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General Info
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Best in Canada
Comparisons
Coverage for a set term — usually 10, 20, or 30 years. If you die during that window, your family gets a tax-free lump sum. Outlive it and the policy ends. No cash value, no investment piece, no surprise fees.
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Term is cheap because it’s temporary — you pay only for the years you actually need protection. Whole life lasts forever and builds cash value, but premiums run 5–10× higher for the same coverage. Outlive your term? No payout.
Replaces lost income so your family keeps the house, the car, and their lifestyle. Covers debts like the mortgage, student loans, and kids’ future tuition. Buys time to build savings without forcing tough decisions in a hard moment.
You pay a fixed monthly premium for the length of your term. Die during it and your beneficiaries get a tax-free lump sum, usually within weeks. Outlive it and you can renew, let it lapse, or convert to permanent coverage without a new medical exam.
Terms run 10 to 35 years, or up to age 65 or 80 depending on the insurer. Your premium is locked at signup based on your age, health, smoker status, and term length. The death benefit pays out tax-free to whoever you name as beneficiary.
Healthy 25-year-old: roughly $12/month for $250K of coverage on a 20-year term. Same person at 55: closer to $84/month for the same policy. Smoking, pre-existing conditions, or longer terms push the price up significantly.
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Plug in your numbers to see your coverage target. Example below.
Term life insurance has an end date, which is less expensive than permanent life. How much you pay depends on many factors, such as:
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Affordable temporary coverage — student loans, car payments, short-term debts.
Balanced cost and duration — newly married couples or families with young children.
Extended protection until kids are financially independent or the mortgage is paid off.
Premiums and the death benefit remain the same throughout the policy term.
The term lasts one year. You can renew the policy at the end of the term. Each year you’ll pay more than the previous one. ART policies are best for covering short-term debt obligations. For example, if you have a car loan but plan to sell it in the near future, an ART policy offers an affordable way to protect yourself within this period.
The death benefit decreases over time, while the premiums usually remain unchanged. People buy decreasing-term life insurance to cover a specific debt, like a mortgage, though we prefer life insurance.
You don’t need a medical exam to get coverage, though you may have to answer a few health-related questions.
Group term life insurance is a policy that is available for free or at a low cost through your work. It is an excellent option to consider if your workplace provides it.
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