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.

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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

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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.