Term life insurance
Term life insurance covers you for a set period, usually 10 to 30 years, and pays your beneficiaries a tax-free lump sum if you die during that time. It’s the most affordable way to protect the people who rely on your income while they still do.
Pays
A tax-free lump sum to the people you name
Term
10, 15, 20, 25 or 30 years, matched to your responsibilities
Cost
Level premiums for the term; generally the lowest-cost life coverage
Flexibility
Most policies can be renewed or converted to permanent coverage
You pick an amount and a term. If you die during the term, the insurer pays that amount to your beneficiaries, who can use it however they need: replacing income, clearing the mortgage, funding school, covering final expenses. If the term ends and you’re still here, the policy expires or can be renewed or converted, depending on what you chose.
Good to know
A common rule of thumb is coverage of 7 to 10 times your annual income, but the right number depends on your debts, your dependants and how long they’ll rely on you. That’s a conversation for a licensed advisor, not a calculator.
Coverage that lasts until the kids are independent, at a cost that fits a family budget.
If one income stopped, the other could keep the home without selling.
Fund a buy-sell agreement or protect the business from losing a key person.
Policy features and riders vary by insurer. Your advisor will show you what each option includes.
Getting a quote takes about a minute, and a real person handles everything after that.
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A few questions about your age, your province and the coverage you have today.
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A licensed advisor in your province shops term life across established Canadian insurers and explains the differences.
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You see real quotes side by side. There’s no fee and no obligation.
Bring these to your first conversation. A good advisor will answer every one in plain language.
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In Canada, a life insurance death benefit paid to a named beneficiary is generally received tax-free. Your advisor can confirm how it applies to you.
Term covers a specific period at a lower cost. Permanent lasts your whole life and builds cash value, at a higher premium. Many people start with term and convert part of it later. An advisor can help you decide.
Group life is usually one or two times your salary and ends when you leave the job. A personal term policy fills the gap and stays with you.
It depends on the insurer, the amount and your health history. Many applications only ask health questions. Your advisor will tell you up front.
No. PolicyBridge introduces you to an independently licensed advisor who gives the advice and arranges coverage. The insurer you choose issues and manages the policy.
Answer a few questions and a licensed advisor in your province will bring back real quotes. Free, and no obligation.
PolicyBridge is not an insurance company or a broker. Coverage, definitions, eligibility and pricing are determined by each insurer’s underwriting and policy terms, and nothing on this page is advice, a quote or a guarantee of coverage.