Best term life insurance in 2024: Get free quotes
4.8/5
- Guaranteed premiums
- Option to convert the policy to permanent insurance at any time before age 75
- Ideal for business owners
SunSpectrum Term Life Insurance from Sun Life offers flexible term lengths of 10, 15, 20, or 30 years, suitable for various temporary protection needs such as income replacement, debt protection, and future financial security for families or businesses. The product features guaranteed premiums and the option for guaranteed conversion to permanent insurance without health re-qualification before the policyholder's 75th birthday. This makes it ideal for individuals looking for affordability with the potential for lifelong coverage. It is especially beneficial for business owners concerned with succession planning and key employee protection.
- Guaranteed premiums and convertibility ensure cost predictability and easy transition to permanent coverage.
- High coverage limit with policies up to $15 million coverage, accommodating significant financial needs.
- Available in 10, 15, 20, and 30-year terms to match specific coverage durations.
- Includes living benefits for terminal illness and waivers during total disability.
- Tailored benefits for both personal and business needs, including child term and partner protection benefits.
- After the initial term, premiums increase significantly upon renewal.
- Conversion and longer term options are not available as age increases.
- Wide range of options may require careful consideration to ensure appropriate coverage.
- Fixed premiums for the term duration
- Option to renew the contract from the 5th year
- Fixed or decreasing insured capital
Term Life Insurance by Beneva offers tailored flexibility to adapt to various coverage needs over 10, 15, 20, 25, 30, or 40 years, making it ideal for those looking to cover specific financial responsibilities such as personal loans or educational expenses for dependents. This policy is particularly advantageous for first-time buyers or those on a strict budget due to its affordable nature compared to permanent policies. It includes options to extend or modify the term, switch to permanent coverage without further health checks, and choose between decreasing or fixed capital to match changing financial obligations or provide a consistent benefit.
- Over 75 years of combined insurance expertise
- Affordable and flexible with multiple term options
- Premiums are constant during the initial term, aiding in financial planning.
- Ability to choose between decreasing or fixed insured capital.
- Can switch to a longer term within five years without a medical exam.
- Add-ons like critical illness coverage, disability waiver, children’s insurance, and more
- Premiums may rise upon renewal, although increases are known in advance.
- Decreasing Benefit Option is economical but reduces coverage over time, which may not suit everyone's long-term needs.
- Website doesn’t provide enough information about coverage
- Fixed or decreasing insurance amount
- Fixed premiums and guarantees
- Option to convert to permanent life insurance without medical evidence
Pick-A-Term by iA is a term life insurance solution designed with affordability and flexibility in mind, suitable for various stages of life including young families and pre-retirees. It offers terms from 10 to 40 years, which can align with significant financial commitments like mortgages or educational expenses. The fixed and guaranteed premium structure simplifies budgeting, while options to renew annually or convert to permanent insurance provide adaptability as needs evolve. This product is ideal for those seeking financial security without the long-term commitment of permanent life insurance, accommodating both personal and business insurance needs.
- Versatile term options from 10 to 40 years, matching key financial periods.
- Premium rates are guaranteed and known upfront, aiding in financial planning.
- Allows conversion to permanent coverage at any time without health checks.
- Can be renewed annually to adapt to changing insurance needs.
- Available with additional benefits such as critical illness and disability insurance.
- At renewal, premiums may increase based on the new term.
- Decreasing Benefits Option is not suitable for those needing consistent coverage amounts throughout the term.
- Numerous coverage and benefit options could complicate decision-making.
- Flexible offer
- Policy convertible to permanent insurance
- Several optional guarantees available
RBC YourTerm® Life Insurance offers a range of flexible and affordable term life options to fit different life stages and financial needs, making it an attractive choice for individuals aged 18 to 70. With coverage terms from 10 to 40 years and amounts ranging from $50,000 to $25 million, this policy is versatile enough to protect everything from personal debts to family businesses. It features fixed premiums for the chosen term length, ensuring cost predictability and ease in budgeting. Additionally, the policy can be converted to a permanent policy without further health assessments, providing long-term security. It's particularly suited for young professionals starting their careers, families planning for the future, or anyone needing solid, temporary financial protection with the option for longer coverage.
- Premiums remain constant throughout the term, enhancing budget management.
- Offers substantial coverage up to $25 million, accommodating large financial needs.
- Ranges from 10 to 40 years, allowing tailored protection based on personal needs.
- Policies can be converted to permanent coverage without additional medical information.
- Additional benefits include accidental death benefits and a 10-day review period with a full refund option.
- Coverage limits decrease for individuals over 55.
- If not converted, premiums can increase significantly after the initial term.
- Multiple term lengths and coverage options may require careful consideration to select the appropriate plan.
- Cash advance if you are diagnosed with a terminal illness
- Access to Manulife Vitality benefits at no cost
- Cover your family’s bereavement counseling costs
Manulife Family Term life insurance offers an affordable and flexible way to secure financial protection for both families and businesses. This policy helps maintain lifestyles, cover debts, and fund future needs like education and retirement, with the option to enhance the plan through Manulife Vitality, a program that rewards healthy living. Coverage ranges from $100,000 to $20 million, with level premiums for set periods, and includes unique features like bereavement counseling and a terminal illness advance. It is well-suited for individuals or families seeking comprehensive coverage that adapts to changing life circumstances and those interested in linking their health with insurance benefits.
- Coverage is affordable and can be adjusted to meet changing family and business needs.
- Manulife Vitality Program offers rewards for healthy living, potentially reducing premiums.
- High coverage options available from $100,000 up to $20 million.
- Allows conversion to permanent insurance without further medical underwriting.
- Premiums are level for terms like 10 years, 20 years, or until age 65.
- Participation in the Manulife Vitality program requires meeting specific health milestones to maintain premium discounts.
- With coverage limits up to $20 million, there’s a risk of over-insuring, which could lead to unnecessarily high premiums.
Are you ensuring your family's financial security for the future? Term life insurance provides the reassurance that your loved ones will have the necessary financial support in your absence. It can make a significant impact, allowing your family to remain in their home and sustain their lifestyle.
New to term life insurance? Read our guide on how term life insurance works, its pros and cons, costs, and more, helping you make informed decisions about your family's well-being.
Use our free comparator to compare the best term life insurance Canada plans in the market, explore the best deals based on your unique needs, and get over 20 free personalized quotes right here.
Best term life insurance Canada plans in 2024
- Manulife Term Life Insurance - Family Term and CoverMe Term Life
- iA Financial Group Life Insurance
- Empire Life Insurance
- Assomption Life - FlexTerm
- Sun Life - SunSpectrum Term Life Insurance
- Humania Insurance - HUGO Life
- Equitable Life of Canada
- Foresters Financial Life Insurance
- Canada-Life - Term Life Insurance
- RBC Term Life Insurance
- Canada Protection Plan - Simplified Elite and Deferred Elite Term Life Insurance
What is term life insurance?
Term life insurance or direct term life insurance is a type of life insurance that provides a payout to beneficiaries of the deceased after their death.
When signing up for a life insurance policy, you will decide the length and the amount of coverage. The policy pays out to your beneficiaries, should you pass away during that term. Most term life insurance policies range between 5 and 30 years.
If you cancel your term life insurance or it expires before your death, you will receive no money. You will not be eligible for refunds on already paid premiums.
Do I need term life insurance?
Term life insurance is one of the most powerful tools for people with dependents to ensure their financial future. Term life insurance payouts can be used to pay off mortgages, fund education, or cover bills and day-to-day necessities. This means your loved ones have time to grieve without worrying about the financial costs to follow.
Here are a few questions to ask yourself when considering whether to get term life insurance and how much to purchase:
- Debt: how much do you owe and are you comfortable passing it on to your family?
- Mortgage: Do you have a mortgage? If so, how much do you still owe on it?
- Income: How much does your family need to maintain its lifestyle?
- Education: Do you have children who will depend on you to fund their education?
Good to know
Because it is less expensive than a whole life insurance plan, especially for healthy adults in their 30s and 40s, term life insurance is a fantastic tool for assuring that your minor children are taken care of financially through adulthood. The premiums are typically higher for senior life insurance plans.
You can use our term life insurance calculator to determine how much coverage you would need based on your unique preferences and finances.
Is term life insurance worth it?
Term life insurance is frequently the cheapest life insurance option. It is a compelling option for individuals unable to afford some of the more expensive permanent life insurance options. It can also be used to cover debts that the individual does not want to pass on to their family after death.
It’s intended to make sure that your family won’t be financially ruined if anything happens to you. It can also pay out to make sure that a mortgage or other debt is covered – so even if you don’t have a family, your mortgage lender might ask you to take out a policy.
Here are some situations where term life insurance could help your beneficiaries.
- Paying the mortgage on your family home as the sole breadwinner or you need both incomes to be able to keep up the payments;
- Caring for a dependent partner or children
- Paying for university tuition for your children
- Paying for full-time childcare
- Looking after an aged parent or disabled child, if you’re a carer
- Repaying debts
Good to know
Term life insurance is recommended for people who have others who are financially dependent on them like a child, parent, or spouse.
What are the pros and cons of term life insurance Canada?
Pros of Term Life Insurance
- Affordable Premiums
- Flexible Term Options
- Simplicity and Transparency
- Financial Safety Net
Cons of Term Life Insurance
- No Cash Value Accumulation
- Premiums Increase Upon Renewal
- No Permanent Coverage
- Lapsed Coverage if Premiums Not Paid
How much does term life insurance cost?
Rates, benefits, and cancellations are all factors that will depend on the policy and term life insurance that the company you choose provides. You should do your research and make sure you understand the policy before making any commitments.
In the example below you can see how the term length and death benefit affect the monthly average. This quote is for a 30-year-old woman in good health:
| Term Length | $250,000 death benefit | $500,000 death benefit |
|---|---|---|
| 10-year term | $18 per month | $25 per month |
| 20-year term | $24 per month | $37 per month |
| 30-year term | 38 per month | $69 per month |
Keep in mind that this is an example. Rates and coverage do vary between individuals.
The insurance provider determines the cost of a term life insurance policy by assessing the individual's risk profile and the desired policy. Life insurance quotes vary greatly from one policy to another because they are tailored to each client's situation and the coverage they require.
Want to know how much you could pay? You can get over 20 free term life insurance quotes today right here using our comparator. You can compare multiple plans based on your unique profile in no time.
Compare the top term life insurance options today
What does term life insurance cover?
Life insurance provides a one-time, tax-free payment to your beneficiaries. The amount of this death benefit depends on the type of insurance and the amount of coverage. Because they receive the amount directly, your beneficiaries can use this money for almost anything. It's a great way to be assured that your family's financial future will be comfortable even if you're no longer around.
| Expense | Eligible |
|---|---|
| Bills and living expenses | |
| Mortgage payments | |
| Existing debt | |
| Home repairs | |
| University tuition | |
| A financial nest egg | |
| Funeral expenses | |
| Almost anything |
Assuming the account was in good standing, it is rare to have problems claiming benefits from a life insurance policy. Nevertheless, some exclusions do exist. Your contract should clearly explain them.
Here are some situations that a term life insurance policy might not cover:
- The policyholder dies or commits suicide during the contestability period.
- The policyholder committed fraud or intentionally misinformed the insurer on their application by lying about pre-existing health conditions or risky behavior.
- The death occurred while committing a criminal act
- The death occurred while taking part in an extreme sport such as heli-skiing, skydiving or similar.
- The death occurred in a high-risk area of the world.
- The policyholder failed to pay their premiums.
Good to know
Life insurance policies usually have a contestability period of 1 to 3 years. The contestability period means that an insurer will scrutinize, and possibly deny, a claim if a death occurs just after taking out the policy.
Many insurance providers will have an online calculator that will provide you with an estimated monthly rate. You can also contact the provider directly to discuss options on monthly rates, coverage amounts, and the length of your term.
Which is the best term life insurance Canada plan?
The best term life insurance varies from person to person because everyone's policy is different. Many reputable life insurance companies in Canada offer a variety of policies and coverage. So, here are some of the best providers offering the most comprehensive term life insurance plans.
| Provider and plan | Features | Get a Quote |
|---|---|---|
| Empire Life Insurance |
| Get a quote from Empire Life |
| iA Financial Group |
| Get a quote from iA Financial |
| Manulife - Family Term and CoverMe Term Life | Family Term
CoverMe Term Life
| Get a quote from Manulife |
| Assomption Life - FlexTerm |
| Get a quote from Assomption |
| Foresters Financial |
| Get a quote from Foresters Financial |
| Humania Insurance - HUGO Life |
| Get a quote from Humania |
| Equitable Life of Canada |
| Get a quote from Equitable |
| Canada-Life - Term Life Insurance |
| Get a quote from Canada Life |
| RBC Insurance - Term 100 |
| Get a quote from RBC |
| Canada Protection Plan - Simplified Elite Term Life Insurance and Deferred Elite Term Life Insurance |
| Get a quote from Canada Protection Plan |
Good to know
Note that life insurance plans and their coverage might change across provinces. They are governed by different bodies. For example, life insurance in Quebec is monitored by the Autorité des Marchés Financiers (AMF), while Ontario is regulated by the Financial Services Regulatory Authority of Ontario (FSRA).
So, how to get term life insurance? More importantly, a term life plan that suits you? Compare rates and companies before selecting your policy to be sure you have the one that is right for you. You can use our online comparison tool below to get the best term life insurance quotes today.
Compare the top term life insurance options today
Can you get Ladderlife no medical exam term life insurance in Canada?
Ladder Life is a life insurance company based in the United States that provides term life insurance policies. Ladder Life is known for its online platform and quick application process, which may not always require a medical exam, depending on factors such as age and coverage amount.
Ladder life term life insurance, however, is offered only in the US, and not in Canada. However, it's essential to note that the availability of specific insurance products, including those from Ladder Life, can change over time, and new offerings may become available. Additionally, eligibility criteria, coverage options, and terms may vary based on your location and the regulations in that region.
What is term life insurance vs whole life insurance?
The main difference between term life insurance and whole life insurance is the time frame. Term life insurance will be a set amount of time determined by the policy when you sign up. Whole life insurance will cover your entire lifetime as long as you make your payments and do not cancel the insurance.
Term Life Insurance
Term life insurance is based on a set monthly rate for a predetermined period, or term. You will know exactly how much you will pay and what the payment will be to your beneficiaries. If you choose to renew, your rates may change.
The main benefit of term life insurance is the cost. It is cheaper than whole life insurance and a good option if you only need coverage for a shorter time. Some people use this while paying off a house or other large debt.
The main drawback is that these policies have no cash value. If you don’t use the insurance, you will get nothing back from the premiums you paid. It also will be more expensive every time you renew.
Whole Life Insurance
Whole life insurance is a type of permanent life insurance. As the name implies, is a policy designed to give you life coverage. It does not have an expiration date. Keep paying your premiums and the policy will remain in place. When you pass away, your beneficiaries will receive a payment. Your policy also has a cash value that you may withdraw if you choose to terminate the policy.
The main benefits are the cash value of whole life insurance and the stability offered. A portion of your premiums earns interest and can be used in case of emergency. Note that this value will not be the equivalent of the policy payout. Whole life insurance also offers stability, as you will not have to reapply or worry about it expiring.
| Feature | Whole Life Insurance | Term Life Insurance |
|---|---|---|
| Coverage Duration | Lifelong coverage until death. | Coverage for a specific term (e.g., 20 years). |
| Premiums | Higher premiums but remain level. | Lower initial premiums but may increase upon renewal. |
| Cash Value | Accumulates cash value over time. | No cash value accumulation. |
| Investment Component | Includes a savings or investment component. | Pure insurance with no investment aspect. |
| Flexibility | Less flexible, but may offer policy loans. | More flexible, and renewable or convertible. |
| Payout | Guaranteed death benefit payout. | Pays out only if death occurs within the term. |
| Purpose | Long-term financial planning and legacy. | Temporary coverage for specific needs. |
| Cost | Higher upfront cost for lifelong coverage. | Lower initial cost but can increase over time. |
Keep in mind that the choice between whole life and term life insurance depends on individual financial goals and needs.
What is the difference between term 10 life insurance and term 20 life insurance?
Term 10 life insurance and term 20 life insurance refer to the length of the policy. Term 10 is a ten-year policy, while term 20 is a 20-year policy.
A monthly payment rate is agreed upon when a term life policy is created. A longer policy may have a higher monthly rate, but that rate will be fixed for a longer period, potentially making it a good deal later in the contract.
While a shorter lower rate may seem more appealing initially, you will have to renegotiate the rate when you renew your term life insurance policy. At this point, you will have grown older, and if your health has gotten worse, you may be looking at a much higher monthly average with the new term life policy. You can go for the less expensive 10 life insurance option if you only need a term life policy for a specific period.
Some policies have a free termination clause. This means that you may terminate your term life insurance policy at any time. While you will not get your payments back, you will not be obligated to pay for the full length of the contract.
What is renewable term life insurance?
Renewable term life insurance is a type of term life policy that allows the policyholder to renew coverage for an additional term without undergoing a new medical examination. While the premiums typically increase upon renewal, this option provides flexibility for those who need continued coverage.
Let's say Singh, a 35-year-old from British Columbia, purchases a 20-year renewable term life insurance policy with a $500,000 death benefit. The policy is designed to provide financial protection during a specific period, such as raising children or paying off a mortgage.
After the initial 20-year term, John's circumstances have changed, and he still desires life insurance coverage. With a renewable term policy, John can choose to renew his coverage for another term, such as 10 or 20 years, without the need for a new medical exam. The premiums for the renewed term, however, are likely to be higher based on his age at the time of renewal.
What are 5 tips to get the cheapest term life insurance plans?
- Shop Around: Obtain quotes from multiple insurance providers to compare rates. Different insurers may offer varying premiums for similar coverage, so exploring multiple options allows you to find the most cost-effective plan. Use our HelloSafe comparator and get quotes in no time.
- Healthy Lifestyle Choices: Maintaining a healthy lifestyle, including regular exercise and a balanced diet, can positively impact your life insurance rates. Insurers often consider factors like health, so staying in good shape may help reduce premiums.
- Quit Smoking: Smokers typically pay higher premiums. If you quit smoking, you may qualify for lower rates after a certain period of being smoke-free. Be transparent about your tobacco use when applying for coverage.
- Choose a Shorter Term: Opting for a shorter-term life insurance policy can result in lower premiums. Assess your coverage needs and consider a term length that aligns with your financial goals and obligations.
- Review and Adjust Coverage Needs: Regularly assess your life insurance needs. As your financial situation changes, you may require less coverage over time. Adjusting your coverage to reflect your current needs can help keep premiums affordable.
