Term Life Insurance

Obtaining life insurance coverage for periods ranging from 10 to 30 years. This type of protection is ideal for situations where the coverage duration is pre-established, such as fulfilling mortgage obligations or financing a child’s education.

Google Review logo
4.8 Stars
Term Life Insurance hero banner

Our Reviews

Excellent4.8 Based on 352 reviews from ★★★★★ Artmiz was very pleasant and efficient to deal with. She was prompt in her replies, and in answering any other questions we had. Her travel insurance pricing was the best that we found,Jean BamfordJean Bamford ★★★★★ Artmiz was totally great!! She is so pleasant, efficient and she gave us the best price and advice!! It was a pleasure to work with her.Ian BamfordIan Bamford ★★★★★ Very good. LovelyDonna KeenanDonna Keenan ★★★★★ Our agent Artmiz was very knowledgeable and answered all of our hypothetical travel scenarios with ease. The premium savings were significant because Allianz offers "top-up" products to those of us who have existing coverage, but need more.catherine onishicatherine onishi ★★★★★ Ummi is always helpful and professional. She has been helping our family for all travel insurance over the past years.MargieMargie ★★★★★ Ummi is courteous and professional. Good job!Rod SetoRod Seto ★★★★★ Artmiz was very pleasant and helpful in providing the coverage needed for my trip.John CliffordJohn Clifford ★★★★★ Nice Dealing And Nice Explanation…Harman BasraHarman Basra ★★★★☆ I want to let everyone know that when you buy your insurance from Alliance, buy it from Dornaz. I have had 2 separate policies through her and can't say enough about her thoroughness, knowledge of the product and her customer service. It was pleasure dealing with her.Nola DyckNola Dyck ★★★★★ Great customer serviceJennifer PhillipsJennifer Phillips ★★★★★ I had a very good experience with Dornaz. She was very helpful and got my policy together quickly. I will certainly recommend her to my friends.Steve StaplesSteve Staples ★★★★☆ Thank you Theresa and Adam for your help with our travel insurance plans, for your timely assistance and the savings you were able to find for us.Yogashiatsuyucatan DonypaolaYogashiatsuyucatan Donypaola ★★★★★ Artmiz Namazi provided excellent service. She was very professional and took the time to explain the insurance coverage and answer all my questions. She is a great asset to your company and I will not hesitate to recommend her to my friends and familyChris DingsdaleChris Dingsdale ★★★★★ Artmiz was very helpful, friendly and informative. She really knows her subject and was ready to help in any way.Carolyn CassellsCarolyn Cassells ★★★★★ Theresa Heuser is professional and competent in the insurance process. A pleasure!Ronald BironRonald Biron ★★★★★ What a pleasure dealing with Ummi, who took all the pain out of purchasing Travel Insurance for my wife and I, who are both 80 year old Seniors. Sensitive and yet enquiring, Ummi guided us through the minefield of questions with the competant ease of an expert. Ummi was responsive to any unintended omissions and made sure there were no loose ends that could disqualify any future claim. We go on Holiday knowing that we have been professionally prepared with cover for Medical emergencies, if they should arise.John DawkinsJohn Dawkins ★★★★★ great service by the phone and email.h mh m ★★★★★ We bought Emergency Medical policy for our coming trip from Ummi Hanny. She was such a good help and responsive to all our questions, either by phone or emails. Such an excellent service, above and beyond our expectations!! Thank you!Jacob SteinbergJacob Steinberg ★★★★★ We booked travel insurance with Ummi Hanny for a river cruise we are taking this summer. She was very professional, responded quickly and efficiently to emails, calls and questions. Would definitely recommend her and Alliance/Allianz.Kathy CastleKathy Castle ★★★★★ It was a pleasure to deal with Artmiz. Very polite and Patient. Nice to deal with someone who knows and enjoys their job.Tom BrailsfordTom Brailsford ★★★★★ I just finished getting a tailored insurance package with the help of Ummi. I really appreciated the attention to detail and how knowlegable she was on the various packages. Ummi was able to get us an annual package for me and my wife that focused on our need for Trip Cancellation/Inturruption and also a single trip comprehensive package for our 3 grandchildren that will be traveling with us on our next trip. It was a pleasent experience. Ummi detailed the options and made recommendation that ensured we had the coverage we needed at the best possible price. This was all done over the phone and email and we received the comple package immediately after the purchase in our email. Thanks UmmiJeff LangJeff Lang ★★★★★ We were helped by Ummi Hanny she is very professional and helpful.Thanks for your understanding,Heinz KriegerHeinz Krieger ★★★★★ Ummi was our Insurance agent helping with getting medical and cancelation policy -she was very professional and knowledgeable and was able to get us a very reasonable insurance rates.Milos RudolfMilos Rudolf ★★★★★ Eric provided policy information, confirmed my personal details to ensure the policy would be correct, processed my payment quickly.Tracy HastingsTracy Hastings ★★★★★ I dealt with Ummi Hanny, oh my she was wonderful! She even laughed at my jokes. What a great first experience.Lise BeaulneLise Beaulne ★★★★★ Ummi. was very helpful and pleasant. Billwilliam rockwilliam rock ★★★★★ Our purchase of Allianz Emergency Medical Insurance through Alliance Income Services Corp was a breeze. Ummi and Mariam was a pleasure to work with. They were both very patient, knowledgeable, and efficient in presenting the various options available to us. Mariam did a lot of leg work comparing several insurance companies just to find a plan that suit our needs. Ummi then completed the processing of the policy effortlessly and made the process seamless. I would highly recommend anyone who needs an insurance coverage to speak to especially this two ladies.Danny ChinDanny Chin ★★★★★ My agent Artmiz was very helpful and provided me with a quote quickly. When I was ready to accept the quote she responded quickly and sent me all the necessary documents just as efficiently. Happy with my interactions.Stephanie RumbleStephanie Rumble ★★★★★ Eric and Bob were both extremely helpful and attentive to my needs.Paul CodyPaul Cody ★★★★★ Teresa was great. Addressed all my concerns.Robert CarterRobert Carter ★★★★★ The service given by Ummi Hanny was excellent- very pleasant, courteous and professional.Simin MeshginnafasSimin Meshginnafas ★★★★★ I had a top notch experience with this insurance broker. Eric Clementi was the person that helped me from the day that I asked for a quote online. He was very thorough with explaining every minor details that might be misunderstood between the client and the provider. Eric is very professional with his tone of voice which makes a potential client feel at ease. Nonetheless, I’ve tried different insurance broker, their monthly fees are way above the average, Alliance income Services Corp has the most decent fee for a family of five… it’s a bang for the buck kind of thing. Truly recommend this company. 👍Mark EngelMark Engel ★★★★★ Eric Clemente and Ryan were excellent to deal with. Both were very helpful , to the point , and curious .Michael BoudreauMichael Boudreau ★★★★★ Excellent service by Eric Clementi and Ryanmargaret burnsmargaret burns ★★★★★ Eric and Adam were very helpful with my travel medical insurance. Now I realize if I have to use this coverage that I will be in great hands.Bonnie SmithBonnie Smith ★★★★★ Hello...Eric was very easy to work with ....very polite....and set up my insurrance policy very quickly....thank you again Eric....Marsha Risser.Marsha RisserMarsha Risser ★★★★★ I ordered insurance for my husband and myself. It was a very easy process and was helped greatly by Eric and Dylan. Both were very diligent with helping me through it all. Very easy and quick.Marilee Van BuskirkMarilee Van Buskirk ★★★★★ It was a pleasure speaking with Eric Clementi. He was polite, understanding and considerate.Mohinder BangaMohinder Banga ★★★★★ I was quite happy to get excellent & friendly customer services from Artmiz - very helpful & knowledgeable!Bruce YeeBruce Yee ★★★★★ Great service from knowledgeable and very helpful people. Thank you Eric Clementi and Ezarie!Beverley HowickBeverley Howick ★★★★★ Eric Clementi is the manYunus PatelYunus Patel ★★★★★ I had to sign up for my own health and dental insurance. The staff at this company were quick to get back to me and provide suggestions on insurance plans. The sign up process was very easy to do over the phone. I communicated with Eric Clementi who was very professional and efficient.Muhammad KoyaMuhammad Koyajs_loader
Insurance Shopping CTA banner

Shopping for Term Life Insurance? We Can Help!

We make finding the right insurance coverage fast and simple by connecting you with the best insurance providers in Canada.

Browse options, compare rates, and save more on HealthRates.ca.

Understanding Term Life Insurance

Term life insurance is a straightforward policy that provides coverage for a specified period (the “term”). During this term, if the insured person passes away, the policy pays out a lump-sum death benefit to the beneficiaries. You can choose from different term lengths (e.g., 10, 20, or 30 years) based on your needs. Unlike permanent life insurance, term policies don’t accumulate cash value, making them more affordable. They focus solely on providing financial security for your loved ones.

Key Benefits

Having a term life insurance in Canada offers several key benefits:

Coverage Duration:

Term life insurance typically lasts between 10 and 30 years. You choose the term based on your needs and financial goals.


Term policies are more affordable than whole life insurance because they lack investment components. They focus solely on providing protection during the chosen term.


People often use term life insurance to cover specific periods of their lives, such as when buying a home, starting a family, or during their highest-earning years.


You can select from different term lengths:

  • Term 10: Ideal for short-term needs (e.g., paying off car loans or student debt).
  • Term 20: Suitable for covering mortgage payments or funding children’s education.
  • Term 30: Great for long-term needs (e.g., a mortgage with over 25 years left).

Different Types of Term Life Insurance

Here are the details of different types of term life insurance available in Canada:

Level Term Insurance/Fixed Term Insurance

  • Provides coverage for a specific period (e.g., 10, 20, or 30 years).
  • Premiums remain fixed throughout the term.
  • No cash value accumulation.
  • If you pass away during the term, beneficiaries receive a tax-free payout.

Yearly Renewable Term Insurance

  • Renews annually.
  • Premiums increase as you age.
  • No cash value.
  • Beneficiaries receive a payout if you pass away during the year.

Decreasing Term Insurance

  • Coverage amount decreases over time (often used for mortgage protection).
  • Premiums remain constant.
  • No cash value.

Term Life With Return of Premium

  • If you outlive the term, you get back the premiums paid.
  • Higher initial premiums.
  • No cash value.

No Medical Exam Term Insurance

  • Simplified underwriting without a medical exam.
  • Quick approval process.
  • No cash value.

Group Life Insurance

  • Typically offered through employers or associations.
  • Covers a group of people.
  • No cash value.

Mortgage Life Insurance

  • Specifically for mortgage balance coverage.
  • Beneficiaries receive the payout to pay off the mortgage.
  • No cash value.

Tips for Saving Money on Term Life Insurance

At HealthRates.ca, our goal is to help you save money. One of the most effective ways to cut costs on Term Life Insurance is by comparing rates from different providers. We understand that this process can be time-consuming, but we’ve simplified it for you. Simply request a quote on our website, and we’ll handle the task of evaluating rates from major Canadian insurers. Our dedicated team ensures you receive the most competitive options available. In addition to our streamlined service, here are some proven tips for saving money on Term Life insurance.

Regularly Compare Plans:

Keep an eye on term life insurance plans. Review policies annually or when major life changes occur. Staying informed ensures you get the best coverage at competitive rates.

Buy Term, Not Permanent Life Insurance:

Term life insurance is the most affordable option. It provides coverage for a specified period (e.g., 10, 20, or 30 years). Permanent policies are much more expensive because they guarantee a payout regardless of when you pass away. Most families only need coverage during specific years (like when you have a mortgage and children at home). So, opt for term insurance.

Purchase the Right Amount of Coverage:

Get precise advice on the protection you need. Consider your debts, income, mortgage, and education costs for your kids. Avoid overprotecting yourself and your family by buying only what’s necessary.

Take the Life Insurance Medical Exam:

While some policies promise instant approval without a medical exam, these “no-medical” options are costlier. Opt for a standard term life insurance policy that requires a medical exam. It’ll likely save you money in the long run.

FAQ’s – Term Life Insurance

Learn more about Term Life Insurance with our FAQ section. Get answers to common questions about coverage, benefits, and more.

When considering life insurance, it’s essential to assess your unique circumstances. There are two primary categories: Permanent Life Insurance and Term Life Insurance. Permanent policies guarantee a beneficiary payout upon the insured’s passing, provided premiums are consistently paid. In contrast, term policies pay benefits only if the insured passes away within the agreed-upon policy duration. Factors like financial responsibilities, dependents, and long-term goals influence your decision. For personalized guidance, consult a financial professional.

A beneficiary is the person designated to receive the death benefit from your life insurance policy. You, as the policyholder, specify this individual. You can name multiple beneficiaries, distributing the cash value equally or based on predetermined percentages. This flexibility is useful for scenarios like dividing funds among your children. Additionally, consider appointing a contingent beneficiary in case a primary beneficiary predeceases you. You can even choose a charitable organization as a beneficiary.

As a policyholder, you can typically update your life insurance beneficiaries. Whether due to evolving family dynamics, financial responsibilities, or personal preferences, you have the flexibility to name multiple beneficiaries, allocate percentages, and adapt your choices over time.

The price of life insurance varies based on several factors, including age, health, coverage amount, and policy type. Generally, Term Life Insurance is more affordable, providing coverage for a specified period. In contrast, Permanent Life Insurance tends to be costlier due to its lifelong coverage and cash value accumulation. Younger, healthier individuals often secure lower premiums. To determine the cost, consider your financial situation, coverage needs, and long-term goals. Consulting with insurance providers, using online calculators, and seeking quotes can help assess potential expenses related to life insurance.

Life insurance premiums depend on factors like age, health status, coverage amount, and the chosen policy type. Typically, younger and healthier individuals secure lower premiums. Meanwhile, Permanent Life Insurance, which offers lifelong coverage and cash value accumulation, tends to have higher costs.

Let's Get Started

All Products Form (#7)
Google Review logo
4.8 Stars