Term life insurance is well-suited to meet high, short-term protection needs for the lowest initial cost. For example, a couple with young children and a mortgage might select term life insurance as an affordable way to get the full coverage they need today.
Term life insurance coverage can do a good job of meeting immediate needs and may provide the opportunity to later move or convert to permanent life insurance without providing proof of health.
Term plans may also be renewable after 5, 10 or 20 years without providing proof of health. The price increases as appropriate for your age at renewal. You can convert a term 10 plan to a term 20 plan between the first and fifth policy anniversary or the insured’s 65 th birthday, which ever is earliest.
You can purchase term life insurance as an initial step before purchasing permanent life insurance.
Simply Preferred Term Life Insurance
Whether your life insurance needs are long or short-term, we offer the term
life insurance solution for you—Simply Preferred™ term life insurance offers:
- Affordable life insurance coverage Premiums guaranteed to remain the same for 10 or 20 years depending on your needs Guaranteed premiums for each renewal period (at the time of issue) No medical evidence required at renewal period (medical evidence may be required if coverage amount increases) Ability to convert to a permanent life insurance policy Your personal health and lifestyle determines the premium for your insurance coverage—we reward you for a healthy lifestyle
You control your coverage
As long as you pay the premiums, your coverage, once validly obtained, can’t be cancelled or altered by Canada Life.
A Simply Preferred term life insurance policy can be used to provide funds at your death to:
- Create an estate for your heirs Pay off your mortgage Pay taxes owing on your estate Pay off business loans and lines of credit Pay off personal loans Fund buy-sell agreements