Term Life Insurance
Affordable Protection for Critical Years
What is Term Life Insurance?
Term life insurance provides coverage for a specific period (e.g., 10, 15, 20, 25, 30, 35, 40 years). If you pass
away during the term, your beneficiaries receive a tax-free lump sum called the death benefit. It’s designed to
replace income, pay debts, and support your family during critical financial years.
How It Works:
- Premiums are level for the selected term
- If you die during the term, beneficiaries receive the death benefit
- If you outlive the term, coverage ends (unless renewed or converted to permanent)
- Optional riders (accelerated death benefit, disability rider) may be added
Tips / Things to Watch For:
Check if the policy is convertible to permanent life insurance
Understand exclusions (e.g., suicide within the first 2 years)
Verify renewal terms and premiums after term ends
Monitoring and Adaptation
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FAQs:
Can I convert term life to permanent life insurance?
Yes, many term policies allow conversion to permanent policies without new medical underwriting.
Are death benefits taxable in Canada?
No, beneficiaries generally receive the death benefit tax-free.
What happens if I stop paying premiums?
Coverage lapses immediately unless the policy has a grace period.
Who It's For:
- Families with dependents
- Homeowners with mortgages
- Individuals needing temporary financial protection
Benefits:
- Affordable coverage for large amounts
- Simple and transparent structure
- Protects family and obligations during critical years