Compare the best term life insurance quotes in Canada

There is no one right answer. Selecting the right policy amount and term length will be unique to your situation. The best term life policy for you will be the one that meets all your coverage needs for the best rate possible. That's why we recommend doing a full coverage calculation breakdown and then comparing term life insurance quotes to find the carrier that best suits your needs, for the right price.

Common lengths of term life insurance typically range between one and thirty years, with the most popular plan being a 20-year term life policy.

The best life insurance for yourself is the one that satisfies the needs of your specific case. Term life is less expensive and covers you for the most critical time in your life. Whole life is more expensive and covers you until death. Think about your beneficiaries – anyone who depends on you financially – that's who you need to worry about. For more information on the topic, read our article on term life vs. whole life insurance.

No, but you can cancel to avoid paying any more premiums. Selling a life insurance policy in Canada is complicated, only allowed in certain provinces, and is generally reserved for a permanent life insurance policy. For more information on the topic, read our blog post – Can you sell a life insurance policy?

It depends on your situation. Debts, income, mortgage, and education (DIME) are the four factors to consider in how much coverage you need. The more coverage you have, the higher the monthly or annual premiums will be. We recommend comparing life insurance quotes to see what suits your budget and your lifestyle best. 

No, money doesn't accrue in a term insurance policy as it would in a universal life insurance plan. You can try to convert to this type of policy, but you wouldn't start accruing money within the policy until you pay into it. 

Yes, term life insurance – and in fact, any type of insurance – is there to protect you from the unexpected, including accidental death. 

No, but you can add disability insurance as part of your overall life insurance plans. Disability is nearly a requirement for most people as workplaces continue to do away with short-term and long-term disability options in their benefits. Disability insurance provides income replacement for a period while you are unable to work. Critical illness insurance, on the other hand, gives you a one-time lump sum payment in case you're unable to work, but also covers unforeseen expenses related to the affecting illness. 

Wondering what to do when your term life insurance expires? There are a few options you can consider if you still want to protect your loved ones financially: 

1. Renew the term insurance policy for another term (before the coverage expires).
2. Covert the term insurance policy into permanent insurance (before the coverage expires).
3. Shop for an entirely new life insurance policy.

Be sure to speak to a licensed life insurance broker for more details on your specific case. New policies typically come with higher life insurance rates due to aging, so if you’re opting for brand new coverage, compare term life insurance quotes to ensure you're getting the cheapest premium possible. 

Yes, you can cancel your term life insurance at any time, simply by contacting your provider. But before you do, consider why you purchased the policy in the first place. You may want to consider alternatives, such as reducing your coverage, as biding a new policy often leads to higher premiums. 

If you’re looking to buy term insurance in Canada online, we’ve got you covered. By providing us with a few details in our term life insurance calculator, we’ll connect you with a licensed broker who will guide you through the application process of obtaining the coverage you need.

A term life insurance policy will only payout in the event that the insured individual dies within the effective policy term. The reason for death must be a result of one of the covered reasons for the policy to payout to the beneficiary. If the insured individual does not pass away during the policy term, then a payout will never occur.

The simplest answer is likely no it won't be, but there are a few situations where you may get a tax deduction if you use your life insurance policy as collateral on a loan. It's best to ask your personal accountant or a tax professional if it’s possible in your situation. 

Check out our blog for more information on life insurance tax implications.

Term life insurance can be worth it, but this depends on your specific needs as a policyholder. If you have kids that depend on your finances and an outstanding mortgage that could be passed on, a term life policy can protect your loved ones while providing you with peace of mind.

On the other hand, if you have no debt and no dependents, a term life policy might not be worth the monthly premiums. You may also look into other life insurance products – such as whole life insurance – if you have long-term end-of-life goals, such as estate planning.