What is term life insurance?
Definition
Educational information only. Last reviewed August 25, 2026.
How it works in Canada
At the end of the term, most policies renew automatically at substantially higher rates or expire at a stated age. Many term policies include a conversion privilege allowing a change to permanent coverage without new medical evidence, within stated deadlines.
Example
A 35-year-old with a 25-year mortgage may buy a 20- or 30-year term policy sized to the mortgage and income replacement need.
Learn more
Written and reviewed by CanadaGFI.ca Editorial Team
Licensed insurance and financial professionals contributing to CanadaGFI.ca
Published and last reviewed August 25, 2026. Read our editorial policy and disclosures.
This page is educational information about Canadian financial concepts. It is not personalized financial, tax, insurance or legal advice, and it does not consider your individual circumstances. Product availability, eligibility, pricing and tax treatment depend on the provider, your situation and current Canadian rules. Speak with a professional licensed in your province before acting.
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