tax-free payout if you die within the term you choose.* Footnote *The money can be used to pay bills, the mortgage, kids’ education or to keep your business running.

The payments you make, called premiums, are set for the term you choose and won’t change during that period. 

How does it work?
 
  • Choose the coverage amount and term length you want.

  • Customize your coverage with additional benefits.

  • Pay the monthly or annual premiums.

  • When the term is up, your policy will automatically renew each year, or you can end it or convert it to longer-term or permanent life insurance, within limits.

  • If you die while your policy is active, the people or charity you named as beneficiary receive a tax-free payout.

How much insurance coverage do you need?
 

Ideally, you want to make sure your debts are covered, so you don’t leave major expenses behind for your loved ones.

Here are a few things to consider:

  • Your income

  • Net worth

  • Family needs

  • Debt

  • Other insurance you have

What are your options when your term ends?
 
  • Renew
    With most traditional term insurance products, your policy would automatically renew for the same length of time as the original term. With Canada Life My Term™, your policy renews on a yearly basis at a lower initial rate than traditional term products. This allows you to keep your coverage longer if you need it.
     

  • Convert to a longer term
    You may be able to convert to a term that is 10 or more years longer than your original term. Your premiums will increase gradually each year.
     

  • Convert to permanent insurance
    Choose this option if you want insurance that lasts a lifetime and may grow in value over time, with tax advantages. Your premiums will be based on the coverage you choose.

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