Term life insurance is perhaps the most popular type of life insurance in Canada.  This type of insurance is intended to cover shorter term needs (though those needs may be as long as 10,20 or 30 years) such as mortgage life insurance and family income protection.

Term life insurance premiums are based on your age which leads to two important attributes:  it’s relatively inexpensive when you’re younger, but the rates increase over time as you get older.  That means it’s well suited for families who are budget conscious who need a large amount of insurance at an inexpensive cost.

Term life insurance has level premiums for a set period of time.  The two most common variations are 10 year  term and 20 year  term though 30 year term insurance is also available.  For many Canadians with families, 20 year term is the product of choice, providing low cost coverage with guaranteed level premiums for 20 years.  The 20 years of coverage allow for proper protection during the years when we have children, mortgages, and other insurable needs.

You can run your own quotes for term life insurance using our term life insurance quotes calculator at the top right of this page, or call us at (866) 662-5433 for a personalized quote.