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              Term Life Insurance



Get Your Best Quote




Get a quote and choose your best term life insurance option from major Canadian life insurance companies: Manulife Financial, Empire Life, Industrial Alliance, RBC Insurance, BMO Insurance, Equitable Life of Canada, Canada Life, Desjardins Financial Security, Foresters. Get your best quote online.

Contact us for consultation and assistance : ONLINE E-meetings and advise (phone, Skype, WhatsApp, etc.), None Face-to-Face (remote) application, electronic policy delivery. We are connected wherever we are!

Term Life Insurance offers cost-effective way to cover short-term needs: provide an ongoing income to maintain the family's current lifestyle, pay off mortgage or debts, provide money for children's education, smooth transition by providing temporary financial support to supplement the family income, when one spouse dies.


Under this form of life insurance, the insurance company promises to pay the death benefit if the insured dies within the period specified in the policy.  It’s pure temporary insurance protection, which can be cancelled by the insured person any time without any penalty. There is no cash surrender value: when the policy expires or if you cancel, you get no cash back, no more life insurance protection.


What term life insurance is best for you?

Here are a few examples:

Term 10 – Consider this option if…

• You’re looking for a low-cost insurance policy

• You want to lock in your insurability while you’re still young and healthy. If your health changes, you’ll still be eligible for life insurance coverage in the future since this policy can be extended or converted to a permanent policy without medical questions.

• You need flexibility with conversion options to extend your coverage or convert to a permanent policy for lifetime coverage

• Your mortgage took longer to pay off than you planned

Term 20 – Consider this option if…

• You want to provide protection for your children until they’ve finished school or are working full time

• You’ve chosen a shorter amortization period on your mortgage, or you’re already several years into your existing mortgage

Term 30 – Consider this option if…

• You’re looking for coverage for a longer period of time that will cover you during life’s milestones, like getting married, having children or buying a house

• You’ve bought a house and want the insurance coverage for the duration of your mortgage, instead of buying mortgage insurance

Term to age 65 – Consider this option if…

• You want coverage that lasts until you retire

• You want payments that stay the same throughout your working life


Premiums (Rates)

Cost of this insurance is not high and depends on the insured's age, gender, health, smoker/non-smoker status, and the sum insured (amount of coverage). Men pay more than women, and rates for smokers are higher than for non-smokers, which results from more favourable statistics for women and non-smokers. The longer term of the life insurance contract the higher premiums payable to the insurance company.

Some companies offer different levels of premiums depending on the insured's health, lifestyle and family history: usually, three levels for non-smokers and two levels for smokers. However, medical evidence is required  to categorize the insured into the appropriate premium level.


On this page, you can also get your instant ONLINE term life insurance quotes directly from the insurance companies:


Empire Life

Simplified Term 10 and

Simplified Term 20 Term Life Insurance

Initial premiums are guaranteed for the first term (T10 or T20)

Get an Instant Quote or Buy Term Life Insurance ONLINE

directly from Empire Life

 Manulife Financial

Family  & Business Term Life Insurance T10, T20, T65, Term-Life
•  Lower premiums when two or more people are protected under one policy
•  $100,000 to 20 million in coverage

•  Customizing your coverage with a range of options called riders

•  Flexible: change existing coverages, add new coverages, convert to another kind of policy

•  Conversion option to permanent life insurance without underwriting

•  Payment for bereavement counselling  - up to $1,000

•  A cash advance if the insured is diagnosed with a terminal illness


 Manulife Financial

Quick Issue Term Life insurance: T10, T20, T65
•  No paper work, No medical exam, Fast approval
•  up to $500,000 coverage for age 18-50

•  Payment for bereavement counselling  - up to $1,000

•  A cash advance if the insured is diagnosed with a terminal illness


Get Your Instant Quote ONLINE


Please call at 1-877-443-0101 for more information


Humania Assurance

Term Life Insurance (HuGO) : T10, T15, T20, T25, T30, T80, T100

•  Flexible, Renewable (two options), Convertible,  Exchangeable
•  Up to $5M coverage

•  Competitive rates

The majority of the policies are issued right away and sent directly to the client. For more complex cases, the underwriting team may request additional information based on the client's profile.


Get Your Instant Online Quote




Term Life Insurance Without Medical Exam (IWME): T10 and 20

•  For people who, for medical or other reasons, have had difficulty in obtaining life insurance

•  6 eligibility questions and simplified medical questionnaire to determine your rate category
•  $5,000 to $300,000 in coverage for age 18 - 70
•  Renewable to age 80

•  The renewed premium depend on the insured’s attained age and the premium rates applicable at that date 


Check Your Eligibility and Get an Instant Quote ONLINE




Renewable Contract

Term Life Insurance premiums are guaranteed low during the first term. For example, for Tern 10, the premiums are guaranteed for the first 10 years.

If the policy is renewable, it will continue to be in force after the first term, but the premiums will grow up on the renewal date, since the insured is older and statistically more likely to die (Illustration). The premiums for the next term may be guaranteed under the insurance policy at issue or may depend on the insured’s attained age and the premium rates applicable at the renewal date.

Term Life Insurance policies usually expire when the insured turns 65-85 years of age (depending on the plan and the insurance company).


Exchangeable Policy

Your policy may have an option to change your coverage from the short term to the longer term, without providing evidence of insurability.

For example, you can change your coverage option from Term-10 to Term-20 (or longer term), as long as you request the change before the 5th anniversary of the Term-10 coverage date. If you change your coverage option, the premiums for a new police will be based on your attained age and the rate schedule in effect on the new coverage date. This means that your premiums may increase.



Usually, Term Life Insurance contracts may be converted to Permanent Life Insurance policies (Whole life, T100, Participating whole life, Universal life insurance) without any additional medical evidence of insurability (no medical tests and examination).

The insured can convert the policy regardless of his or her state of health at the time of conversion, even if he or she is no longer insurable. This option is available until the insured turns 65-70 years old (depending on the plan and company). Such policies are called convertible. The premium payable under the new (converted) policy issued under a conversion option will be based on his or her attained age at the time of conversion.

As the insured can complete the conversion without providing medical evidence of insurability, this option is very important. For example, you can start your insurance plan from cheap term life insurance and adapt the plan to your insurance needs later on without regard to your health.


Term Life Insurance Riders

Term Life Insurance may be issued as an additional benefit (rider) to another insurance contract, for example, Permanent Life Insurance, Critical Illness Insurance. In this way insurance companies offer the possibility to add additional benefits to personalize the insured's term or permanent insurance coverages.

For example, you can consider whole life insurance with $100,000 of coverage and cash value, which grows gradually in your policy. But you have purchased a home and have taken mortgage of $500,000. To protect your investment in your home, you can add T20 term life insurance rider to your whole life policy. This rider will provide life insurance coverage during the next 20 years until your mortgage is almost paid up. It may be more economical and affordable way than purchasing a separate additional term life insurance policy or increasing the coverage amount of your whole life insurance policy.


Group Life Insurance coverage.

Group Insurance Benefits Plans, which cover the employees of one employer, include Term Life Insurance with limited coverage. For example, it may may be  2-3 annual incomes of the employee. This coverage terminates as soon as the employee quits the company (finds another job, retires).  These plans have many advantages but  usually they offer very limited life insurance protection, which can be canceled regardless of your wish.


Some banks and companies offer Group Life Insurance for the public. But before purchasing this insurance,  compare cost of insurance as well as insurance terms and conditions offered by insurance companies with those from banks and different companies. Neither banks nor different companies can issue insurance policies: they are the owners of the group insurance policy, and you can be a member of this policy.  As you are not the owner of the policy, it is not your asset and your coverage may be terminated whether you want it or not.



You can choose Term Life Insurance from the Canada's top insurance companies: Manulife Financial, BMO Insurance, Empire Life, Equitable Life of Canada, RBC Insurance, Industrial Alliance, Canada Life and other.




For more information, consultation and to get a quote, please call at

 416-493-0101, 1-877-443-0101  or Ask Your Question Online


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Revised: March 21, 2021