Canada Term Life Insurance Rate

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After reading Term Life Insurance in Canada you know that term is generally the most affordable insurance policy in Canada.

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Term Life Insurance can be purchased for rates starting at just a few dollars a month.

I recently helped a younger single mother buy a $100,000 ten year term policy for close to $10/month. This easily fit her budget and gives her some peace of mind knowing that there will be money available for her child if she dies prematurely. She could have purchased 20 Year Term Life Insurance for just a few dollars more per month to give a 20 year rate guarantee. However, every dollar counts and the renewal rate in 10 years is still very affordable.

Another example of an affordable term life insurance rate is a couple that has a mortgage. This couple are both close to age 60 and were paying close to $150/month for the banks credit insurance covering the mortgage balance. They took out a 10 year term life insurance policy that would cover each of them for a set amount equal to their current mortgage balance. They ended up saving over $50/month. And the coverage was better.

If this 60 year old couple were in their 30’s I would have recommended a 20 or 30 Year Term Life Insurance for a longer period of certainty.

The younger you are, the lower the Canada Term Life Insurance Rate. This also is true for the shorter term vs a longer term. A 30 year term insurance will be more than a 5 year term life policy.

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Return to Canada Life Insurance. Canada Life Insurance is the starting page for information on life insurance in Canada.

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Note: Always speak with a licensed insurance professional about your specific situation. This insurance information is general in nature and the policy wordings always take precedence. It is possible that there are errors and omissions in this website and, or its authors, take no responsibility.

Keep in mind that insurance licensing, legislation, and policies often vary by province and most certainly by country. Canada Insurance Source is a free information source. So use this site to gain a general understanding of insurance with your own area and situation in mind.  Make sure you review the "please read" page. Always speak with a licensed insurance professional about your specific situation.

Always speak with a licensed insurance representative about your specific situation.

This site is general in nature and there may be errors or ommissions

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