Term life insurance in Canada is coverage for a set number of years: it pays a death benefit if the insured person dies during the term and nothing if they outlive it. This page goes deep on term coverage only: how long each insurer’s terms run, what happens at renewal, and the deadline to convert to permanent coverage, side by side for eleven insurers. Definitions come from the Financial Consumer Agency of Canada (FCAC), Quebec’s Autorité des marchés financiers (AMF) and Assuris; insurer facts come from each insurer’s own term life page, checked October 11, 2026. It is general education, not insurance or financial advice, and it shows no premiums, because a quote depends on the applicant. For the wider picture, including whole and universal life, see the comparison of life insurance in Canada across term and permanent coverage.
How does term life insurance work in Canada?
Term life insurance pays a tax-free death benefit only if the insured person dies within the term, has no cash value, and costs more each time it is renewed. FCAC, the AMF and Assuris describe the moving parts this way:
How to read this table: Paraphrased from the Financial Consumer Agency of Canada's Life insurance page, the Autorité des marchés financiers' Term insurance page and Assuris' Term Life page. The AMF regulates insurers in Quebec; its wording is used as a regulator's general description. Each policy contract sets the exact terms.
| Feature | What it means | Described by |
|---|---|---|
| The term | Coverage for a fixed period, such as 10, 20 or 30 years, or until a set age such as 65; the death benefit is paid only if the insured person dies during the term | FCAC; Assuris |
| End of the term | Coverage ends and beneficiaries receive no payment, unless the policy is renewed | FCAC; AMF |
| Renewability | Term contracts are usually renewable, generally without proving good health again, but each renewal costs more than the previous period | AMF; FCAC |
| Premiums | Set according to the length of the term; generally less expensive than permanent insurance when first bought; may increase at each renewal | FCAC |
| Cash value | None: nothing to borrow against and nothing paid back on cancellation | FCAC; AMF |
| Missed premiums | The insurance company may cancel the policy | FCAC |
| Term-100 | A 100-year term some insurers sell; it generally covers the whole of life, even past 100 | AMF |
Source: Life insurance — Financial Consumer Agency of Canada — term life insurance; Life insurance — FCAC — fixed period or set age; Life insurance — FCAC — what happens when the term ends; Life insurance — FCAC — no cash value; Life insurance — FCAC — premiums set by term length and rise at renewal; Life insurance — FCAC — cost against permanent insurance and missed premiums; Life insurance — FCAC — joint first-to-die term insurance; Life insurance — FCAC — single term insurance for couples; Term insurance — Autorité des marchés financiers (Quebec) — coverage ends with the term; Term insurance — AMF — renewable contracts; Term insurance — AMF — renewal costs more; Term insurance — AMF — Term-100; Term insurance — AMF — no cash surrender value; Term Life — Assuris — product definition; Term Life — Assuris — treated as a death benefit. In effect from October 11, 2026; checked October 11, 2026.
Four words carry most of the differences between term policies:
- Term. The period of coverage. Assuris describes it as a fixed period, such as 10, 20 or 30 years, or until the insured person reaches a set age, such as 65. The AMF gives the example of a 20-year (T20) policy: the contract and the coverage both end after 20 years.
- Level premium. FCAC says insurers generally set premiums according to the length of the term. The insurers on this page say the premium does not change during the term: RBC Insurance says Premiums guaranteed to stay the same for the entire term, iA says Premiums and coverage don't change for the entire term, and Co-operators lists Guaranteed premiums for the life of the policy, fixed during the term.
- Renewable. The AMF says term contracts are usually renewable, generally without proving good health again, and that a renewed contract costs more than the previous period. It adds that a new contract bought with medical evidence will normally cost less than renewing without it.
- Convertible. A conversion option lets the owner swap term coverage for permanent coverage without new medical evidence, before a deadline. PolicyMe, for example, describes its policies as Convertible to a longer term or lifetime coverage without new health questions. The FCAC and AMF term pages do not define conversion, so every conversion fact on this page comes from an insurer’s own page.
Two more points from the regulators. Term insurance has no cash value: FCAC says nothing can be borrowed against a term policy and nothing comes back if it is cancelled. And “Term-100” is a different product despite the name: the AMF says a 100-year term generally covers the whole of life, even past 100. TD Insurance uses its Term 100 plan as the permanent policy its shorter terms convert into.
What term lengths do Canadian insurers offer?
Stated term lengths run from one year to 50 years, depending on the insurer. Some sell fixed steps, some let the buyer pick any number of years in a range, and one sells a single 10-year term.
| Insurer and product | Term lengths stated | Coverage amounts stated |
|---|---|---|
| Blue Cross Life term | 10, 15, 20, 25 or 30 years; $100,000 to $5 million | Shown with the term lengths |
| BMO Insurance term life | 10, 15, 20, 25 or 30 years | $100,000 to $30 million |
| Canada Life My Term | 5 to 50 years | Not stated on the product page |
| Canada Protection Plan | Examples given: 10, 20, 25 or 30 years | Up to $1 million |
| Co-operators Versatile Term | 10, 15, 20, 25 or 30 years, renewable | Not stated on the product page |
| Co-operators Term Life 1 | One year | One-year coverage for ages 18 to 49, between $50,000 and $475,000 |
| iA Access Life / Pick-A-Term | Access Life 15, 20 or 25 years; Pick-A-Term 10 to 40 years | Access Life up to $500,000; Pick-A-Term up to $10,000,000 |
| Manulife CoverMe Term 10 | 10 years | $100,000 to $2 million, for a 10-year term |
| PolicyMe term | 10, 15, 20, 25 or 30 years | Not stated in the page text read |
| RBC Simplified Term | 10 to 40 years, and anything in between | $50,000 to $1,000,000 for ages 18 to 55 |
| RBC YourTerm | 10 to 40 years, and anything in between | $1,000,001 to $25,000,000 for ages 18 to 55 |
| Sun Life Go Simplified | 10 years | $50,000, $75,000 or $100,000 |
| Sun Life Go Term | 10, 15, 20, 25 or 30 years | $100,000 up to $2 million |
| Sun Life Evolve Term | Any term from 5 to 40 years | $50,000 up to $25 million |
| TD Term Life Insurance | 10, 20 or 30 years | Up to $10 million per insured person |
The table in sentences. Pick-any-length insurers: Canada Life lists terms of 5 to 50 years, RBC Insurance 10 to 40 years, and anything in between, iA Pick-A-Term 10 to 40 years, and Sun Life Evolve Any term from 5 to 40 years. Fixed-step insurers: BMO Insurance, Co-operators Versatile Term, PolicyMe, Blue Cross Life and Sun Life Go Term all use 10, 15, 20, 25 or 30 years, and TD Insurance sells 10, 20 or 30 years. Short terms: Manulife CoverMe Term 10 and Sun Life Go Simplified are 10-year terms only, and Co-operators Term Life 1 is a one-year term: One-year coverage for ages 18 to 49, between $50,000 and $475,000.
Coverage ceilings differ as much as term lengths. BMO Insurance states $100,000 to $30 million, Sun Life Evolve $50,000 up to $25 million, and iA Access Life up to $500,000; Pick-A-Term up to $10,000,000. TD Insurance says the maximum is $10 million per insured person, Manulife CoverMe Term 10 covers $100,000 to $2 million, for a 10-year term (Ages 18 to 70), and the Canada Protection Plan page states: Up to $1 million. RBC splits its range between two products: RBC Simplified Term covers $50,000 to $1,000,000 for ages 18 to 55 and RBC YourTerm $1,000,001 to $25,000,000 for ages 18 to 55, with different amounts for applicants aged 56 and over. “Not stated” means the page read did not give a figure; it does not mean there is no limit.
Age limits narrow the choice of term. BMO Insurance sells to Ages 18 to 78, PolicyMe to Ages 18 to 75, and Sun Life says: Apply until age 85 for Go Simplified Term and Evolve Term, or age 65 for Sun Life Go; renewals end at 85.
What happens when the term ends?
The policy renews at a higher premium, is converted, or ends, depending on the contract and what the owner does. FCAC’s baseline is blunt: once the term ends, the coverage ends, and beneficiaries don’t receive any payment.
| Insurer | Renewal after the term | Longer-term exchange | Conversion to permanent coverage |
|---|---|---|---|
| Blue Cross Life | Renews annually with updated rates | Not stated | Not stated |
| BMO Insurance | Renewable at the end of the term by paying a new premium; coverage expires at age 85 | A Term 10 can be exchanged for a 15-, 20-, 25- or 30-year term within the first 5 years, subject to limits | Any time before age 71, to an eligible permanent policy, with no medical exams or health questionnaires |
| Canada Life My Term | Renews yearly after the initial term | May be convertible to a term 10 or more years longer than the original | Within limits; no deadline stated |
| Canada Protection Plan | Not stated | Not stated | Convertible to permanent life insurance; no deadline stated |
| Co-operators Versatile Term | Renewable plans; no end age stated | A 10-year term can be exchanged for 20, 25 or 30 years without a medical exam within the first 5 years | Option to convert to a permanent life insurance policy; no deadline stated |
| iA Access Life / Pick-A-Term | Renewable at the end of the term; no end age stated | Not stated | Access Life before age 71; Pick-A-Term up to age 71 |
| Manulife CoverMe Term 10 | Renews every 10 years up to age 85, with no new medical exam or questionnaire | Not applicable (one term length) | Not stated |
| PolicyMe | Renews yearly after the term, until age 85, with no new medical underwriting | Within the policy's first 5 years | Any time before the policy anniversary nearest to age 69 |
| RBC Insurance | Not stated | Exchange option on RBC Term and RBC YourTerm policies and riders with terms of 10 to 39 years | Convertible to a permanent policy without updated medical information; no deadline stated |
| Sun Life | Renews automatically until age 85 | Not stated | Conversion to permanent coverage on select term plans |
| TD Insurance | 10- and 20-year plans renew for another term of the same length, and the 30-year plan renews yearly, until age 80 | Not stated | Convertible to Term 100 up to 6 months after the 69th birthday, with no health questions or medical exam |
“Not stated” means the insurer’s term life page did not say either way on October 11, 2026. The policy contract, or the insurer, is the place to confirm it.
Renewal rules side by side
Renewal keeps coverage going without new medical evidence, at a premium based on the insured person’s age at that point. Three patterns show up on the insurers’ pages:
- Yearly renewal after the first term. Canada Life says: Renews automatically each year, or can be ended or converted to a longer term or permanent insurance, within limits. PolicyMe says its policies renew this way: Renews yearly after the term, until age 85, with no new medical underwriting, and adds: Renewal premiums are higher than the original term premium, based on age at renewal. Blue Cross Life says a continued policy Renews annually with updated rates.
- Renewal for another full term. Manulife CoverMe Term 10: Renews every 10 years up to age 85, with no new medical exam or questionnaire, and A new age-based rate takes effect at each renewal. TD Insurance mixes both patterns: 10- and 20-year plans renew for another term of the same length, and the 30-year plan renews yearly, until age 80.
- A hard stop. BMO Insurance says: Renewable at the end of the term by paying a new premium; coverage expires at age 85. Sun Life says a term policy Renews automatically until age 85, and that it expires at that age.
The end age matters most for people buying later in life: a 10-year term bought at 62 reaches its first renewal at 72, which leaves 8 more years under a renew-to-80 rule and 13 under a renew-to-85 rule.
Conversion deadlines side by side
Four of the eleven insurers state a conversion deadline on their term page, and all four fall between ages 69 and 71:
- TD Insurance: Convertible to Term 100 up to 6 months after the 69th birthday, with no health questions or medical exam. TD adds a cost note: Premiums after conversion are based on age at the conversion date.
- PolicyMe: conversion to lifetime coverage is allowed Any time before the policy anniversary nearest to age 69, without new health questions.
- BMO Insurance: Any time before age 71, to an eligible permanent policy, with no medical exams or health questionnaires.
- iA: Access Life before age 71; Pick-A-Term up to age 71.
The others describe the option without a date. RBC Insurance says its term policies are Convertible to a permanent policy without updated medical information. Canada Life allows conversion “within limits”. Co-operators lists an Option to convert to a permanent life insurance policy on Versatile Term. Canada Protection Plan says its term coverage is Convertible to permanent life insurance. Sun Life says conversion is available on select term plans and describes Evolve Term as suited to people who want the option to convert to lifelong protection. Blue Cross Life and Manulife CoverMe Term 10 do not describe a conversion option on the pages read.
A conversion deadline can arrive before the term does. A 30-year term bought at 45 runs to age 75, but a convert-before-71 rule closes the conversion option 4 years earlier.
Exchanging a short term for a longer one
An exchange (some insurers call it converting to a longer term) lengthens the term without new medical evidence, usually only in the early years. PolicyMe allows it Within the policy's first 5 years. BMO Insurance says: A Term 10 can be exchanged for a 15-, 20-, 25- or 30-year term within the first 5 years, subject to limits. Co-operators says: A 10-year term can be exchanged for 20, 25 or 30 years without a medical exam within the first 5 years. Canada Life says a My Term policy May be convertible to a term 10 or more years longer than the original, and RBC lists an Exchange option on RBC Term and RBC YourTerm policies and riders with terms of 10 to 39 years.
How much term life coverage, and for how long?
There is no official formula, and a term policy needs two answers at once: an amount and a number of years. Income-multiple rules of thumb give only the first. RBC Insurance mentions 5 to 7 times current net income, and PolicyMe suggests 10 times income as a ballpark.
A needs-and-years framework gives both. It has four steps:
- List each obligation the death benefit would have to cover.
- Put an amount on it today.
- Put an end date on it: the year the mortgage is paid off, the year the youngest child is independent, the year a loan is cleared.
- Subtract existing coverage (often group insurance through an employer) and savings.
Worked example with hypothetical numbers
A hypothetical household with two young children works through the four steps. Every figure is an example, not a recommendation.
| Obligation | Amount today | Years it lasts |
|---|---|---|
| Mortgage balance | $400,000 | 25 |
| Family income support at $40,000 a year | $720,000 | 18 |
| Education fund for two children | $60,000 | 18 |
| Car loan and line of credit | $25,000 | 5 |
| Final expenses | $15,000 | Any time |
| Minus group coverage and savings | $140,000 | While employed |
Step 4 gives the total: $1,080,000 today. The longest obligation is the 25-year mortgage, so one way to cover it is a single 25-year policy for that amount.
The years column shows why the amount does not stay flat. Ten years on, in the same example, the mortgage balance might be $290,000, income support is down to $320,000, the short-term debts are gone, and the education fund and final expenses are unchanged, for a need of $545,000. That is roughly 50% of the starting figure.
Because the need shrinks, some people layer two policies with different terms instead of buying one. In the example, that could be a 25-year policy of $400,000 matched to the mortgage and a 20-year policy of $680,000 for the rest. RBC Insurance describes layering term coverage for different needs through a term rider, and Sun Life says its Evolve Term allows different term lengths for different needs. Whether layering costs less than a single policy depends on the quotes.
Tools for the inputs: the mortgage calculator shows the balance left after any number of years, the debt payoff calculator gives the end date for each loan, and the income tax calculator turns a salary into take-home pay for the income-support line. A death benefit is a fixed dollar amount, so the inflation calculator is useful for seeing what it would buy late in a long term.
Can you get term life insurance online or without a medical exam?
Yes: seven of the eleven insurers describe an online application for at least one term plan, and several sell a plan with no medical exam. Health questions still apply on every plan.
| Insurer | How to apply (as stated) | Medical exam (as stated) |
|---|---|---|
| Blue Cross Life | Online from start to finish, with no in-person meetings | Many eligible applicants may qualify without a medical exam |
| BMO Insurance | Quote tool, then an insurance advisor | A medical exam may be required |
| Canada Life | Online quote form linked from the product page | Not stated |
| Canada Protection Plan | Request online; an advisor calls with a personalized quote | No medical exams or needles for most plans |
| Co-operators Term Life 1 | Quote and purchase online in less than 5 minutes with no medical exam | No medical exam |
| iA | Through an advisor | Access Life: no medical exam, a few health questions |
| Manulife CoverMe Term 10 | Quote online and apply directly through the Manulife CoverMe website | Not stated for a new application |
| PolicyMe | Fully online, usually 20 minutes or less from start to approval | No medical exam for most people |
| RBC Insurance | Online application in about 15 minutes, or apply by phone | RBC Simplified Term: may be eligible without a medical exam |
| Sun Life | Phone (Go Simplified), online (Go Term) or advisor (Evolve) | Sun Life Go Simplified Term: 10-year term, no medical exam, 3 health questions |
| TD Insurance | Quote in 60 seconds, then an online application in as little as 10 minutes | Instant approval possible for up to $1,000,000 under age 50, up to $500,000 under 60, or up to $249,999 under 70 |
In sentences: PolicyMe, Blue Cross Life, TD Insurance, Manulife CoverMe, RBC Insurance and Sun Life Go Term take a term application online, and Co-operators sells its one-year Term Life 1 online: Quote and purchase online in less than 5 minutes with no medical exam. BMO Insurance and iA route the application through an advisor, and Canada Protection Plan has an advisor call after an online request.
No-medical plans tend to come with lower ceilings. Sun Life Go Simplified covers $50,000, $75,000 or $100,000, against $50,000 up to $25 million on the advisor-sold Evolve Term. TD Insurance ties instant approval to age and amount: Instant approval possible for up to $1,000,000 under age 50, up to $500,000 under 60, or up to $249,999 under 70. FCAC says insurers may require a medical questionnaire or exam before approving a policy, and that incomplete or dishonest answers can lead an insurer to cancel the policy or refuse a claim.
A new policy can also be handed back. FCAC says a new life insurance policy can usually be cancelled within 10 days for a refund of premiums. Some insurers state longer: TD Insurance offers a 30-day review period with a full refund of premiums paid, and Manulife CoverMe a 30-day money-back guarantee.
Which term life insurer fits which situation?
This is a map from stated features to needs, not a ranking, and it says nothing about price.
- A term that matches an odd number of years (a 17-year mortgage, 12 years until a child is independent): Canada Life (5 to 50 years), RBC Insurance (10 to 40 years, and anything in between), iA Pick-A-Term and Sun Life Evolve let the buyer pick the length.
- The option of lifelong coverage later, with the deadline in writing: TD Insurance, PolicyMe, BMO Insurance and iA state the age by which conversion must happen.
- Starting short and lengthening later: PolicyMe, BMO Insurance and Co-operators state a 5-year window for moving to a longer term.
- Buying entirely online: PolicyMe, Blue Cross Life, TD Insurance and Manulife CoverMe describe quote-to-application online.
- Avoiding a medical exam: Canada Protection Plan, iA Access Life, Sun Life Go Simplified and Co-operators Term Life 1.
- Coverage for a single year: Co-operators Term Life 1 is the only one-year term among the eleven.
- A very large policy: BMO Insurance, Sun Life Evolve, RBC YourTerm, iA Pick-A-Term and TD Insurance publish the highest ceilings in the first table.
Is a term life policy protected if the insurer fails?
Yes, within limits, through Assuris. Assuris treats a term life policy as a death benefit and guarantees that a policyholder will retain up to $1,000,000 or 90% of your death benefit, whichever is higher, and Every life and health insurer authorized to sell insurance in Canada must be a member.
In practice, a $750,000 term policy would be protected in full, while a $1,500,000 policy would keep $1,350,000. Assuris is not the same plan as the one that covers bank deposits; the guide to CDIC deposit insurance explains that one.
Term life options for couples
FCAC describes two ways for a couple to hold term coverage:
How to read this table: Paraphrased from the Financial Consumer Agency of Canada's Life insurance page.
| Structure | How it works | Trade-off |
|---|---|---|
| Joint first-to-die term | One policy, same coverage for both partners; pays when the first partner dies, and the survivor must apply for a new policy to stay covered | Usually less expensive than 2 identical single policies; less flexible after a separation or divorce |
| Two single term policies | Each partner has their own policy and coverage amount | Usually more expensive than a joint first-to-die policy; easier to change a beneficiary after a separation or divorce |
Source: Life insurance — Financial Consumer Agency of Canada — term life insurance; Life insurance — FCAC — fixed period or set age; Life insurance — FCAC — what happens when the term ends; Life insurance — FCAC — no cash value; Life insurance — FCAC — premiums set by term length and rise at renewal; Life insurance — FCAC — cost against permanent insurance and missed premiums; Life insurance — FCAC — joint first-to-die term insurance; Life insurance — FCAC — single term insurance for couples; Term insurance — Autorité des marchés financiers (Quebec) — coverage ends with the term; Term insurance — AMF — renewable contracts; Term insurance — AMF — renewal costs more; Term insurance — AMF — Term-100; Term insurance — AMF — no cash surrender value; Term Life — Assuris — product definition; Term Life — Assuris — treated as a death benefit. In effect from October 11, 2026; checked October 11, 2026.
A joint first-to-die policy pays once, when the first partner dies, and the survivor then has to apply for new coverage at an older age. Two single policies cost more in total, by FCAC’s description, but each partner keeps their own coverage and can change a beneficiary more easily after a separation.
Common mistakes with term life insurance
- Comparing quotes with different terms. A 20-year quote and a 30-year quote are different products even at the same coverage amount, because FCAC says premiums are set according to the length of the term.
- Assuming conversion lasts as long as the policy. The stated deadlines on this page fall between ages 69 and 71, and a long term bought in mid-life can outlast them.
- Treating renewal as a plan. Renewal is a fallback: the AMF says a renewed contract costs more than the previous period, and Manulife says a new age-based rate takes effect at each renewal.
- Letting premiums lapse. FCAC says an insurer may cancel a policy when premiums are not paid, and a term policy has no cash value to fall back on. The emergency fund calculator sizes a cash reserve in months of expenses.
- Sizing coverage once and never revisiting it. The worked example above falls by about half in ten years. A new mortgage, a new child or a paid-off loan each changes the amount and the years.
- Cancelling an old policy before the new one is in force. FCAC notes a penalty may apply for cancelling before expiry, and a gap between policies means no coverage at all.
How this list was put together
YieldMaple read each insurer’s own term life page on October 11, 2026 and recorded only what the page states, with the exact wording saved for each fact. Term lengths, coverage amounts, renewal ages, exchange windows and conversion deadlines are shown where an insurer states them, and “not stated” where it does not. No insurer supplied information or paid to be listed, there are no affiliate links on this page, and the alphabetical order is not a ranking. The list is not exhaustive: other insurers also sell term life insurance in Canada, and leaving one out is not a judgment about it. Sample prices that appear on some insurers’ pages are left out on purpose, because they describe one example applicant. Renters arranging first policies can also see the comparison of tenant insurance in Canada.