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- Desjardins offers 10, 15, 20, 25, and 30-year terms, plus Term to 65, with coverage amounts ranging from $25,000 to $20,000,000
- The term plan comes with features like guaranteed renewability, conversion to permanent life insurance, and a term exchange option without providing new medical evidence
- Optional riders such as guaranteed insurability, business insurability, children's protection benefit, accidental death and dismemberment, and waiver of premium let you tailor your coverage
Desjardins offers affordable term life insurance for those who want financial protection for a specific period, whether they are raising a family, paying off a mortgage, or protecting a business. It has term options ranging from 10 to 30 years and up to 65; the policy provides guaranteed premiums during the initial term. The cost of Desjardins term life insurance starts at $8.55/month for a 20-year-old female non-smoker seeking $100,000 coverage for a 10-year term.
Quick review
- PolicyAdvisor ratings: 4/5
- Best for: High coverage up to $20 million
- Skip if: You want fully customizable term durations
About Desjardins Insurance
Desjardins Insurance is one of Canada’s leading life insurance providers and is part of the Desjardins Group, the largest financial cooperative in North America. The company offers a wide range of insurance and wealth management solutions, including life, health, and casualty insurance. Desjardins is trusted by more than 5 million Canadians for financial protection, as it is also backed by the strength and stability of one of the country’s most well-capitalized financial institutions.
Desjardins’s financial strength
| AM Best Rating | A |
| Insurance Revenue | $4.3 billion |
| LICAT Ratio | 146% |
| Total assets | $510.2 billion (Desjardins Group) |
What is Desjardins term life insurance?
Desjardins term life insurance is a temporary life insurance policy that provides affordable financial protection for a fixed period of 10, 15, 20, 25, or 30 years, or until age 65. The coverage amounts range from $25,000 to $20 million. If the insured dies during the policy term, beneficiaries receive a tax-free lump-sum death benefit. The policy also offers guaranteed premiums during the initial term, renewal options, and the flexibility to convert to permanent life insurance without proof of insurability.
Key features of Desjardins term policy:
| Available terms | Term 10 / 15 / 20 / 25 / 30 or Term to 65 |
| Policy issue age (min & max) |
|
| Coverage ends at | Age 85 (Term 10, 15, 20, 25, and 30);
Age 65 (Term to 65) |
| Coverage range | $25,000 – $20,000,000 |
| Renewability |
|
| Term exchange | Available within the first 5 years of coverage. Eligible Term 10, Term 15, Term 20, and Term 25 policies can be exchanged for a longer term without evidence of insurability. |
| Convertibility | Convertible to an eligible permanent individual life insurance policy without evidence of insurability, up to age 70. |
| Coverage structures | Individual and joint first-to-die |
| Premium structure | First-term and renewal premiums are guaranteed |
| Riders |
|
Who is eligible for Desjardins life insurance?
The key eligibility criteria for getting term insurance offered by Desjardins are as follows:
- Minimum entry age: Varies by plan, from birth (age 0) for select terms to 18 years (T10 and T15) for others
- Maximum issue age: Depends on the selected term:
- Term 10 (T10): Up to age 75
- Term 15 (T15): Up to age 70
- Term 20 (T20): Up to age 65
- Term 25 (T25): Up to age 60
- Term 30 (T30): Up to age 55
- Term to 65 (T65): Up to age 44
- Coverage duration: All term plans provide coverage up to age 85, while Term to 65 provides coverage until age 65 and is not renewable
- Coverage amount: Choose between $25,000 and $20 million, subject to underwriting approval
- Coverage type: Available as individual or joint first-to-die coverage for T10, T15, T20, T25, and T30. T65 is available as individual coverage only
Types of Desjardins term life insurance plans
Desjardins offers one term life insurance product that can be customized with six term length options to suit your financial goals and coverage needs. You can choose from Term 10 (T10), Term 15 (T15), Term 20 (T20), Term 25 (T25), Term 30 (T30), or Term to 65 (T65). All plans offer coverage amounts from $25,000 to $20 million, with guaranteed premiums during the initial term.
The different term lengths are designed for different financial needs. Term 10 is ideal for short-term obligations; Term 15 and Term 20 work well for mortgages and raising a family, while Term 25 and Term 30 are better suited for long-term financial commitments, such as income replacement and business protection. Term to 65 is designed for those who want affordable life insurance coverage throughout their working years until retirement.
What is covered under Desjardins life insurance?
Desjardins Term Life insurance provides a lump-sum and tax-free death benefit to the beneficiaries. The key coverage includes:
- Tax-free death benefit: Your beneficiary receives a tax-free lump-sum payment if you pass away while the policy is in force
- Renewable coverage: Most term plans renew automatically without requiring a new medical exam, with adjusted premiums, until age 85 (Term to 65 is not renewable)
- Convertible coverage: Lets you convert your term policy to an eligible permanent life insurance plan without providing proof of insurability, up to age 70 (up to age 60 for Term 65)
- Optional coverages: You can customize your policy with riders such as guaranteed insurability, business insurability, waiver of premium for disability, accidental death and dismemberment, accidental fracture, and children’s protection benefit
Can I get an exchange option with Desjardins term life insurance?
Yes, Desjardins allows eligible policyholders to exchange their existing Term 10, Term 15, Term 20, or Term 25 policy for a longer-term plan. The exchange can be done without providing proof of insurability. You can exercise this option within the first five policy years, subject to the applicable age limits for each term. Available exchange options include:
| Current term | Can be exchanged to |
| Term 10 | Term 15, Term 20, Term 25, or Term 30 |
| Term 15 | Term 20, Term 25, or Term 30 |
| Term 20 | Term 25 or Term 30 |
| Term 25 | Term 30 |
| Term 30 & Term to 65 | Not available |
Pros and cons of Desjardins term life insurance
| Pros | Cons |
| Offers a wide choice of term lengths, including 10, 15, 20, 25, 30 years, and Term to 65 | Some optional benefits and conversion privileges have age restrictions |
| Coverage amounts range from $25,000 to $20 million, suitable for both personal and business needs | Rates may not be the most affordable |
| Includes exchange, conversion, association, and insurability options for added flexibility | Term to 65 expires at age 65 and cannot be renewed |
| Offers several optional riders, including disability waiver, accidental death, children’s protection benefit, and guaranteed insurability | |
| Renewable term plans automatically renew without a medical exam until age 85 (except T65) | |
| Multi-coverage discount when you buy two or more coverages at the same time on the same policy |
How much does Desjardins term life insurance cost?
Desjardins Term Life Insurance premiums start at around $8.55 per month for a 20-year-old female non-smoker and $10.44 per month for a 20-year-old male non-smoker for a 10-year term policy with $100,000 in coverage. However, premiums will vary based on age, gender, health, smoking status, coverage amount, and selected term length. Younger, healthier applicants pay lower premiums compared with others.
Cost of Desjardins term life insurance (2026)
| Age (in years) | Male (non-smoker) | Female (non-smoker) |
| 20 | $10.44/month | $8.55/month |
| 30 | $10.89/month | $9.00/month |
| 40 | $12.15/month | $11.52/month |
| 50 | $20.70/month | $16.56/month |
| 60 | $51.57/month | $38.52/month |
| 70 | $158.76/month | $110.52/month |
*Illustrative term life insurance monthly premiums for male and female non-smokers seeking $100,000 in coverage for a 10-year term
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What are the riders available with Desjardins life insurance?
Desjardins life insurance offers several optional riders, including the guaranteed insurability benefit, business insurability benefit, waiver of premium for disability, accidental death and dismemberment (AD&D), accidental fracture benefit, and children’s protection benefit. These life insurance riders are available for an additional premium but let you customize your policy as per your needs.
- Guaranteed insurability benefit: Lets you purchase additional life insurance at specified dates without providing new medical evidence
- Business insurability benefit: Allows business owners to increase coverage after qualifying business events without medical underwriting
- Waiver of premium for disability: Waives your policy premiums if you become totally disabled and meet the policy’s eligibility requirements
- Accidental death and dismemberment (AD&D): Pays an additional benefit if you die or suffer certain serious injuries due to a covered accident
- Accidental fracture benefit: Provides a lump-sum payment if you experience a covered bone fracture caused by an accident
- Children’s protection benefit: Provides term life insurance coverage for your eligible children, with the option to convert to permanent coverage later without medical evidence
What is the association option with Desjardins life insurance?
The association option is an optional feature that allows you to exchange your individual term life insurance coverage for a joint last-to-die permanent life insurance policy. This can be done when you add another insured person. This exchange is available until age 70 for Term 10, Term 15, Term 20, Term 25, and Term 30, and until age 60 for Term to 65. If the new insured does not already have a Desjardins policy with the association option, they must provide proof of good health. This feature is particularly useful for estate planning, helping cover final expenses and taxes that may be payable after the death of the last insured person.
What is the insurability option with Desjardins life insurance?
The insurability option allows couples and business partners to split a joint life insurance policy into two individual permanent life insurance policies without providing proof of good health, provided the change is made before age 65. When this option is exercised, the total coverage amount can be divided equally between both insured individuals.
If one insured person passes away, the surviving policyowner has 90 days to apply for individual permanent coverage for the original insured amount, as long as they are 65 or younger. If both the insured die within that 90-day period, Desjardins pays the tax-free death benefit to the designated beneficiary or estate.
What is multi-coverage discount on Desjardins term life insurance?
The multi-coverage discount is a premium savings feature offered by Desjardins that lets you pay lower premiums when you purchase two or more eligible insurance coverages at the same time under the same policy. By combining multiple coverages into a single policy, you can receive the protection you need while reducing your overall insurance costs. The eligibility, however, depends on the types of coverage selected and Desjardins’ policy rules.
Do you need a medical exam to get Desjardins term life insurance?
Yes, you may need a medical exam to get Desjardins Term Life Insurance. Applicants seeking higher coverage amounts or those with certain medical conditions are more likely to undergo medical underwriting, while others may qualify by answering health-related questions only.
If you don’t qualify for traditional term life insurance and are over 50 years old, Desjardins also offers Life Insurance Over 50. This is a permanent life insurance product for people aged 50 to 75 that requires no medical exam. Also, there is no waiting period, and the coverage starts right away.
How does Desjardins term life insurance compare to other providers?
Desjardins Term Life Insurance stands out for its flexible term options, high coverage limits of up to $20 million, and built-in exchange and conversion privileges that allow policyholders to adapt their coverage as their needs change. It also offers features such as the Association Option, Insurability Option, and a wide range of optional riders for added flexibility. While Desjardins offers term lengths up to 30 years, some insurers provide longer initial terms or broader digital application options. So, it is always advisable to compare quotes before finalizing one insurer. Refer to our guide on best term life insurance companies in Canada to know more.
Our advisor’s take on Desjardins term life insurance
One of our advisors recently assisted a 38-year-old business owner looking for affordable life insurance to protect their family’s financial future while maintaining the flexibility to increase or extend coverage as their business and personal responsibilities grew.
Client profile:
- Age: 38-year-old non-smoking Canadian
- Coverage need: $1 million to protect family income, cover business liabilities, and repay a mortgage
- Primary concern: Finding flexible term coverage with the ability to extend or convert the policy without another medical exam
- Our comparison: We compared Desjardins Term Life Insurance with several leading Canadian insurers based on term lengths, coverage flexibility, conversion and exchange privileges, optional riders, and overall long-term value. Desjardins stood out for its coverage of up to $1 million, flexible term options, and other features
Why we recommended Desjardins term life insurance:
- Offers six term options (10, 15, 20, 25, 30 years, and Term to 65)
- Includes guaranteed renewability, conversion to permanent life insurance, and a term exchange option without proof of insurability
- Provides unique features such as the association option and insurability option
- It is available with optional riders such as guaranteed insurability, business insurability, waiver of premium for disability, accidental fracture, and children’s protection benefit, allowing the policy to adapt as your needs evolve
How to buy Desjardins life insurance?
To buy Desjardins term life insurance, you can connect with one of our licensed advisors. At PolicyAdvisor, we will help you compare quotes from 30+ insurers. Here are the steps you need to follow:
- Contact our advisors and compare term life insurance quotes
- Our advisors will also help you assess your coverage needs and recommend a suitable policy
- With our assistance, complete your Desjardins life insurance application form and submit the required documents
- Review the details before finally submitting your application
Schedule a call today to buy a term insurance policy with PolicyAdvisor!
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Frequently asked questions
Is Desjardins term life insurance worth it?
Yes, Desjardins term life insurance is a good option if you want affordable, flexible coverage with high coverage limits. It offers term lengths from 10 to 30 years or Term to 65, coverage up to $20 million, guaranteed renewability on eligible term plans, conversion to permanent insurance, and several optional riders to customize your policy.
Can I convert my Desjardins term life insurance to permanent life insurance?
Yes, Desjardins term life insurance policies can be converted to an eligible permanent life insurance policy without providing proof of insurability. This option is available up to age 70 for Term 10, Term 15, Term 20, Term 25, and Term 30, and up to age 60 for Term to 65. Converting to permanent life insurance lets you maintain lifelong coverage even if your health changes.
Can I buy Desjardins term life insurance for my spouse?
Yes, you can get coverage for your spouse with Desjardins term life insurance. Desjardins offers both individual and joint first-to-die coverage, allowing spouses to be covered under a single policy. It offers both individual and joint first-to-die coverage for Term 10, Term 15, Term 20, Term 25, and Term 30.
What term lengths does Desjardins offer?
Desjardins offers six term life insurance options: 10, 15, 20, 25, and 30 years, as well as Term to 65, allowing you to choose coverage that matches your financial goals. Shorter terms, such as 10 or 15 years, are ideal for covering temporary debts or personal loans, while 20- and 30-year terms are better suited for long-term commitments like a mortgage, raising children, or income replacement. Term to 65 is designed for those who want coverage until their planned retirement age.
Can I switch to a longer Desjardins term later?
Yes, you can use the term exchange option during the first five policy years to exchange certain term plans for a longer-term policy without providing proof of insurability.
Can I add coverage for my children to a Desjardins life insurance policy?
Yes, Desjardins offers a children’s protection benefit that provides term life insurance coverage for all eligible children up to age 25. If a covered child passes away while the rider is in force, the policy pays a death benefit. The rider also includes a conversion privilege, allowing each child to purchase up to five times the selected basic coverage amount without providing proof of insurability when they become eligible.
Desjardins offers 6 term life insurance products, with various options to customize your coverage. You can get coverage up to $20,000,000 with terms of 10 to 30 years, or term-to-age-65. It includes guaranteed renewability, conversion to permanent life insurance, a term exchange option, and optional riders, making it a flexible choice for individuals, families, and business owners.
