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Compare the best term life insurance quotes in Canada

Shop the Canadian term life insurance market with us today – your best rate is only a few steps away.

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How to get term life insurance with

  1. Tell us a bit about yourself

    Life insurance is specific to you, so we'll need a few details to customize your policy.

  2. Speak with an insurance broker

    We'll show you quotes from multiple providers, so a broker will be in touch to help you choose.

  3. Finalize your policy selection

    You may need a medical exam to finalize your policy, but you'll be guided through the process.

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What is term life insurance?

A term policy is a life insurance product that guarantees a death benefit payout to a stated beneficiary during a specific period of time, typically ranging between five to thirty years. So if you pass away during the set term, your loved ones can use this money for whatever they wish – including paying off the mortgage, replacing your income, and financing their education, When you purchase a standard term insurance policy, your coverage amount and premiums are locked in for the entire length of the plan.

When the term expires, you'll usually have the option to either renew our policy for a higher cost, or you can let your coverage expire. Some policies also let you convert the term life insurance to whole life insurance or universal life insurance, typically between one and five years before the term ends.

When you bind your term life policy, you choose the term length (also known as how long you want to be covered for), as well as your coverage amount (also known as how much you want your beneficiary to receive after you die). Only if you die within the term does your life insurance company pay out the death benefit.

When to buy term life insurance

Term life insurance is best for those that have a temporary need for coverage. And this temporary need can extend for many years – here are a few situations in which this type of policy could come in handy.





Find your best term life insurance quote with us today.

We're here to help you find the best term life insurance policy to suit your personal needs. Compare quotes from one of our licensed brokers today to find the cheapest rate.

Types of term life insurance in Canada

Term life insurance is a relatively simple product when compared to other types of life insurance, but it's still important to learn about the options you have when shopping around for your policy. Here's a brief overview of three popular types of term insurance plans in Canada. 

Level term insurance

Yearly renewable term insurance

Decreasing term insurance

Choosing your term insurance length

So how long should your term life insurance last? While plans typically range between five to thirty years, the right term for yourself will depend on your personal needs – here are a few factors you should consider.

Age & retirement

Mortgage & debt



Common term life insurance coverage additions

Most providers also allow you to purchase extended coverage (or life insurance riders) to protect you against special circumstances. And while you can add these to your term life policy, you may also be able to purchase some of these as standalone policies. Here are a few common additions you can ask your broker about.

  • Critical illness insurance

    Critical illness insurance can be purchased as a rider or a standalone policy. It is exactly what it sounds like – if you're diagnosed with an approved critical illness, your insurer will pay out a lump sum to cover the financial burdens involved.

    more about critical illness insurance
  • Disability insurance

    Like critical illness, you can purchase disability coverage as either an add-on or a standalone policy. This type of insurance ensures you'll be financially covered in the event you become disabled and unable to work, acting as income replacement.

    more about disability insurance
  • Children's insurance rider

    Life insurance for your child can typically be purchased as a rider, on top of your term life insurance policy. This is generally a much cheaper option to ensure your child also has coverage, instead of purchasing them a standalone policy of their own.

    more about life insurance for children
  • Accidental death insurance

    Accidental death insurance can also be purchased on its own or as a rider. As a standalone, the benefit will only be paid out for cases of accidental death. And as an add-on, your beneficiaries will receive an increased benefit in cases of accidental death.

    more about accidental death insurance

How much term life insurance do I need?

One of the most important decisions you need to make when purchasing life insurance is the coverage amount on your policy. To determine the right number, there are three different factors you should consider – your family situation, your debts, and your income. Visit our blog on this topic to learn more about calculating your term coverage needs.

learn more

How much is term life insurance in Canada?

While the cost of term life insurance depends on various individualized factors, here are a few sample rates we pulled in April 2024. To find out the exact cost you'll be paying, be sure to compare term life insurance quotes with us. 

  • $126/year

    30-year term policy with $100,000 coverage

    for a 30-year-old, non-smoking female

  • $349/year

    20-year term policy with $500,000 coverage

    for a 35-year-old, non-smoking male

  • $366/year

    10-year term policy with $600,000 coverage

    for a 40-year-old, non-smoking male

What factors affect term life insurance premiums?

  1. Age

    The older you are, the more expensive your term life insurance will be – that's why it's often a good idea to bind policies early.

  2. Gender

    Statistically speaking, the life expectancy for females is longer than the expectancy for males, so your term life rates will reflect this.

  3. Health

    Pre-existing conditions, family medical complications, and habits such as smoking excessive drinking lead to higher premiums.

  1. Lifestyle

    Participating in high-risk activities on a regular basis, such as skydiving, can lead to higher term life insurance premiums.

  2. Job

    If you work in a high-risk industry, such as roofing or logging, you may need to pay more for your term policy.

  3. Policy type

    More coverage and longer terms result in higher term life premiums – you'll need to pay more for the additional peace of mind.

What happens at the end of my term life insurance period?

Oftentimes, the death benefit of a term life insurance policy won't be paid out – this is because the coverage can expire if you don't pass away during the set period. If you want to extend your policy term, you can look into renewable and convertible life insurance.

A convertible life insurance policy gives you the option to convert your term policy into a permanent policy. The primary benefit of having a convertible policy is that you won’t have to pass a medical exam to get permanent coverage. So if you’re diagnosed with a serious illness while you have an active convertible term life plan in place, you can still get permanent coverage that may not otherwise be available to you.

For more insight on your various options, check out our blog – What to do when your term life insurance expires.

Ready to speak with a broker about term life insurance?

Request your free term life insurance quotes today, and find out which carrier offers the most affordable policy options to meet your personal coverage needs.

Term life vs. whole life insurance – what's the difference?

The Canadian term life insurance market

According to the Canadian Life & Health Insurance Association, 75% of in-force policies were term life plans in 2022. This number consisted of both individual term life plans (40%) and group term life plans (35%). On the other hand, individual whole life insurance policies took up 12% of the market while individual universal life insurance policies took up 13%.


individual term life market share in 2022


group term life market share in 2022

Term life insurance sales in 2023

According to LIMRA's Canadian Life Insurance Sales Survey, the new annualized premium for life insurance within the country increased by 4% in 2023 to $1.86 billion – this number was the highest sales recorded in the Canadian market (since the survey was first established in 1993).

Term life insurance took up 19% of the new annualized premium market share. Premiums totalled $345 million which was a 1% growth from 2022. The number of policies sold, however, decreased by 2%. In comparison, whole life new annualized premium market share amounted to 68% while universal life amounted to 13%.

learn more about the survey

What are the benefits of term life insurance?

  1. Simplicity

    Term life policies tend to be much more easy to understand than permanent life policies. You choose a set death benefit, along with a set term period.

  2. Long-term flexibility

    With term life insurance, you generally have options to covert the plan (to permanent life insurance) or renew it when expiration nears.

  3. Level premiums

    In a standard term life insurance policy, your premium won't change within the entire term duration – you won't need to worry about a rate increase due to health status or old age.

  1. Affordability

    A term life insurance policy is much cheaper than a whole life one – this is because your insurer may not need to payout the death benefit.

  2. Tax-free benefit

    Like all types of life insurance, term life benefits are tax-free. Your beneficiaries won't need to pay taxes on the lump sum amount.

  3. Peace of mind

    This also goes for other life insurance products, but a term life policy can provide you with peace of mind while you need it. It's nice knowing your kids will be covered while they're still growing up.

Frequently asked term life insurance questions

What term life insurance is best?

What is the most popular term life insurance?

Is term life insurance better than whole life?

Can I sell my term life insurance policy in Canada?

How much term life insurance should I buy?

Can I cash in my term life insurance policy?

Does term life insurance cover accidental death?

Does term life insurance cover disability?

What do I do when my term life insurance expires?

Can I cancel my term life insurance policy?

How do I buy term life insurance online?

When does term life insurance payout?

Is term life insurance tax-deductible?

Is term life insurance worth it?