Term Life Insurance
Get affordable life insurance coverage.
Choose how long you need it.
What is term life insurance?
Term life insurance is an affordable life insurance policy that gives you financial protection for a set period of time. You get to choose how long you want your term policy to last – it can be anywhere between 5 to 40 years. If you die while your policy is still active, then your beneficiaries receive a lump-sum, tax-free payment (called the death benefit). They can use this money for any purpose.
How you can benefit from a term life insurance plan
Your fees are fixed
Your premiums (monthly or annual fees) remain the same and won’t change during the length of your term.
Instant temporary coverage
Temporary coverage lasts up to 90 days. You may get this after you submit your life insurance application and pay any required premiums.
Convert to permanent life insurance
You can convert your plan from term to permanent, which provides lifelong coverage that never expires. This option is available for select term plans.
Guaranteed death benefit
Your beneficiaries will receive a guaranteed tax-free payment (death benefit) that stays the same.
Our term life insurance products
We have 3 term life insurance products. Coverage varies depending on which one you choose.
Here are your coverage options:
LifeGuard Go Simplified Term Life Insurance
$50,000, $75,000 or $100,000
- Lasts 10 years.
- No medical term life insurance. This means you won’t have to take a medical exam. You only answer 3 simple health questions.
- Instant temporary coverage.
Ideal for: Those who want life insurance they can quickly apply for online.
LifeGuard Go Term Life Insurance
$100,000 and up to $1 million
- Your choice of 10 or 20 years
- Answer some health questions when you apply.
- You may be eligible to skip medical exams.
Ideal for: Those who want to buy online.
LifeGuard Evolve Term Insurance
$50,000 and up to $25 million
- Your choice of 5 to 40 years.
- Get different term lengths for different needs.
- Ideal for: Those who want more flexibility and the option to convert to lifelong protection if their needs change.
LifeGuard Term Insurance for Diabetes
Looking for peace of mind? We’re introducing a first-of-its-kind life insurance product tailor-made for you.
- Higher chance of approval
- Affordable premiums
- For Type 1, 2, gestational or pre-diabetes
How much is term life insurance in Canada?
The cost for term life insurance in Canada varies from person to person. Your premiums will depend on your age, sex assigned at birth, health, and lifestyle habits (e.g. smoker, non-smoker, etc.) when you purchase term life insurance or any other life insurance product.
For example, if you’re a healthy 30-year old, assigned female at birth, your premiums may be as little as $8.55/month for $100,000 of coverage* – this applies for a 10-year term life insurance policy with a non-smoker rate.
Term life insurance eligibility
To apply for any of these products, you must currently be a Canadian resident.
Depending on which term product you’re applying for, you may have to go through the underwriting process. Underwriting looks at your risk when you apply for insurance. This helps us determine the coverage you’re eligible for and ensures your premiums (monthly or annual insurance fees) reflect your level of risk.
If you get term life insurance, you have the option to renew after your term ends. But keep in mind, your policy will expire when you reach age 85.
Get term life insurance
Not sure which product is right for you?
A LifeGuard advisor can help you figure it out. They can also answer any questions you have.
Online options
You can apply online for a term plan up to a $1 million of coverage.
You get instant temporary insurance up to 90 days while we review your application.
Frequently asked questions
How does term life insurance work in Canada?
In Canada, term coverage provides protection for a fixed payment amount, for a given number of years. This could be anywhere from 5 to 40 years depending on the product you choose.
What’s the best age to get term life insurance?
The best age to get term life insurance is typically in your 20s or early 30s. Here’s why:
Lower premiums (fees). Insurance rates can increase with age. Buying in your 20s or 30s locks in significantly lower fees (premiums) for the duration of your term.
Better health qualification. Younger people generally have fewer health issues, making it easier to qualify for cheaper rates.
Maximum coverage period. Starting earlier allows you to secure longer terms (such as 30-year policies) that extend through your peak financial responsibility years.
Can you borrow money from a term life insurance policy?
No, you can’t borrow from a term policy because there’s no cash value (a tax-preferred savings portion).
However, there are some permanent life insurance policies which come with a cash value. Keep in mind, borrowing funds from your cash value may reduce your policy’s death benefit. There also may be tax implications to borrowing from your cash value.
Which policy is better: term or whole life?
The right type of life insurance for you will depend on your personal situation and financial needs. For example, term life insurance is initially more affordable, but it expires – so, it may be ideal for people looking for coverage for a set amount of time.
Whereas someone in need of lifelong coverage may want to consider whole life insurance or another type of permanent life insurance which never expires. Keep in mind, you can also have multiple life insurance policies to cover all your needs. Connect with an advisor to find out which policies work best for you.
What’s the age limit for term life insurance?
You’re able to apply for our term products until age 85. Keep in mind, if you get a term policy, you can only continue to renew it until you turn 85 since your policy will expire at that age.
What happens if I outlive my term life insurance?
When your term ends, your policy will automatically renew until age 85. Some plans allow you to convert to permanent life insurance.
However, if you live past 85, your term policy expires. When this happens, you’ll stop paying premiums. So, if you died after your policy ends, your beneficiaries won’t receive a death benefit. Remember, your beneficiaries are only eligible for the death benefit while your policy is active.
Do you have to be Canadian to apply for term life insurance?
No, you don’t have to be a Canadian citizen to apply for life insurance in Canada. But you do need to be a Canadian resident to purchase any of our life insurance products.
I'm retiring or losing my insurance from my workplace. How can I replace it?
If you’re leaving your job and losing your life insurance coverage, you may qualify to replace it – whether it was from LifeGuard or another provider. My Life Choice lets you replace your employer’s coverage with your own insurance.