What is term to 100 life insurance?


Term to 100 life insurance (also known as Term 100, or T100 insurance) is a type of permanent insurance policy. The coverage lasts for the entirety of the insured person’s life and level premiums are paid until they turn 100 years old. While the coverage is permanent there is no cash value to term to 100 life insurance policies. While premiums are no longer due at age 100, the coverage continues for the rest of the insured’s life.


Choosing the right life insurance plan depends on a variety of factors, but no matter which one you choose, you can rest assured knowing you made the right choice to protect your loved one’s financial wellbeing.

If you’re here, that means you’re doing your research—it’s great that you’re taking the time to plan your financial future! From your research, you may already know the difference between term and whole life insurance, but did you know that whole life insurance comes in a variety of options?

If you’re looking for a policy that’s longer than term life insurance, but with a guaranteed price tag that’s smaller than universal life, Term to 100 could be your best option.

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How does term to 100 life insurance work?

Term to 100 life insurance (sometimes called T100 plans) is a type of permanent insurance policy. A term to 100 policy is similar to whole life insurance because it lasts for the entirety of your life. However, like term life insurance policies (that only last for 10, 20, or 30 years or more), no cash value is accumulated as you pay your premiums.

So why the 100? This policy is a unique insurance product in that it’s specific to your 100th birthday. It provides coverage for the entirety of your life, with the same premium costs from now until the time you turn 100 years old. After your 100th birthday, your coverage continues, but you no longer have to pay premiums. (Instead, you can spend the money on a big 100th birthday party). The coverage falls somewhere between term life versus whole life insurance.

Term to 100 policies don’t have a cash-out option and there are no dividend payments, so it only pays upon your death. This makes it a little less expensive than whole or universal life insurance, which may provide payout options for early cancellation and yearly company dividends. Unlike term life insurance, which renews once your term ends at a new rate, the premium for term to 100 life insurance stays the same for the rest of your life – it provides clear-cut coverage with steady premium rates.

Like all life insurance products, term to 100 life insurance has qualifying factors such as age, residency, and lifestyle. Most insurance companies will provide long-term coverage, such as term to 100, for anyone between the ages of 18 and 75.

Coverage options can vary from $25,000 to millions of dollars depending on the provider. Some providers may also offer riders (add ons) with term to 100 policies that include additional payouts for accidental death, dismemberment, and critical illness and other events. This means that if these events occur, you may be eligible for small compensation payout on top of your death benefit, or early access to a portion of your death benefit.

How much does term to 100 life insurance cost?

Term to 100 is cheaper than whole or universal life insurance, but more expensive than term life insurance. The actual cost of a T100 plan will depend on each provider and their specified pricing guides.

PolicyAdvisor’s life insurance quoting tool can help you figure out how much term to 100 life insurance can cost in minutes.

Determining how much coverage you need will depend on the lifestyle you want your beneficiaries to uphold after your death, how much debt you’ve accumulated, and how much premium you can afford to pay while you’re alive.

Of course, you’d love to send your loved ones off with the largest benefit possible, but the premium to achieve that payout may not be affordable at every stage of your life. Keep in mind: term to 100 premiums stay the same, even when you’re retired and on a fixed income.

It’s always best to get a quote to find out which provider will have the best coverage, rates, and plans for you.

Pros and Cons of term to 100 coverage

Like all insurance products, term to 100 life insurance has its pros and cons, depending on if you’re looking for short-term gain or long-term payouts.


  • It doesn’t run out like a typical term insurance plan, which would renew at a higher price when your term is over
  • if you make it to 100 years of age, you are no longer required to pay premiums and still retain the coverage
  • It’s less expensive than whole/universal plans
  • Steady premium cost throughout the length of the policy
  • A great option for estate planning


  • No dividends options (you can’t share in the profits that the insurance company makes each year)
  • No cash value surrender option (if you cancel the policy, you won’t get any of the premiums which you paid back)
  • More expensive than term life insurance

Who offers term to 100 life insurance?

Many great Canadian companies provide term to 100 life insurance plans, alongside other term and whole life insurance products. For example, PolicyAdvisor partners with major insurance providers such as BMO Insurance, Desjardins, RBC Insurance, and more!

Find out more about the best whole life insurance companies in Canada or talk to our insurance experts to see which provider is the best fit for you.

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Should I get term to 100 life insurance?

If you’re ready to commit to a permanent life insurance plan and want to know exactly how much your premiums will be for the rest of your life, term to 100 life insurance is a great option. You pay the same insurance premium over time, and that premium is a little less than other whole life insurance products. This means no premium increases as you age or having to worry about the investment options of your insurance.

As an added bonus, when you turn 100, not only do you get the satisfaction of calling yourself a centenarian, but you no longer have to pay premiums on your term to 100 policy

However, if you miss multiple payments or cancel your term to 100 policy, you won’t get a payout; all the years’ worth of premiums you’ve put into the policy will be forfeited. This can be an issue if you live on a fixed income in your retirement. As well, if your life insurance cancels in these later years, it may be more difficult and expensive to get replacement coverage.

If you’re still not sure if term to 100 life insurance is for you, speak to one of our advisors today.

Need help?
Call us at 1-888-601-9980 or book time with our licensed experts.

  • Term to 100 life insurance offers lifelong coverage while you only pay premiums until age 100
  • Unlike other permanent insurance options, there is no cash value to a term to 100 life insurance policy
  • Because of the lack of a cash out option, term to 100 life insurance policies are typically the least expensive permanent insurance option

By Jiten Puri
CEO & Founder, Insurance Advisor, LLQP
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