Home  /  Life Insurance

Term Life

Coverage for a set number of years — usually the years with the most at stake: the mortgage, young children, a business loan. It is the most coverage for the least money.

• · Term 10, 20 and 30-year options
• · Level premiums for the whole term
• · Renewable and convertible without a new medical
• · Ideal for mortgage and income protection

Permanent & Whole Life

Coverage that never expires and builds cash value over time. Suited to needs that do not end: final expenses, a tax bill on the estate, or leaving something behind deliberately.

• · Whole life with guaranteed premiums
• · Universal life with investment flexibility
• · Cash value you can borrow against
• · Estate and legacy planning

Simplified & No-Medical

For anyone who has been declined before, has a health condition, or simply wants coverage without exams and needles. Fewer questions, faster approval.

• · No medical exam required
• · Coverage in days, not weeks
• · Options for pre-existing conditions
• · Guaranteed-issue plans for final expenses

How much coverage is right?

There is no universal answer, but there is a sensible method: add up what would need to be paid off, plus the income your family would need to replace, plus future costs like education — then subtract savings and any coverage you already have. My calculator walks you through exactly that in about a minute.

Open the coverage calculator

Life insurance in Canada: what it costs and how to choose

Life insurance in Canada falls into two families. Term life covers you for a fixed period — usually 10, 20 or 30 years — and pays a tax-free lump sum to your beneficiaries if you die during that term. Permanent life insurance, including whole life and universal life, covers you for your entire life and builds cash value you can borrow against.

For most families the honest answer is term. A healthy 40-year-old non-smoker typically pays somewhere between $30 and $50 a month for meaningful coverage — often several hundred thousand dollars of protection for less than a daily coffee. Women generally pay less than men at the same age, because life expectancy is statistically longer.

Term policies are also convertible: most Canadian carriers let you convert to whole life or universal life up to a set age with no new medical exam and no new health questions. That matters if your health changes. It is the single most valuable feature people forget to ask about.

The right amount is not a guess. Add your mortgage, your other debts, the income your household would need to replace, and future costs like education — then subtract savings and any group coverage through work. Our life insurance calculator does exactly that in about a minute.

• · Term 10, 20 and 30 quoted across carriers
• · No medical exam options
• · Coverage for pre-existing conditions
• · Mortgage protection alternatives
• · Joint and spousal policies
• · Conversion to permanent coverage
• · Beneficiary and estate guidance
• · Reviews of existing policies

How long should my term be?+

Ten, twenty or thirty years depending on your situation. Most families choose twenty — it typically covers the mortgage years and the years children are dependent. Choosing the right length at the start matters, because renewing later costs significantly more.

Does term life build savings?+

No, and that is exactly what keeps the price low. Term insurance does one thing: if you die during the term, your family receives a significant, tax-free payment. Savings and investment features belong to permanent policies.

How much does it actually cost?+

Commonly $30 to $50 a month for a healthy person around 40, in exchange for a few hundred thousand dollars of coverage. It is the least expensive form of life insurance available in Canada.

Is the price different for men and women?+

Yes. Women usually pay less at the same age and health, because they live longer on average.

Does it only pay out on death?+

That is the core benefit, but riders can be added — critical illness, disability waiver of premium, child coverage. We go through the options that are worth the extra cost in your consultation.

What is the downside of term insurance?+

If you outlive the term, nothing is paid back, and renewing at the end is more expensive because you are older. That is why picking the right term length at the outset is the most important decision.

Can I convert it to permanent insurance later?+

Yes. Most carriers allow conversion to whole life or universal life up to a specified age, with no medical exam and no new health questions.

Do I need a medical exam?+

Not always. No-medical and simplified-issue policies exist for people with health conditions, those who have been declined before, or anyone who simply wants coverage quickly.