What is 30 Year Term Insurance?

30 Year Term Insurance

by Chris Funnell

30 Year Term Life Insurance offers long term protection with fixed rates that are guaranteed not-to-increase during a 30 year period.

After 30 years, the policy can often be renewed for an additional number of years at a higher premium (which is also guaranteed), without any health questions asked.

Many Canadian Life Insurance Companies also guarantee that their 30-Year Term Life Insurance can be ‘converted’ into a Whole Life Insurance plan, without a medical or any health questions asked.

In the event of a significant change in health such as cancer, stroke, diabetes, or heart attack, this conversion feature can be quite appealing.

30 Year Term new in Canada


30 Year Term policies are relatively new in Canada (compared with 10 Year Term, 15 Year Term, or 20 Year Term plans), however they are competitively priced, and are a conservative choice for those who want to lock-in insurance for a full 30 years.

30 Year Term plans appeal to those who are concerned about purchasing a shorter term plan, and having to pass an insurance medical at renewal. Or to those concerned about paying much higher premiums when they are older.

The most popular reason parents buy life insurance is to protect dependent children in the event they pass away. After a child grows up, finishes their college or university education, and becomes financially independent, the parent’s need to take care of their child financially is hopefully complete.

30 Year Term good for young families


For example, if a child is a newborn, in 30 years the child will be in his or her early 30’s, finished College or University, established in his or her career, and may be thinking of starting (or growing) a family. A 30 Year plan would match the time the child may be dependant on parents for financial support.

30 Year Term good for longer mortgages


The other customary reason people buy life insurance is to provide for a financially dependent spouse.

For example, if a husband and wife have 30 years remaining on their mortgage and would like mortgage insurance, or have 30 years until retirement, a 30 Year Term plan would protect a surviving spouse’s standard of living if a loved one passed away unexpectedly.

Check out TermCanada’s life insurance quotes calculator on the right side of this page, and you will receive a complete list showing exactly which companies have your lowest 30 Year Term Life Insurance rates.


Chris Funnell BA, CLU
Chartered Life Underwriter
Founder and President

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Call me at Toll Free: 1-866-824-2114

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