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Term Life Insurance

Term life insurance provides a payment to your selected beneficiaries if you pass away within the term of your term life insurance. The term of your policy is determined by you and it can be between 10 and 40 years.

Your loved ones can use the death benefit payment to pay off debts, pay for living expenses, pay for rent or mortgage, pay for daycare fees, and more.

Term life insurance policies are offered by reputable Canadian insurance providers to Canadians and legal residents.

Major Types of Term Life Insurance

In Canada, various types of Registered Retirement Savings Plans (RRSPs) exist. Individual RRSPs are owned and overseen by an individual, whereas spousal RRSPs enable one spouse to make contributions to an RRSP in the other spouse’s name. Additionally, employers may provide Group RRSPs as a benefit to their employees.

Term to 100 (T100) Life Insurance

Term to 100 is a permanent insurance that guarantees coverage until the age of 100. It features fixed premiums and is often chosen to cover end-of-life expenses or maximize one's estate. T100 life insurance is typically the most affordable type of permanent coverage as it does not accumulate cash value.

Convertible Term Life Insurance

Convertible term life insurance includes a provision that allows the policyholder to convert the term life insurance policy to whole life insurance. This conversion option does not require a medical exam and preserves your previous health rating. However, it is important to make your decision before you turn 70. because after age 70, the cost of permanent coverage can be high.

Yearly Renewable Term Life Insurance (YRT)

Yearly renewable term life insurance provides one year of coverage and can be renewed without a medical exam. Suitable for short-term coverage needs and offers flexibility. However, it's important to note that premiums can increase from year to year, potentially making it more expensive in the long run.