what is Term Life Insurance?

Term life insurance is the most common and affordable form of temporary life insurance bought and owned in Canada.


Under this plan, you are protected for a set period of time which typically ranges from 10 to 40 years. This set period is called a “Term”. If you pass away during the specified term, your beneficiaries receive a tax-free benefit.

While plans and prices differ between term plans and providers, nearly all term plans share the same features:

  • Term life is the lowest cost life insurance plan relative to coverage;
  • Cost of insurance is fixed through the term's length, and is renewable without a medical exam;
  • Benefits are paid, tax-free, to the beneficiaries you've chosen.

Please click on the links to get more information

Term 10, Term 20, Term 30, Term 100.

Why do you need Term Life Insurance?

Term Life is the perfect life insurance plan for Canadians who want reliable coverage that won't break their budget or become an additional burden.


The low cost of term life insurance makes it an excellent fit for families who see the value of financial security, but want something they can easily work into their living costs.

While term life can fit a variety of needs, the most common reasons to buy term life are:

  • To provide a replacement income for spouse and children.
  • To cover a large debt, such as a mortgage.
  • To ensure large future costs like university or college tuition are covered.
  • To provide overhead coverage for a business or key employee, ensuring an unforeseen death doesn't leave the business in jeopardy;

Our Term Life Rates

At Term Life Insurance, we work with leading Canadian Providers such as BMO, RBC, and many more.


We are able to offer a wide range of Term Life products at the most competitive rates on the market.

To help you get a clearer idea of what to expect when finding a quote, we have provided sample quotes from some of the insurers we work with.

35 year old male, non-smoker, $500,000 coverage for 20 years:

  • Equitable Life:$36.27
  • RBC Insurance:$36.81
  • BMO Insurance: $36.90

35 year old female, non-smoker, $400,000 coverage for 30 years:

  • SSQ Assurance:$41.40
  • Foresters Life:$41.94
  • Wawanesa Life:$42.93

40 Year Old Male, non-smoker, $300,000 coverage for 20 years:

  • Equitable Life:$33.55
  • BMO Insurance:$33.93
  • RBC Insurance:$36.96

Knowledge CENTRE

Learn more about Term Life Insurance and see how a policy can work for you with these helpful tools and resources.


We address some of the most common questions about life insurance.


Calculate how much term life insurance you need.