Term Life Insurance
The most coverage for the lowest cost — for the years your family depends on your income. Compare terms from leading Canadian insurers with a licensed advisor.
Reviewed by Pankaj Bhatia, PFA, CHS · Last updated October 2026
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Quick answer
Term life insurance pays a tax-free lump sum to your beneficiaries if you die during a set period — usually 10, 20 or 30 years, or to age 65. It has no cash value, which keeps it affordable, and it's designed to cover temporary needs like a mortgage, income replacement and raising children.
Who term life is for
- Parents with young children
- Homeowners with a mortgage
- Anyone whose family relies on their income
- Business owners covering a loan or partner buyout
Choosing the length of your term
| Term | Often used for |
|---|---|
| 10 years | Short-term debts, bridging until other savings grow |
| 20 years | Raising children until they're independent |
| 30 years / to 65 | A full mortgage, or protection to retirement |
A useful trick is laddering: two smaller policies with different terms (say 20 and 30 years), so coverage steps down as your mortgage and family needs shrink.
Features worth asking about
- Renewability — keep coverage after the term without new medical questions.
- Convertibility — switch to permanent insurance later, even if your health changes.
- Riders — child coverage, critical illness or disability riders.
Insurers we represent
- iA Financial Group
- Empire Life
- Foresters Financial
- The Co-operators
- Wawanesa Life
- BMO Insurance
- Equitable Life
- Assumption Life
Product availability depends on age, health and province.
Term life FAQs
How much term life insurance do I need?
A common starting point is enough to pay off the mortgage and debts, replace several years of income, and fund your children's education. Our financial needs calculator gives you a number in two minutes.
What happens when my term ends?
Coverage stops unless you renew or convert. Most term policies are renewable at a higher price without new medical questions, and many can be converted to permanent insurance before a certain age.
Is term life insurance cheaper than whole life?
Yes, much cheaper for the same coverage amount, because it only covers a set period and has no cash value. That's why it suits young families with big obligations.
Is the death benefit taxable?
In Canada, the death benefit from a personally owned life insurance policy is generally paid to the beneficiary tax-free.
Do I need a medical exam?
Not always. Depending on your age and the amount, many insurers approve with health questions only. Larger amounts may need a paramedical exam or blood test, arranged at no cost to you.
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