Life insurance doesn’t have to be a lifelong commitment. Term life is affordable coverage for your big expenses, so your loved ones are protected when it matters most.
It’s temporary coverage that provides the people or charities you name as beneficiary with a tax-free payout if you die within the term you choose.
The payments you make, called premiums, are set for the term you choose and won’t change during that period.
- Choose the coverage amount and term length you want.
- Customize your coverage with additional benefits.
- Pay the monthly or annual premiums.
- When the term is up, your policy will automatically renew each year, or you can end it or convert it to longer-term or permanent life insurance, within limits.
- If you die while your policy is active, the people or charity you named as beneficiary receive a tax-free payout.
Description: This animated video introduces a character named Amira to help illustrate how term life insurance can meet your budget and needs.
Narrator: We all have someone or something worth protecting.
Description: Amira stands outside with her husband and daughter.
Narrator: A family, a home, a business.
Description: Three graphics enter frame illustrating a family of three, single-story home and small business.
Narrator: Canada Life My Term™ life insurance provides protection tailored to your needs and what you can afford.
Description: A shield graphic enters frame. The family, home and small business graphics move within the shield.
Narrator: An advisor can help you figure out how much insurance coverage you require, and
Description: A form field appears to show a coverage amount of “$500,000.” Amira’s hand enters frame and presses a plus button beside the field. Her coverage increases to “$650,000.”
Narrator: the length of your term – any number of years from 5 to 50.
Description: Cut to bar graph displaying length of “MyTerm” coverage from 0 to 50 years. The bar begins at 5 and counts up to 50. Amira’s hand enters frame to choose a 6-year initial term.
Narrator: Payments will stay the same over the entire chosen term for easy budgeting.*
Description: Cut to Amira outside, sitting on the porch of her home, looking at her phone. Her daughter passes by, riding a scooter. She receives a notification that her insurance payment has been received. A legal line appears: *Payments stay the same as long as you make required insurance payments.
Narrator: When the initial term ends,
Description: An outline of a circle labelled “Initial term” appears to show the progression of time. A dollar sign is displayed in the middle of the circle. The circle fills in to complete the initial term.
Narrator: your coverage automatically renews each year.
Description: The circle continues to fill in again as the “Initial term” label switches to “Year 1 renewal” and the dollar sign grows slightly bigger. The renewal completes and continues for “Year 2 renewal” and “Year 3 renewal. The dollar sign continues to grow.
Narrator: If your needs change, you have options.
Description: Cut back to the MyTerm bar graph displaying Amira’s 6-year initial term.
Narrator: You can extend your coverage to a longer term
Description: The bar continues, counting up from 6 to 16 years.
Narrator: or convert it to a permanent insurance policy.
Description:
The bar continues to span across the frame, transforming into “Permanent” insurance and “Lifetime” coverage.
Narrator: If you die, term insurance can be used to pay debts,
Description: Cut to Amira’s hand passing an envelope to her husband.
Narrator: like a mortgage,
Description: A graphic enters frame illustrating the cost of a single-story home.
Narrator: cover final expenses,
Description :A second graphic enters frame illustrating a small plant to indicate leaving a legacy.
Narrator: provide future income to your family,
Description: A third graphic enters, illustrating a family of three.
Narrator: or even help keep a business running.
Description: The last graphic is added to illustrate a small business.
Narrator: Canada Life My Term life insurance helps you protect what matters most.
Description: Cut to Amira, playing with her daughter in her living room, while her husband reads a book.
Narrator: Connect with an advisor to see which options work best for you.
Description: Text “Connect with an advisor to see which options work best for you” appears with Canada Life logo and legal line: Canada Life and design and Canada Life My Term are trademarks of The Canada Life Assurance Company. canadalife.com 1-888-252-1847
Description: This animated video introduces a character named Amira to help illustrate how term life insurance can meet your budget and needs.
Narrator: We all have someone or something worth protecting.
Description: Amira stands outside with her husband and daughter.
Narrator: A family, a home, a business.
Description: Three graphics enter frame illustrating a family of three, single-story home and small business.
Narrator: Canada Life My Term™ life insurance provides protection tailored to your needs and what you can afford.
Description: A shield graphic enters frame. The family, home and small business graphics move within the shield.
Narrator: An advisor can help you figure out how much insurance coverage you require, and
Description: A form field appears to show a coverage amount of “$500,000.” Amira’s hand enters frame and presses a plus button beside the field. Her coverage increases to “$650,000.”
Narrator: the length of your term – any number of years from 5 to 50.
Description: Cut to bar graph displaying length of “MyTerm” coverage from 0 to 50 years. The bar begins at 5 and counts up to 50. Amira’s hand enters frame to choose a 6-year initial term.
Narrator: Payments will stay the same over the entire chosen term for easy budgeting.*
Description: Cut to Amira outside, sitting on the porch of her home, looking at her phone. Her daughter passes by, riding a scooter. She receives a notification that her insurance payment has been received. A legal line appears: *Payments stay the same as long as you make required insurance payments.
Narrator: When the initial term ends,
Description: An outline of a circle labelled “Initial term” appears to show the progression of time. A dollar sign is displayed in the middle of the circle. The circle fills in to complete the initial term.
Narrator: your coverage automatically renews each year.
Description: The circle continues to fill in again as the “Initial term” label switches to “Year 1 renewal” and the dollar sign grows slightly bigger. The renewal completes and continues for “Year 2 renewal” and “Year 3 renewal. The dollar sign continues to grow.
Narrator: If your needs change, you have options.
Description: Cut back to the MyTerm bar graph displaying Amira’s 6-year initial term.
Narrator: You can extend your coverage to a longer term
Description: The bar continues, counting up from 6 to 16 years.
Narrator: or convert it to a permanent insurance policy.
Description:
The bar continues to span across the frame, transforming into “Permanent” insurance and “Lifetime” coverage.
Narrator: If you die, term insurance can be used to pay debts,
Description: Cut to Amira’s hand passing an envelope to her husband.
Narrator: like a mortgage,
Description: A graphic enters frame illustrating the cost of a single-story home.
Narrator: cover final expenses,
Description :A second graphic enters frame illustrating a small plant to indicate leaving a legacy.
Narrator: provide future income to your family,
Description: A third graphic enters, illustrating a family of three.
Narrator: or even help keep a business running.
Description: The last graphic is added to illustrate a small business.
Narrator: Canada Life My Term life insurance helps you protect what matters most.
Description: Cut to Amira, playing with her daughter in her living room, while her husband reads a book.
Narrator: Connect with an advisor to see which options work best for you.
Description: Text “Connect with an advisor to see which options work best for you” appears with Canada Life logo and legal line: Canada Life and design and Canada Life My Term are trademarks of The Canada Life Assurance Company. canadalife.com 1-888-252-1847
Use your online account to submit a claim, manage your plan and explore additional coverage options.
In general, term life insurance is more affordable than permanent life insurance. There are a few factors that can affect the price of your policy, including:
Ideally, you want to make sure your debts are covered, so you don’t leave major expenses behind for your loved ones.
Here are a few things to consider:
- Your income
- Net worth
- Family needs
- Debt
- Other insurance you have
Notify us of a death and/or make a claim on a wealth or life insurance policy bought through an advisor.
There are two main types of life insurance: term life insurance and permanent life insurance.
Comparison between term and permanent life insurance
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Types of insurance |
Term life insurance
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What does it provide? |
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How long are you covered? |
The length of time you choose |
Your lifetime |
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How can it help? |
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What's the cost? |
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Can it build cash value over time? |
No |
Yes |
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Benefits |
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Learn more about insurance |
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Renew
With most traditional term insurance products, your policy would automatically renew for the same length of time as the original term. With Canada Life My Term™, your policy renews on a yearly basis at a lower initial rate than traditional term products. This allows you to keep your coverage longer if you need it.
Convert to a longer term
You may be able to convert to a term that is 10 or more years longer than your original term. Your premiums will increase gradually each year.
Convert to permanent insurance
Choose this option if you want insurance that lasts a lifetime and may grow in value over time, with tax advantages. Your premiums will be based on the coverage you choose.