Canada Life My TermTM life insurance
Life changes, and your insurance should keep up.
It’s flexible and affordable coverage that evolves with your life, helping to provide your beneficiaries with funds for big expenses or help keep their business running.
Whether you’re looking for short-term or long-term protection, you can choose a term length that works for you, with options to renew or convert as life evolves.
Here’s what makes Canada Life My Term a smart choice:
It all comes down to where you are in life. Your age, income, debts and family situation all play a role in finding the right coverage for you.
With Canada Life My Term life insurance, you can customize your policy with optional benefits, or riders, to provide extra protection and flexibility.
Premiums are guaranteed to stay the same for the entire initial term duration of the policy if no changes are made to the policy. There are many options for paying premiums depending on what works best for your budget and convenience. Monthly or annually. Pre-authorized payments (monthly) or a one-time payment withdrawal authorization (annual), online banking, cheque, money transfers.
Premium payments are required for the chosen term period (e.g., from 5 to 50 years). When that term ends, the coverage and premiums will renew automatically at a higher premium on a yearly basis unless you cancel it, up to age 85 when the coverage ends. Also, you may be able to change to a different type of coverage as your budget and needs change.
When you die, the insurance payout goes to your named beneficiary tax-free
You have several conversion options (within limits) to tailor your coverage as your needs change.
| Conversion type | Purpose |
|---|---|
| Term-to-term conversion | If you have a term insurance policy or rider with a conversion option in the contract, you can convert some or all coverage under your basic term policy or rider to a longer-term policy without evidence of insurability. |
| Term-to-permanent conversion | Convert your term policy to a permanent life insurance policy without proof of health up to age 70. |
| Term conversion with reset | Added flexibility to upgrade term coverage to a combination of permanent and temporary coverage and reset the term length of the temporary coverage without any proof of health. |
| Partial conversion | Convert part of your term coverage to permanent life insurance, allowing you to adjust your protection as needed. Added flexibility to upgrade term coverage to a combination of permanent and temporary coverage and reset the term length of the temporary coverage without any proof of health. |
| Original age conversion | You may be eligible to amend your term policy to a par policy (permanent) based on your original age at time of the original term policy. You will have to pay the difference in premium plus interest. |
In general, Canada Life My Term life insurance is more affordable than permanent life insurance and may be more affordable than you think. While many factors won’t affect the price you pay, some may decrease, and others may increase the cost.
Once you’ve used our tool to get a quick quote online, you can schedule a phone appointment with an advisor who will complete your application with you. You can find answers to other questions you may have with our Canada Life My Term FAQ.
Get a quote Get answers to your questions