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- Canada Life My Term™ offers term lengths from 5 to 50 years, allowing policyholders to select coverage that aligns with their financial goals
- Once the term expires, your My Term™ policy renews every year until age 85, ensuring continued coverage without medical underwriting
- Policyholders can switch to a Canada Life permanent life insurance policy before age 70 without a medical exam
- The term policy includes optional riders such as Accidental Death Benefit, Child's Term Life Insurance, Guaranteed Insurability Benefit, and Total Disability Waiver to enhance protection
Canada Life term life insurance plan comes with coverage starting at $100,000. There is no stated maximum base coverage amount, but a special quote is required for coverage exceeding $25,000,000. With multiple riders and coverage options available, the My Term plan offers flexibility to match your term life insurance needs.
Quick review
- PolicyAdvisor ratings: 5/5
- Best for: Business owners and individuals who require high term life insurance coverage for income replacement, estate planning, or business protection
- Skip if: Those who want multi-life coverage (more than 2 insured under one policy)
About Canada Life
Canada Life is one of Canada’s largest and oldest insurance providers, with over 175 years of experience helping individuals, families, and businesses protect their financial future. Today, it serves millions of Canadians through a broad range of life insurance, health insurance, retirement, investment, and wealth management solutions. Known for its strong financial strength, flexible products, and nationwide advisor network, Canada Life remains a trusted choice for long-term financial protection.
Canada Life’s financial strength
| AM Best Rating | A+ |
| Insurance Revenue | $21.0 billion |
| LICAT Ratio | 130% |
| Total assets | $461.2 billion |
What is Canada Life term life insurance?
Canada Life term insurance is a temporary life insurance policy that provides affordable financial protection for a fixed period, 5 to 50 years. If the insured person passes away during the selected term, the policy pays a tax-free lump-sum death benefit to their beneficiaries.
The death benefit can be used to replace lost income, pay off outstanding debts such as a mortgage or loans, cover children’s education expenses, or meet other financial obligations. The plan also offers flexible renewal and conversion options, allowing policyholders to extend coverage or convert to permanent life insurance without a medical exam before the policy anniversary nearest age 70.
Key features of Canada Life term life insurance
| Term product name | My Term™ Life Insurance |
| Term length options | 5 to 50 years |
| Policy issue age | Min. age: 15 years (smokers) & 18 years (non-smokers)
Max. age: 85 years |
| Coverage range | $100,000 minimum; no stated maximum base coverage amount (special quote required for coverage over $25 million) |
| Renewability | Guaranteed annual renewal without medical evidence, up to the policy anniversary nearest age 85 |
| Term-to-term conversion | Yes, available (new term must be at least 10 years longer; eligibility requirements apply) |
| Convertibility | Convertible to eligible permanent life insurance without new medical evidence before the policy anniversary nearest the insured person’s 70th birthday |
| Coverage structures | Single life, Joint first-to-die (up to 2 insureds) |
| Premiums |
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| Riders |
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Who is eligible for Canada Life term life insurance?
Canada Life My Term Life Insurance is available for the following:
- Applicants aged 15 and older (or 18 for non-smoker rates), subject to the maximum issue age for the selected term length
- Must be a Canadian resident
- Should require at least $100,000 in coverage
Types of Canada Life term insurance plans
Canada Life offers a single term plan, which is My Term. It is a customizable term life insurance product that lets you choose your coverage amount and policy duration based on your financial needs. Rather than offering multiple term life plans, Canada Life My Term provides flexibility through a wide range of term lengths, renewal options, conversion privileges, and coverage structures. My Term is available as either a single-life or joint first-to-die policy and can be enhanced with optional riders for more comprehensive protection.
What is covered under Canada Life term life insurance?
Canada Life Term Life Insurance provides financial protection through the following:
- Tax-free death benefit paid to your beneficiaries if you pass away during the policy term
- Coverage for terms ranging from 5 to 50 years, allowing you to match protection with your financial obligations
- Level premiums that remain unchanged throughout your selected term
- Guaranteed renewal at the end of the term without requiring a medical exam (subject to the maximum renewal age)
- Guaranteed conversion to an eligible permanent life insurance policy without medical evidence before the conversion age
- Coverage available through Single Life and Joint First-to-Die options
- Optional riders such as Child’s Term Life Insurance, Accidental Death Benefit, Disability Waiver, Business Growth Protection Rider, and Guaranteed Insurability Benefit for added protection
Pros and cons of Canada Life term life insurance
| Pros | Cons |
| Available with no maximum coverage limit | After the initial term, renewal premiums rise annually |
| Can be converted to eligible permanent life insurance without a new medical exam before the policy anniversary nearest the insured person’s 70th birthday* | Requires a minimum $100,000 coverage amount |
| Flexible term lengths from 5 to 50 years | |
| Wide range of optional riders, including business-focused benefits (available for joint first-to-die policies) |
How much does Canada Life term life insurance cost?
Canada Life term life insurance costs start at approximately $8.55 per month and can exceed $146.90 per month for a $100,000 policy with a 10-year term. The exact cost can vary based on factors such as your age, gender, health, smoking status, and coverage amount. Younger, healthier applicants typically qualify for the lowest premiums, while rates increase with age.
Cost of Canada Life term insurance (2026)
| Age (in years) | Male (non-smoker) | Female (non-smoker) |
| 20 | $10.53/month | $8.55/month |
| 30 | $10.80/month | $8.82/month |
| 40 | $12.36/month | $11.46/month |
| 50 | $20.40/month | $16.66/month |
| 60 | $48.50/month | $35.38/month |
| 70 | $146.90/month | $101.78/month |
*Illustrative term life insurance cost for male and female non-smokers seeking $100,000 in coverage for a 10-year term life insurance coverage
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What riders are available with Canada Life term life insurance?
The riders available with Canada Life’s term policy include Accidental Death Benefit Rider, Child’s Term Life Insurance Rider, Guaranteed Insurability Benefit Rider, Disability Waiver Rider, and Business Growth Protection Rider. Canada Life My Term can be customized with optional riders that enhance your coverage based on your personal and family needs.
- Accidental Death Benefit: Pays an additional death benefit if the insured dies as a result of a covered accidental injury before the rider expires and within the specified time period following the injury
- Child’s Term Life Insurance Rider: Provides life insurance coverage for eligible children and can often be converted to a term or permanent coverage in the future without medical evidence
- Guaranteed Insurability Benefit (GIB): Lets you purchase additional life insurance at specified future dates without undergoing a medical exam, regardless of changes in your health
- Total Disability Waiver: Waives eligible policy premiums if you become totally disabled and meet the rider’s conditions, helping keep your coverage in force while you are disabled
- Business Value Protection Rider: Designed for business owners, this rider helps protect against the financial impact of a decline in business value following the death of a key individual
Please note that all the above riders are available for single-life policies. The joint first-to-die policy only includes Child’s Term Life Insurance and Business Growth Protection riders.
What is Canada Life’s preferred underwriting option?
Preferred underwriting is an assessment process that evaluates various health and lifestyle factors to determine an applicant’s life insurance risk level. Canada Life considers smoking habits, body build (height and weight ratio), blood pressure, cholesterol levels, personal and family medical history, occupation, high-risk activities (avocations), and driving record. Applicants who qualify for preferred underwriting may receive lower premiums than standard rates, making coverage more affordable for those who present a lower insurance risk.
What conversion options are available with Canada Life term life insurance?
Canada Life My Term offers several conversion options that allow policyholders to adapt their coverage as their financial needs change, often without providing new medical evidence.
- Term-to-term conversion: Convert your existing My Term policy to a longer term (for example, from a 10-year term to a 20-year term) before reaching the policy anniversary nearest your 70th birthday. The new premium is based on your age at the time of conversion, without requiring a medical exam. Also, the new term must be at least 10 years longer than the original term
- Term-to-permanent conversion: Convert your My Term policy to an eligible permanent life insurance plan before the policy anniversary nearest your 70th birthday. No medical evidence or health questions are required, making it easier to secure lifelong coverage as your needs evolve
- Term conversion with reset: This option lets you convert your policy to a combination of temporary and permanent life insurance while resetting the term length and renewal date of the new temporary coverage. It can be completed without medical underwriting, allowing you to extend your temporary coverage and add permanent protection with a single conversion. Please note that at least 40% of the converted amount must become permanent base coverage
Can I exchange my Canada Life term insurance policy?
Yes, Canada Life offers the following policy exchange options under My Term:
- Joint policy exchange: If you have a Joint First-to-Die policy, you can exchange it for one or two separate single-life permanent life insurance policies. Each new policy can provide up to 50% of the original joint policy’s base coverage amount, provided it meets Canada Life’s age limits at the time of the exchange. This exchange must be completed before the policy anniversary nearest the older insured’s 71st birthday and does not require new evidence of insurability for the base coverage
- 12-month exchange: During the first 12 months of your policy, you can apply to change your My Term policy to a different term plan or a participating permanent life insurance plan. Premiums under the new plan are based on the insured person’s age on the policy date before the exchange. The coverage amount must remain the same or be lower, and the request is subject to Canada Life’s approval and product availability
How does Canada Life term life insurance compare to other providers?
Canada Life Term Life Insurance stands out for its wide range of term lengths (5 to 50 years), flexible term-to-term and permanent conversion options, and Term Conversion with Reset, a feature not commonly offered by many Canadian insurers.
It also provides guaranteed renewal, customizable riders, and joint first-to-die coverage, making it a strong choice for individuals, families, and business owners seeking long-term flexibility. However, it’s worth reviewing multiple providers before making a decision. Read our guide to the best term life insurance companies in Canada to compare leading insurers side by side.
Our advisor’s take on Canada Life term life insurance
One of our advisors recently assisted a 38-year-old father of two looking for long-term life insurance protection to cover his mortgage, replace his income, and secure his family’s financial future while keeping premiums affordable.
Client profile:
- Age: 38-year-old non-smoking Canadian
- Coverage need: $1 million term life insurance
- Primary concern: Securing long-term coverage with the flexibility to adapt as financial needs change
- Our comparison: We compared term life insurance policies from several leading Canadian insurers and recommended Canada Life My Term. While many insurers offer standard 10, 20, and 30-year terms, Canada Life stood out for its flexible term options of up to 50 years, guaranteed renewal, multiple conversion options, and Term Conversion with Reset, making it an excellent choice for policyholders who want their coverage to evolve with changing life stages.
Why we recommended Canada Life term life insurance:
- Offers one of the widest selections of term lengths from 5 to 50 years
- Includes guaranteed renewal and flexible term-to-term and permanent conversion options without new medical evidence
- Can be customized with optional riders such as Accidental Death Benefit, Child’s Term Life Insurance, Guaranteed Insurability Benefit, and Total Disability Waiver
How to buy Canada Life term life insurance?
Here are the steps you need to follow to buy Canada Life term insurance:
- Consult a licensed PolicyAdvisor expert to determine the right coverage amount and policy term
- Our advisors will help you compare personalized quotes from Canada Life and other top Canadian insurers
- Customize your policy with optional riders based on your needs
- Complete your application online with expert guidance throughout the process
So, if you are planning to buy Canada Life Term Life Insurance, consult our licensed PolicyAdvisor. Schedule a call with an advisor today!
Need insurance answers now?
Call 1-888-601-9980 to speak to our licensed advisors right away, or book some time with them below.
Frequently asked questions
How do premiums work for Canada Life term life insurance?
Premiums for Canada Life term insurance remain fixed for the initial term length chosen. Once the term ends, the policy automatically renews annually with increasing premiums unless the policyholder cancels or converts the coverage. Payments can be made monthly or annually, depending on the policyholder’s preference.
Can I customize my Canada Life term life insurance policy?
Yes, Canada Life’s My Term™ insurance allows for flexible customization. Policyholders can choose their coverage amount and term length(from 5 to 50 years). Optional riders, such as the child term rider, business growth protection rider, disability waiver, and a few others, can be added for extra protection. Additionally, eligible policies can also be converted to permanent life insurance without providing new medical evidence before the policy anniversary nearest your 70th birthday.
What happens when my term ends?
When the initial term expires, the policy automatically renews each year with guaranteed increasing renewal premiums. This renewal continues until the policy anniversary nearest to your 85th birthday, unless the policyholder cancels or converts the policy to a permanent life insurance plan. Some policyholders may also have the option to adjust their coverage at this stage.
Can I cancel my Canada Life term life insurance policy?
Yes, policyholders can cancel their term life insurance policy at any time. However, cancellation means losing coverage immediately, and no death benefit will be paid out if the insured passes away after the policy is terminated. There are no refunds for past premiums paid.
Can I convert my Canada Life Term Insurance to permanent life insurance?
Yes. Canada Life allows eligible My Term policyholders to convert all or part of their term life insurance to an eligible permanent life insurance policy without providing new medical evidence, provided the conversion is completed before the policy anniversary nearest their 70th birthday. Policies issued at ages 69 and older may be converted within the first two years after the policy date.
Can I renew my Canada Life Term Life Insurance policy?
Yes. Canada Life My Term includes a guaranteed annual renewal option, allowing you to renew your coverage at the end of your term without undergoing a new medical exam, up to the policy anniversary nearest to your 85th birthday.
Canada Life’s My Term™ life insurance offers customizable coverage ranging from 5 to 50 years, providing financial protection with guaranteed level premiums for the initial term. The policy automatically renews annually after the term expires and allows conversion to permanent life insurance until age 70 without a medical exam. While it offers affordability, tax-free death benefit payouts, and flexible options, its premiums increase upon renewal.
