Term Life Insurance
Protects - Loved Ones
- Your Business
- Mortgages
- Promises
- Loved Ones
- Your Business
- Mortgages
- Promises
Term Life Insurance Canada Get a Quote
4.7/5 81 Reviews
“Loved how easy it was to compare and customize the policy coverage amount.”
Mike Chapman
March 2022
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.
Canadians Favorite Coverage is Term Life Insurance
Life is unpredictable, but your family’s financial security doesn’t have to be.
At TermCanada, we make it simple for Canadians to compare and choose the BEST term life insurance in Canada for the most affordable price. Raising a family comes with plenty of tough decisions; finding affordable protection for the people you love shouldn’t be one of them.
Whether you’re covering a mortgage, replacing income, or making sure your loved ones are financially secure, we’ll guide you toward a plan that fits your budget and gives you peace of mind.
... and there are reasons for that!
Term life insurance in Canada is flexible and affordable, giving families reliable coverage for a set number of years. Whether you’re just starting out, raising a family, or looking for cost-effective protection, it’s important to choose a plan that fits your needs.
Learn more about the different types of term life insurance available:
10-Year Term Insurance – short-term protection with the lowest initial cost.
20-Year Term Life Insurance – perfect for growing families or mortgage coverage.
30-Year Term Life Insurance – long-term peace of mind with predictable premiums.
Term 100 Life Insurance – lifetime coverage at a level premium.
Mortgage Life Insurance – protect your home and family from unexpected loss.
Cheap Term Life Insurance in Canada – budget-friendly options without sacrificing coverage.
How Does the Best Life Insurance in Canada Work?
Life insurance in Canada is a plan for your family’s financial protection. It pays out a tax-free lump sum to your loved ones upon your passing, helping cover major expenses such as funeral costs, mortgage payments, lost income, and educational needs.
With options like term life insurance, you can select the amount of coverage and the period that best suits your needs and budget.
👉 Watch this short video to learn how life insurance works and why it’s essential for Canadian families.
Need help finding the right coverage? Call TermCanada today or request your free quote below.
What Is Term Life Insurance?
Term life insurance provides coverage for a set number of years, most commonly 10, 20, or 30 terms. If the insured passes away during this time, their beneficiary receives a tax-free lump sum, as long as premiums are paid.
It’s no surprise that term life insurance in Canada is the most popular choice. Families love it because it offers the most coverage for the lowest cost.
Compared to permanent life insurance, the price difference is dramatic, making term the go-to option for Canadians who want big protection without exceeding their budget.
Why You Should Choose Term Insurance
✅ Affordable premiums: The payments don’t break the bank
✅ Flexible terms: You can select a term that matches your personal circumstances (10, 20, 30 years).
✅ High coverage: Protect your loved ones with a realistic amount of money that will secure their future and your promises.
✅ Simplicity: Term Life Insurance is easy to understand and straightforward to apply for.
✅ Convertible options: Most policies allow you to switch to permanent insurance later.
Who Needs Term Life Insurance?
Most of our clients at TermCanada are:
✅ Parents raising children
✅ Homeowners with a mortgage
✅ People with debt
✅ Grandparents who want to leave a gift
✅ Business Owners
Even if you have coverage through your work, please be aware. Group plans often aren’t portable if you change jobs. Term life insurance provides peace of mind that your loved ones are always protected.
The Smarter Way to Buy Term Life Insurance in Canada
Talk to a Licensed Broker Today
How Much Does Term Life Insurance Cost in Canada?
When people ask, “How much does term life insurance cost in Canada?” the honest answer is: it depends on YOU. Your age, health, coverage amount, and the length of your policy all play a role in what you’ll pay.
The good news is that term life is affordable! That’s why it’s the most popular option for Canadian families. You get high coverage amounts at a fraction of the cost of permanent insurance.
For example, a healthy 35-year-old non-smoker could pay as little as $25 a month for $500,000 of coverage. That’s powerful protection for a very reasonable price.
You Have Control Over What You Buy
Term life insurance is flexible, which makes it easy to choose a plan that works for your stage of life.
If your priority is covering a mortgage, you might choose a higher coverage amount for a 20- or 30-year term. If you just want protection while raising children, a shorter 10-year policy could make sense.
Whatever your situation, you have control over the balance between affordability and protection.
👉 Want a deeper dive? Read our guide to Term Life Insurance in Canada
Term Life vs. Whole Life: What’s the Difference?
When people start looking into life insurance, they quickly discover there are two main choices: term life insurance and whole life insurance (also known as permanent insurance). Both offer important protection, but they work in very different ways.
✅ Whole Life Insurance: Permanent (whole) life insurance is designed to last your entire lifetime and may build cash value along the way. While that sounds appealing, it also comes with a much higher price tag.
✅ Term Life Insurance: Term life, on the other hand, focuses on pure protection for a set period. That means you can lock in a much larger amount of coverage for the same budget. If you ever decide you want lifetime coverage later, many policies allow you to convert from term to permanent.
So which one do most Canadians choose?
The numbers speak for themselves. According to the Canadian Life & Health Insurance Association, over 22 million Canadians own life insurance, and the majority choose term.
Why? Because it’s simple, affordable, and effective. Families across Canada rely on term life to protect mortgages, replace income, and provide security for their families.
If you’re looking for big protection at the best price, term life insurance is the clear choice.
Not sure how much coverage you actually need?
Use our income replacement calculator for your life insurance needs to estimate your ideal coverage amount before comparing quotes.
Most Common Term Lengths
- 10-Year Term: best for short-term debts or coverage gaps... and one of the most affordable options.
- 20-Year Term: popular choice for families raising children or paying down a mortgage.
- 30-Year Term: long-term stability, locks in premiums for decades.
At TermCanada, we’ll help you choose the right length of term life insurance in Canada for your needs.
Once you know your coverage goal, compare life insurance quotes in Canada to see rates from trusted providers and find the best plan for your budget.
Why TermCanada is Canada's Choice for Insurance
At TermCanada, we believe buying life insurance shouldn’t feel like a maze of forms and confusing fine print.
We’re not just another online quote site. We’re a licensed Canadian life insurance agency dedicated to guiding you every step of the way. Our mission is simple: make life insurance clear, accessible, and tailored to you.
Need help finding the right term life insurance plan?
Get step-by-step guidance in our Life Insurance Quotes Guide
Connect directly with a licensed life insurance broker in Canada
Or contact a broker today to get personalized advice and free quotes.
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When you work with us, you can expect:
Real advisors, not call centres
You’ll connect directly with a licensed life insurance advisor who listens, answers your questions, and makes recommendations based on your unique situation. No scripts. No endless transfers. Just real advice from someone who cares.
Multiple quotes at your fingertips
Instead of calling around to different insurers, we do the legwork for you. We compare rates and coverage from Canada’s top insurance companies, then show them to you side by side so you can make a confident choice.
Solutions for every health profile
Have a medical condition? Smoker? New to Canada? Don’t worry, we specialize in finding coverage options for people who might not qualify elsewhere. Everyone deserves protection, and we’ll help you find it.
Plain-language guidance
Insurance can feel complicated, but it doesn’t have to. We break things down into clear, everyday language so you know exactly what you’re buying and why it matters.
A process built around you
Whether you prefer to apply online, chat over email, or pick up the phone, we make it easy. The Term Life Insurance application is fast, stress-free, and designed to fit your lifestyle.
Life insurance isn’t about paperwork
Because at the end of the day, life insurance isn’t about paperwork, it’s about peace of mind. And our job at TermCanada is to make sure you and your family have it.
Grab a cuppa coffee & chat
Term Life Insurance FAQs
Is term life insurance taxable in Canada?
No, beneficiaries receive the death benefit tax-free. It’s one of the best perks of life insurance!
Can I renew my policy?
Yes, most policies allow you to renew at the end of your term, though rates increase with age.
Can I convert to permanent coverage later?
Many term policies allow you to convert to permanent insurance without a medical exam.
What happens if I outlive my term?
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