The Smarter Way to Buy Term Life Insurance Canada
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Term Life Insurance Canada Made Easy!
Shopping for life insurance has never been simpler
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TermCanada gives you access to professional-grade software to compare Canadian life insurance policies and prices. You can now use the same software life insurance brokers use to research the market for the best rates for term life insurance.
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Eliminate uncertainty when purchasing life insurance Canada and mortgage life insurance. Feel safe and secure with affordable protection at the best price for you and your family. Life insurance has never been easier or more economical.
Best Life Insurance Quotes
TermCanada’s portfolio of rates comes from Canada’s best and most stable life insurance companies. Our numbers are continually updated to provide you with information about the best term life insurance in Canada.
TermCanada is rated 4.7 out of 5 stars on Feefo, based on 81 verified Canadian reviews. Trusted by thousands, we make it easy to compare term life insurance quotes in Canada—fast, secure, and pressure-free.
4.7/5 81 Reviews
“Loved how easy it was to compare and customize the policy coverage amount.”
Mike Chapman
March 2022
Why Life Insurance Matters
Term life insurance in Canada provides families with a straightforward and affordable way to secure their financial future. Whether you’re planning for a home purchase, raising kids, or simply preparing for the unexpected, term coverage provides financial protection when it matters most.
It’s peace of mind, made easy.
Benefits
- Financial Security: Guarantees your loved ones receive financial support if you pass away unexpectedly.
- Affordability & Flexibility: Offers high coverage amounts at lower monthly premiums.
- Convertibility: Easily convert to permanent life insurance without a medical exam.
- Portability: Keep your policy even if you change jobs or move.
- Mortgage Protection: Help your family cover home payments with affordable term life coverage.
Term Canada is a Phone Call Away
Got 3 minutes and a phone? That’s all it takes to get started.
At TermCanada, we aim to make applying for life insurance Canada as simple, fast, and stress-free as possible! We work with you one-on-one to complete any & all forms together. There’s no pressure – just real help & advice from Chris Funnell, a veteran in the life insurance industry.
Protecting Canadian families starts with the right knowledge. Term life insurance is the most popular way to get affordable, flexible protection during the years you need it most. If you’re new to life insurance or want to understand how it works before getting a quote, we’ve put together a full guide.
👉 Learn more about Term Life Insurance in Canada and how it can fit into your family’s financial plan.
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Frequently Asked Questions
What’s the difference between Term-10, Term-20, Term-25, and Term-30?
- Term-10 = 10 years of coverage
- Term-20 = 20 years of coverage (you get the idea!) Want longer protection? Term-25 or Term-30 might be the right fit. Each term locks in your premiums for that length of time, making budgeting easy.
How much term life insurance do I really need?
Looking for Term Life Insurance in Canada? Here’s a quick rule of thumb. You need around 10x your annual salary. Why so much? Because the money helps your family cover debts, living expenses, and the kids’ education. It gives them breathing room while they regroup from a tragic loss.
Which insurance company is the best in Canada?
All the companies we work with are A-rated, meaning they are reputable, solid, and regulated. If you want term life insurance in Canada, choosing the right company is where the real effort begins. What works for one person may not work for another. That’s why having an independent life insurance agent in your corner is essential. We will ensure that you get the best coverage at the most competitive rate.
How does the application process work?
You’ll chat with us via phone or Zoom and fill out an e-application (or a secure PDF).
- It takes 45-60 minutes
- Done at your convenience
- No awkward living room sales pitches
Will a nurse need to visit me?
- You're under 50
- You’re applying for up to $2 million in coverage In many cases, the process is entirely digital and hassle-free.
Am I locked into anything?
- Review it
- Ask questions
- Decide if you want to put the policy in force
What happens if I outlive my term life insurance policy?
Congrats—you outlived your coverage! 🎉
When your Term-10, Term-20, or longer policy ends, you’ll have these options:
- Renew (at a higher rate)
- Convert to permanent insurance (no medical needed)
-
Or just let it expire if you don’t need coverage anymore.
We’ll walk you through the process when the time comes.
What’s the difference between term life and whole life insurance?
Term life = Provides coverage for a set period, with lower premiums and simple protection.
Whole life = Offers lifelong coverage, higher premiums, and builds cash value over time.
Term life insurance in Canada works for most people most of the time. It provides pure protection at a great price for the times you need it the most!
Can I cancel my policy if I change my mind?
You sure can! All policies come with a 10-day free look period. If you decide it’s not for you, cancel with zero penalty.
Even after that, you can cancel anytime with no penalty – you are always in the driver’s seat.
Is my term life insurance policy tax-free?
Yes! In Canada, life insurance payouts are tax-free to your beneficiaries.
They’ll receive the full amount—no deductions, no surprises.
Can I get coverage if I have a health condition?
In many cases, yes!
We work with multiple insurers, so we can match you with one that is most flexible regarding your health history.
We’ve helped people with diabetes, high blood pressure, and cancer survivors.
And to be honest, people are usually healthier than they think.
How long does it take to get approved?
- Instant or same-day for no-medical policies
-
1–4 weeks if underwriting is required
Either way, we stay in touch every step of the way. No radio silence at TermCanada.
Do I need to name a beneficiary?
Yes—and it’s one of the most essential steps.
Your beneficiary is the person (or people) who receives the payout if something happens to you.
You can even name a charity or set up a trust—we can help with the details.
Is term life insurance really that simple?
Yep.
It’s about protecting your loved ones with affordable, no-nonsense coverage.
No gimmicks. No fluff. Just thoughtful planning that fits your life and budget! Cheap life insurance in Canada is possible.
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