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Term life insurance for Canadian families
Service · 02 / 10

Term Life Insurance

The most affordable life insurance in Canada — fixed premiums for 10, 20, or 30 years. Coverage when your family needs it most.

// Coverage Built for Real Years

Cheap coverage that locks in for 10, 20, or even 30 years.

Term life is the simplest, most affordable form of life insurance in Canada. You pick a coverage amount and a term length, pay a fixed monthly premium, and your family receives a tax-free lump sum if anything happens to you during that term.

Fixed Premium
Your monthly rate is locked the day you sign — never increases during your selected term.
Flexible Terms
Pick 10, 15, 20, 25, or 30 years — and match it to your mortgage or kids' school years.
Convertible Option
Most policies convert to permanent insurance up to age 69 — no new medical required.
Instant Approval
Up to $1M coverage approved instantly if you're under 50 — no medical exam required.
Lock in your term life rate in 15 minutes.
Replies within 24 hours

Your personal information is safe with us.

// Sample Canadian Rates

What term life actually costs in Canada.

Real published rates from major Canadian carriers. Your actual quote depends on age, health, and lifestyle — but these benchmarks show how affordable it can be.

Profile
Age
Term & Coverage
Health Class
Monthly Rate
New mom
30
30-yr · $250k
Non-smoker
$24.53
Young professional
20
20-yr · $100k
Non-smoker
$10.98
Family breadwinner
25
20-yr · $1.5M
Non-smoker
$51.12
Mortgage holder
35
25-yr · $500k
Non-smoker
$38.40

Rates from RBC, Scotia & PolicyMe · Verified 2026

// Coverage

Why term life is the most popular choice.

For the majority of Canadian families, term life delivers exactly the protection you need — at a fraction of permanent insurance cost.

01

Lowest Premiums

Up to 70% cheaper than whole life for the same coverage amount.

02

Up to $2.5M Coverage

Healthy non-smoking women can secure up to $2.5M on a 10-year term.

03

Match Your Mortgage

A 25–30 year term lines up with most Canadian mortgage payoff timelines.

04

Renewable to Age 80

Most policies auto-renew at term end up to age 80, no health questions asked.

05

Free Look Period

10–30 day cancellation window with full premium refund if you change your mind.

06

Convert to Permanent

Switch to whole or universal life later without a new medical exam.

07

Add Riders

Layer critical illness, disability, or child-term coverage onto the same policy.

08

Coverage to Age 100

After max renewal age, coverage continues to 100 — with no further premiums owed.

Young Canadian family securing term life insurance
Coverage Sweet Spot
// Lock in low rates while young

A 30-year-old non-smoker can secure 30 years of $250k coverage for under $25/month.

Source · Scotia Insurance Canada · Published rate example
// Process Overview

How to get covered in 4 quick steps.

From your first quote to approval — most term life applications wrap up in 24 to 72 hours.

01

Pick Your Term

Choose 10, 20, or 30 years — typically matched to your mortgage or kids' school years.

02

Compare Quotes

We pull personalized rates from 25+ Canadian carriers so you see the best options side-by-side.

03

Submit Health Form

Quick health questionnaire — most healthy applicants under 50 skip the medical exam.

04

Get Approved

Instant approval available for up to $1M (TD). Free look period of up to 30 days included.

Common Questions.

The most-asked questions about term life insurance in Canada.

Term 10, 20, or 30 — which should I pick?
Match the term to your biggest financial obligations. A 30-year term works well for young families with a long mortgage. A 20-year term suits most parents with school-age children. A 10-year term works as short-term protection for specific debts. We help you do this math in 15 minutes.
What happens at the end of the term?
Most policies automatically renew — but at your new attained age, which means premiums can double or more. Many Canadians instead apply for a new policy at term-end (often cheaper) or convert their existing policy to permanent life insurance. Maximum renewal age is typically 75–85, with coverage continuing to age 100.
Can I convert to whole life later?
Yes — most term life policies in Canada include a conversion feature. You can switch to permanent (whole life or universal life) coverage without a new medical exam, usually up to age 69 or 70. This is a valuable safety net if your health changes during the term.
Can I get coverage without a medical exam?
Often, yes. TD offers instant approval up to $1M if you're under 50, up to $500k if you're under 60, and up to $249,999 if you're under 70 — all based on a health questionnaire only. Larger amounts or older applicants may need a quick at-home medical visit.
What if I change my mind after signing?
Canadian insurers offer a "free look" period of 10–30 days from when you receive your policy. Cancel within that window and you get a full refund of any premiums paid. TD offers a 30-day review period. You're never locked in.

See your term life rate in under 5 minutes.

Real quotes from 25+ Canadian carriers. No medical exam needed for most under 50. No obligation, ever.

Get My Free Quote