Term 10
Term 10
Level price for 10 years, then renews at a higher price.
Good for: Shorter needs: a car loan, the last years of a mortgage, young-family budget
Interactive tool
Which Term Length Do I Need?
Your term should last as long as your longest need. Enter yours.
A guide only. Not sure how much coverage you need? Use our life insurance needs calculator.
Term options
Term 10, 20, 30, to 65 and to 100
Term 20
Term 20
Level price for 20 years. The most popular choice for families.
Good for: Mortgages and children who'll be independent in about 20 years
Term 25 / 30
Term 25 / 30
Level price for 25 or 30 years, so coverage lasts until children are adults.
Good for: New parents and new 25 to 30-year mortgages
Term to 65
Term to 65
Level price until age 65, covering your working years.
Good for: Replacing income until retirement
Term to 100
Term to 100
Level price for life, usually with no cash value.
Good for: Lifetime needs at a lower cost than whole life
How it works
Key Features of Term Life Insurance
- Level premiumsYour price stays the same for the whole term.
- RenewableAt the end of the term, most policies renew without new medical questions, at a higher price.
- ConvertibleMany policies can be switched to permanent insurance without new medical questions, usually before a set age.
- Tax-free death benefitPaid to your beneficiaries, according to the Financial Consumer Agency of Canada.
- No cash valueYou pay only for the protection, which is why term costs less than permanent insurance.
Term vs permanent
Term is lower cost and ends; whole life costs more, lasts for life and builds cash value.
Compare term and permanentWant lifetime cover?
See how whole life insurance and its cash value work.
Whole life insuranceAdd critical illness cover
A tax-free lump sum if you're diagnosed with cancer, a heart attack or a stroke.
Critical illness insuranceCommon questions
Term Life Insurance: FAQs
What is term life insurance?
Term life insurance covers you for a set period, such as 10, 20 or 30 years or to age 65, at a level price. If you die during the term, your beneficiaries receive a tax-free lump sum. If you outlive the term, the coverage ends unless you renew or convert it.
How much does term life insurance cost in Canada?
It depends on your age, health, smoking status, the coverage amount and the length of the term. Young, healthy non-smokers pay the least. Use the live quote form on this page to see real prices from Canadian insurers.
What happens when my term ends?
Most term policies can be renewed without new medical questions, but the price goes up at each renewal. You can also let the policy end, or convert it to permanent insurance before the conversion deadline.
Which term length should I choose?
Match the term to your longest need: until your mortgage is paid off, or until your youngest child is independent. Use the term chooser on this page for a suggestion.
Is term or whole life insurance better?
Term costs less and suits needs that end, like a mortgage or raising children. Whole life costs more, lasts for life and builds cash value, and suits estate planning or leaving a legacy. Many families use term for most of their coverage.
Can I convert term life insurance to permanent later?
Many term policies include a conversion option that lets you switch to permanent insurance without new medical questions, usually before a set age. Check the policy before you buy.
How much term life insurance do I need?
Enough to pay off debts, cover final costs and replace your income for the years your family would need it. Our life insurance needs calculator works it out for you.
Do I need a medical exam for term life insurance?
It depends on your age and the amount. Smaller amounts may only need health questions; larger amounts may need a nurse visit or tests.
Can I have more than one term policy?
Yes. Some people 'ladder' policies, such as a Term 20 for the mortgage and a Term 10 for a shorter debt, so coverage drops as needs drop.
Sources
Sources
Last reviewed October 18, 2026 by Pankaj Bhatia, PFA, CHS. Renewal, conversion and other features differ by insurer and are set out in each policy.
Lock in today's price
Term life insurance costs more every birthday. Compare plans from Canadian insurers with a licensed advisor today.