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.

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Our Reviews

Excellent4.8 Based on 395 reviews from ★★★★★ Attended by Artmize, good customer service, puntual and very professional. Will continue making bussiness with her.Edgar MontanoEdgar Montano ★★★★★ Sehar Bajwa was great and very knowledgeable. Sehar has been more than helpful over the last few years with my travel insurance needs. Thank you again Sehar.Kevin RodgerKevin Rodger ★★★★★ Sehar was super to deal with! she called with clarifications and any questions. Very happy with our travel insurance purchase. Hoping if we need to use it will be clear and easy too. Thank you Sehar we appreciate youDeb KnightDeb Knight ★★★★★ Sehar Bajwa gave us a lot of attention over 2 days with a details sent by email and over the phone. We obtained exactly what we wanted for medical insurance for the trip. Thank you Sehar!!Mary Lou and Fred CrossanMary CrossanMary Crossan ★★★★★ I’ve dealt with Sehar for the last few years and she is knowledgeable and helpful when purchasing our insurance for our stay in Florida for the winter I highly recommend herRachel BlouinRachel Blouin ★★★★★ Sehar was wonderful to deal with while buying medical insurance for our winter in Arizona. We had been having trouble securing insurance for my husband because of some health issues and she found a company very quickly that would cover him. Of course we always hope not to have to use our insurance but if we do I hope it goes as smoothly as when we purchased. Thank you Sehar!Faye Libler (MacGIRLver)Faye Libler (MacGIRLver) ★★★★★ Sehar Bajwa always followed up and double checking all prices and providers for the best insurance to fit our needs. Very patient and thorough, highly recommend her expertiseLindaLinda ★★★★★ Quick, reasonable and the broker, Sehar Bajwa was helpful, knowledgeable and kind.Thank you Sehar!Cindy MathisonCindy Mathison ★★★★★ Sehar was a great help in sorting out my travel insurance, even while I was on the road, follow up was easy.Emergency medical and Trip insurance, got a great rate, tks again Sehar!Donna KarjalainenDonna Karjalainen ★★★★★ Service was excellent. Assisted in every way possible to clarify my needs.John FantinJohn Fantin ★★★★★ I and my wife got travel insurance with help of insurance agent Sehar Bajwa. Tanks a lot for Sehar Bajwa for very professional and competent job.Mikhael ChernitskyMikhael Chernitsky ★★★★★ Thanks Sehar for your knowledge and patience while I decided which package to take!! Well done!Bandna SawhneyBandna Sawhney ★★★★★ I had a great experience with Sehar when purchasing my travel insurance.Joy McDonellJoy McDonell ★★★★★ Thank you Ummi, Alliance Income for her wonderful service, she was helping me with travelling insurance with professional manners, giving me options and advices that I felt very comfortable and confidence. The process was smooth and efficient, right after the phone call process, the policy was immediately delivered to my e-mail. I would recommend Alliance Income and agent Ummi. Thanks.Katiana LoKatiana Lo ★★★★★ Spoke with Artmiz. Very knowledgeable and very professional. Answered all my questions.Would highly recommend her to family and friends...actually, I already did and my friend was very pleased with the service she receivedPam SinghPam Singh ★★★★★ My dealings with both Adam and Theresa were handled in a professional prompt manner giving me confidence in Alliance. I hope never to have the need to use my coverage, but I would hope that the experience would be as good.Eklove ShatnerEklove Shatner ★★★★★ Ummi was most helpful and informativewhen I purchased Trip Cancellation andInterruption coverage on September 19!Stephen J. RushfordStephen J. Rushford ★★★★★ Amazing service! Nice to talk with a real person and not just online. Great at changing my insurance with no issues.Joanne HuntJoanne Hunt ★★★★★ Artmiz was capable, responsive and punctual. A good experience!Geoff StilesGeoff Stiles ★★★★★ Once again Ummi has provided an economical rate and stress free service for my snowbird health insurance. Strongly recommend for price and revive many thanksElizabeth BastableElizabeth Bastable ★★★★★ Theresa helped me get medical insurance for my upcoming trips. She explained everything in detail making it an easy for me to make the decision!christine Foxchristine Fox ★★★★★ Theresa Hauser provided excellent service - clear information and great support regarding travel insurance- both cancellation and interruption.Don WagnerDon Wagner ★★★★★ Theresa was very helpful & answered all my questions. Very efficient & I received all the documents & information within minutes. Thank you TheresaIrene HartlIrene Hartl ★★★★★ Quick and efficient process and very good, pleasant exchange with agent Theresa HeuserRandy KlattRandy Klatt ★★★★★ Theresa is very helpful and efficient. I get all my insurance needs done seamlessly by this company.Maria Cecilia Danganan-LandichoMaria Cecilia Danganan-Landicho ★★★★★ Artmiz Namazi was a very nice person to deal with. She went far and beyond to help me to have the best deal. She understood my problem and made sure I knew it was solved. I will greatly recommend her to anyone searching for emergency travel insurance.Catherine PoplawskiCatherine Poplawski ★★★★★ Theresa Heuser helped me with buying travel insurance today. She was amazing!! The process was fast and painless. I always find buying our travel insurance to be one of the most stressful things in getting ready to travel. Thank you Theresa for making it so easy for me.Pat and Art ThorrougoodPat and Art Thorrougood ★★★★★ Theresa was prompt at replying, answering all my questions and very friendly and pleasant to deal with. She is an asset to your company.Yvonne FjaagesundYvonne Fjaagesund ★★★★★ Great experience. Theresa Heuser And Sabrina Izdiher helped me with everything. Very helpful and awesome customer serviceGurasisGurasis ★★★★★ Great professional quick service!Colleen Van HornColleen Van Horn ★★★★★ It was good, customer service and the client dealing is best and also they get you good deals.Ahtsham SaifAhtsham Saif ★★★★★ Theresa was very clear and helpful with our travel insurance questions.Gabriella KleinGabriella Klein ★★★★★ Theresa was very helpful and professional in all our dealings! Would recommend her highly.Joyce SchaafJoyce Schaaf ★★★★☆ Theresa was very efficient, friendly and patient.Sandra PerrinSandra Perrin ★★★★★ Artmiz Namazi was an excellent person to deal with. She was very knowledgable and gave me excellent advice. Her quick response to my inquiries on line and over the phone were great. She was extremely helpful and friendly and gave 5 star service.The price for the insurance I needed was also excellent. Thanks ArtmizFran SmythFran Smyth ★★★★★ Excellent product at a cheaper price than other providers.Dale CrawfordDale Crawford ★★★★★ Brilliant and professional support given by Artmiz. Very happy with our Travel Insurance Policy. Thank youSabir ParvaizSabir Parvaiz ★★★★★ I am So glad and happy to have the agent name Ummi to assisted me purchase our travel insurance, very pleasant and helpful. Introduced her to my friends, they were happy with the service too. Thanks Ummi. For sure will looking for you at next travel time.Van TranVan Tran ★★★★★ Great people & service.Dave GobellDave Gobell ★★★★★ Great job, knowledgeable, very patient and tried her best to help me. Thanks Ummi for excellent customer serviceRazijaRazija ★★★★★ 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 onishijs_loader
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Shopping for Term Life Insurance? We Can Help!

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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.

Affordability:

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

Purpose:

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.

Flexibility:

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.

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