About Manulife Insurance

Manulife is Canada’s largest life insurance company and one of the country’s most recognized financial services organizations, founded in 1887. Through its Canadian insurance divisions, the insurer offers a wide range of products, including term life, permanent life, critical illness, disability, and travel insurance, as well as group benefits for individuals and businesses.

Manulife Family Term is the company’s flagship fully underwritten term life insurance product. It is designed to provide affordable financial protection while offering extensive flexibility through multiple coverage structures, optional riders, conversion privileges, and policy change options. Backed by more than a century of experience and a strong financial foundation, it remains one of Canada’s leading life insurance providers for individuals, families, professionals, and business owners. 

Manulife Insurance’s financial strength (As of 2026)

Disclaimer: Figures and ratings are based on the latest available information and may change over time

Types of Manulife Family Term Life Insurance plans

Manulife offers two versions of its flagship term life insurance product, allowing families to choose the benefits and features they desire. While both plans provide flexible, renewable, and convertible life insurance protection, they differ in the additional benefits available to policyholders.

Here’s an overview of the two plans: 

Manulife Family Term

Family Term is Manulife’s standard fully underwritten term life insurance policy, which offers affordable financial protection with flexible premium options, multiple coverage structures, and extensive customization through a series of optional riders.

Policyholders can choose between Term 10, Term 20, Term 65, or Term Life premium options, depending on how long they need coverage. The policy also includes valuable built-in benefits such as a terminal illness cash advance and up to $1,000 for bereavement counselling. In addition, it offers guaranteed renewability and the option to convert to eligible permanent policies without providing new medical evidence within a set conversion deadline.

Manulife Family Term with Vitality Plus

Family Term with Vitality Plus includes all the protection and flexibility of the standard Manulife Family Term policy, but with a higher coverage limit of $25 million and access to the popular Manulife Vitality Plus wellness program. The plan is designed for Canadians seeking more value from their policies through a comprehensive wellness program.

The Vitality program rewards healthy lifestyle habits by offering annual premium savings, personalized health recommendations, wearable device incentives, and a host of discounts from participating health and retail partners. 

Manulife also offers CoverMe term life insurance, with options such as Term 10, Term 20, and Easy Issue coverage. These plans are designed for a simpler online buying experience, but they generally offer less flexibility and are more expensive than Family Term. For applicants seeking broader coverage and longer term choices, Manulife Family Term is usually the more comprehensive option.

What is Manulife Vitality Plus? 

One of the biggest features that distinguishes Manulife from most Canadian life insurers is Manulife Vitality Plus. Members earn Vitality Points by completing eligible health, fitness, and wellness activities. This includes running, completing health assessments, undergoing preventive health screenings, and participating in approved wellness programs.

Beyond savings on premiums, Vitality Plus in the Family Term with Vitality Plus plan also provides access to health and lifestyle rewards through participating partners, such as Apple, Garmin, and Oura.

Manulife Family Term comes bundled with the Vitality Go subscription at no additional cost, while Family Term with Vitality Plus offers Vitality Plus and all allied benefits. Here’s a quick comparison of Manulife Vitality Go and Vitality Plus, as offered with Family Term and Family Term with Vitality, respectively:

Learn more about Manulife Vitality Plus in our comprehensive breakdown.

Does Manulife Vitality Plus affect your underwriting?

No, participating in the Manulife Vitality Plus program does not affect your underwriting class or status. Your Healthstyle category is determined during underwriting based on factors such as your tobacco use, personal and family medical history, occupation, recreational activities, and overall health profile.

Pros and cons of Manulife term life insurance

How much does Manulife Family Term Life Insurance cost?

The cost of Manulife term life insurance ranges between $7.71 and $147.12. Your premiums depend on the coverage amount and personal factors, such as gender, age, smoking status, and health. 

Here is a sample monthly term life insurance rate for $100,000 in coverage for a 10-year term:

What are Manulife Family Term’s payment options and lapse protection features?

Manulife offers several convenient premium payment options, allowing policyholders to choose between:

• Monthly (pre-authorized debit)
• Quarterly
• Semi-annually
• Annually

As long as premiums are paid when due, the policy remains in force throughout the selected premium period. For Quarterly, Semi-annual, and Annual plans, policyholders will need to mail or deliver premiums by cheque to head office.

If a premium is missed, the policy may enter a grace period of 31 days before lapsing, after which reinstatement or resumption may be available, subject to the terms of the policy contract. During the grace period, the policy remains in force. If a claim becomes payable during this period, any unpaid premium may be deducted from the benefit payable.

However, if the policy lapses because premiums are not paid, Manulife generally allows reinstatement within two years of the lapse date, subject to the policy provisions. Policyholders can submit an application and pay all outstanding premiums and interest to restore coverage.

What riders are available with Manulife Family Term Life Insurance? 

Manulife Family Term Life Insurance can be customized with several optional riders, such as Accidental Death Benefit, Guaranteed Insurability, Business Guaranteed Insurability, and more. These add-ons provide additional protection and benefits for individuals and families, offering enhanced coverage.

Here’s a quick overview of each rider available with the Manulife Family Term Life Insurance policy:

Can you convert Manulife Family Term Life Insurance to permanent insurance?

One of the biggest advantages of a Manulife Family Term policy is the guaranteed conversion privilege, which allows eligible policyholders to convert some or all of their term life insurance to an eligible permanent life insurance policy without providing new medical evidence of insurability.

Even if the policyholder develops a medical condition that might otherwise make it difficult to obtain coverage through traditional underwriting, the privilege allows them to convert their term policies to eligible permanent policies.

Can you increase or decrease your Manulife term life insurance coverage?

Yes, Manulife Family Term allows policyholders to adjust their insurance coverage after the policy is issued, subject to the insurer’s rules and underwriting requirements:

Increasing your coverage: If your insurance needs grow, you can apply to increase your coverage. If approved, the additional coverage is issued as a separate insurance coverage with its own effective date and premium.

Decreasing your coverage: If your insurance needs decrease, you can request to reduce your coverage amount, subject to the rules regarding minimum decreases and minimum amounts of insurance coverage. If combined coverage is decreased, the new amount of insurance must be the same for each policyholder.

Can you exchange Manulife Family Term Life insurance for a longer term?

Manulife allows eligible policyholders to change all or part of their term coverage to a longer-term option without providing new evidence of insurability, provided the request is made within the specified deadline and meets the insurer’s rules.

Here’s an overview of the Manulife Family Term Life term exchange options:

Can you split a joint Manulife Family Term policy?

Yes, Manulife offers a policy-splitting provision for certain joint coverage arrangements. If a qualifying relationship or business partnership ends, eligible joint policies may be divided into separate individual policies without requiring each insured person to purchase new coverage. 

The new policies are issued subject to the conditions in the original contract, making it good for preserving life insurance protection during major life changes such as divorce, separation, or the dissolution of a business partnership.

How does Manulife life insurance compare to other insurance providers?

Manulife Family Term stands out for its flexible coverage structure, comprehensive conversion options, and wellness-focused benefits. Policyholders can choose different terms, with the flexibility to exchange eligible term options and convert their policy to permanent life insurance before the conversion expiry date.

One of Manulife Family Term’s biggest strengths is its built-in policy benefits, including the compassionate assistance program, bereavement counselling assistance, and survivor’s benefit for eligible joint first-to-die policies. Policyholders can further enhance their coverage with a suite of riders, such as the child protection rider, total disability waiver, and guaranteed insurability option. With variable coverage structures, it is well suited for families seeking comprehensive coverage at affordable rates.

Read our guide to the best term life insurance companies in Canada to compare leading insurers side by side.

Our advisor’s take on Manulife term life insurance

At PolicyAdvisor, we recently helped a 36-year-old parent secure Manulife Family Term with Vitality Plus to protect their family’s finances while paying off a mortgage and planning for their children’s future. They were seeking long-term flexibility, access to wellness rewards, and the option to convert to permanent life insurance later without another medical exam.

Client profile

• Age: 36
• Family: Married with two young children
• Primary concern: Mortgage protection and income replacement
• Coverage goal: $1.5 million in Family Term with Vitality Plus insurance

Why we recommended Manulife Family Term with Vitality Plus:

• 20-year term coverage that aligned with the client’s remaining mortgage and their children’s expected years of financial dependency
• Guaranteed conversion privilege, allowing them to convert all or part of their coverage to an eligible permanent Manulife life insurance policy
• Term exchange option, enabling them to upgrade to a longer-term coverage option within the eligible period
• Manulife Vitality Plus program, offering the opportunity to earn premium savings and lifestyle rewards by maintaining healthy habits
• Multiple rider options allowed the policy to be customized with disability protection and children’s insurance

How to purchase Manulife term life insurance in Canada

PolicyAdvisor’s licensed life insurance advisors can help you compare different term life policies offered by Manulife based on your age, budget, health, coverage needs, and financial goals.

Whether you are looking to protect your family, cover your mortgage, or secure affordable coverage for a specific period, our advisors at PolicyAdvisor can help you choose the right term length, coverage amount, and optional riders to fit your needs.

Frequently Asked Questions

How much coverage can I get with Manulife Family Term Life Insurance?

Manulife Family Term offers coverage amounts starting at $100,000. Meanwhile, applicants choosing Family Term with Vitality Plus can apply for coverage starting at $250,000, subject to underwriting approval.

Can I convert Manulife Family Term to permanent life insurance?

Yes, eligible policyholders can convert all or part of their Family Term coverage to an eligible Manulife permanent life insurance policy without providing new medical evidence.

Is Manulife Family Term insurance available for couples?

Yes, Manulife offers several coverage structures for couples. Combined coverage is available with Term 10, Term 20, and Term 65, while joint first-to-die and joint last-to-die coverage are available with Term Life policy duration. 

Can I increase my coverage after purchasing the policy?

Yes, you may apply to increase your coverage if your insurance needs change. Coverage increases are subject to Manulife’s underwriting requirements and administrative rules. If approved, the additional amount is issued as a new policy with its own coverage date and premium.

Can I name a minor as beneficiary?

Yes, you can name a minor as a beneficiary as long as you appoint a trustee or an administrator to oversee the proceedings. However, special rules apply to benefits payable to minors, with requirements varying by province.

Does Manulife Family Term have any exclusions?

Yes, Manulife Family Term is subject to exclusions and limitations outlined in the policy contract. For example, a death benefit may not be paid if the insured dies by suicide within the first two years of the policy or following a reinstatement. Manulife may also contest coverage in cases of material misrepresentation or failure to disclose required information, subject to the terms of the policy and applicable law.

What is BMO term life insurance?

BMO term life insurance is a temporary life insurance policy that provides affordable coverage for a predetermined period. If the insured person dies during the policy term, BMO pays a tax-free lump-sum death benefit to the named beneficiaries. BMO offers five coverage terms: Term 10, Term 15, Term 20, Term 25, and Term 30. The coverage amount ranges from $100,000 to $30 million. 

The premiums for BMO term life insurance are guaranteed during the selected term, and the policy is renewable up to the insured’s attained age of 85. To further customize coverage, policyholders can add optional riders such as critical illness benefits, waiver of premium, accidental death benefit, children’s term insurance, and a business guaranteed insurability option.

Key features of the BMO term insurance policy:

Who is eligible for BMO life insurance?

To qualify for BMO Term Life Insurance, applicants must meet the insurer’s age and underwriting requirements. BMO uses Age Nearest when determining issue age. Eligibility includes:

• Age requirements vary by term length:
  • Term 10: Ages 18-75
  • Term 15: Ages 18-70
  • Term 20: Ages 18-65
  • Term 25: Ages 18-60
  • Term 30: Ages 18-55 
• Applicants must complete BMO’s underwriting process, where eligibility and premiums are determined based on factors such as health, medical history, smoking status, and lifestyle

Types of BMO term life insurance plans

BMO Term Life Insurance is available in five term lengths: 10, 15, 20, 25, and 30 years, so you can choose a coverage period that aligns with your financial goals and obligations. The premiums are guaranteed for the duration of your selected term, and the policy is renewable if you wish to continue coverage afterward, until age 85.

BMO also provides flexibility if your insurance needs change over time. Eligible Term 10 policies can be exchanged for Term 15, 20, 25, or 30, while Term 15 policies can be exchanged for Term 20, 25, or 30 without purchasing a new policy. Additionally, all BMO term policies can be converted to an eligible permanent life insurance policy before age 71 without providing new medical evidence, helping you maintain lifelong coverage if your needs evolve.

What is covered under BMO term insurance?

The primary benefit of a BMO Term Life Insurance policy is the tax-free death benefit, which is paid to your beneficiaries if you pass away during the policy term. Your loved ones can use this payout to replace lost income, pay off a mortgage or other outstanding debts, cover funeral expenses, fund your children’s education, or meet other financial obligations. In addition to the death benefit, BMO life insurance includes the following:

• Conversion privilege: Convert your term policy to an eligible permanent life insurance policy before age 71 without providing new evidence of insurability. BMO also offers a Term Conversion with Reset option, allowing you to convert part of your coverage to permanent insurance while keeping the remaining coverage as a new term rider. At least 50% of the total converted sum insured must be allocated to permanent coverage
• Optional riders: Enhance your policy with add-ons such as living benefit (Critical Illness) riders, waiver of premium, accidental death benefit, children’s term insurance benefit, and a business guaranteed insurability option 
• Complimentary loss support services: BMO Insurance provides beneficiaries with bereavement support through its partnership with Empathy. This complimentary service helps beneficiaries navigate grief, estate settlement, funeral planning, and other practical tasks following a loss
• Term exchange: You can exchange all or part of the sum insured of Term 10 policy for a Term 15, 20, 25, or 30 policy, subject to certain limits, during the first five years of coverage. You can also convert your policy to an eligible permanent insurance policy at any time before age 71, without undergoing a medical exam or completing a health questionnaire

Pros and cons of BMO term life insurance

How much does BMO term insurance cost?

The cost of BMO term life insurance starts at approximately $8/month for a healthy 20-year-old non-smoking female and around $9.45/month for a non-smoking male, with $100,000 of coverage and a 10-year term. Your actual premium will depend on factors such as your age, gender, smoking status, health, coverage amount, and the term length you choose.

Cost of BMO term life insurance (2026)

*Illustrative term life insurance cost for male and female non-smoker seeking $100,000 in coverage for 10-year term

What riders are available with BMO life insurance?

BMO term life insurance offers optional riders that let you customize your policy based on your family, health, or business needs. Some of these riders are listed below:

• Living benefit (critical illness) rider: Provides critical illness coverage that pays a lump-sum benefit if you are diagnosed with a covered critical illness, helping you manage medical expenses, replace lost income, or cover other recovery-related costs. BMO offers Living Benefit with Term 10 and Term 15 policies, while Living Benefit 10 or 20 riders are available with Term 20, Term 25, and Term 30 policies
• Waiver of premium rider: If you become totally disabled and meet the rider’s eligibility requirements, the waiver of premium rider allows your policy to remain in force without requiring you to continue paying premiums. This helps ensure your life insurance coverage stays active during periods of financial hardship caused by disability. The rider is available on single-life policies only
• Accidental death benefit rider: The accidental death benefit rider provides an additional insurance payout if the insured dies as a result of a covered accident. This extra benefit is paid in addition to the policy’s regular death benefit, offering greater financial protection for your beneficiaries. It is available for each insured person under eligible joint-life policies
• Children’s term insurance benefit: This rider extends life insurance coverage to your eligible children under a single policy. It provides an affordable way to protect your family while giving your children access to life insurance coverage during their younger years. Under joint-life policies, this rider is available on the youngest insured parent
• Business guaranteed insurability option: Designed for business owners, this rider allows you to increase your life insurance coverage at specified future events without providing new medical evidence, subject to the rider’s terms and conditions. It can be valuable for businesses expecting growth or changes in ownership, helping ensure insurance coverage keeps pace with evolving business needs

What is BMO’s complimentary loss support service?

BMO life insurance includes complimentary loss support services for beneficiaries through Empathy, a bereavement support platform that combines technology with personalized human guidance. This service is available at no additional cost to eligible BMO Insurance policyholders and is designed to help families go through the emotional, administrative, and practical challenges that arise after losing a loved one.

The service provides a range of resources to support beneficiaries during the claims and estate settlement process, including:

• Personalized care plans: Receive tailored guidance based on your family’s unique circumstances and immediate needs
• Grief support resources: Access educational materials and emotional support to help cope with the loss of a loved one
• Funeral planning assistance: Get help organizing funeral arrangements and managing related tasks during a difficult time
• Estate settlement guidance: Receive assistance with administrative responsibilities such as estate-related paperwork, account notifications, and other post-loss tasks

What is BMO’s term conversion with reset option?

BMO’s term conversion with reset option lets you convert your term life insurance policy into a combination of eligible permanent life insurance (such as whole life or universal life) and a new term rider. This conversion is possible before you reach age 71 and can be done without undergoing another medical exam or providing new evidence of insurability. To use this option, at least 50% of your converted coverage must be allocated to the new permanent life insurance policy. The remaining coverage can be added as a new term rider, with a term length that matches or exceeds your original policy’s term. 

Does BMO offer combined term insurance plans?

Yes, BMO offers a combined term life insurance option that allows two people to be insured under a single policy instead of purchasing separate policies. This can simplify policy management by combining coverage under one contract while potentially reducing administrative costs compared to maintaining two individual policies. Unlike joint last-to-die coverage, which pays the death benefit after the last surviving insured person dies, combined coverage pays a death benefit on the death of each insured person.

What is BMO’s terminal illness advance benefit?

BMO Insurance provides a terminal illness advance benefit through its compassionate and financial hardship programs. This allows policyholders to access part of their life insurance death benefit while they are living. The benefit is available to qualifying policyholders diagnosed with a terminal illness and a limited life expectancy, typically five years or less, and may be particularly helpful for those facing financial hardship or significant medical-related expenses.

Through this, policyholders can access up to 50% of their policy’s death benefit, up to a maximum of $250,000. Depending on the program, the advance may be paid as a lump sum or in annual installments over five years.

How does BMO life insurance compare to other providers?

BMO Term Life Insurance is a strong choice for those looking for flexible, long-term protection with high coverage limits. It offers five term lengths (10, 15, 20, 25, and 30 years), coverage of up to $30 million, guaranteed premiums, renewable coverage, and the option to convert to eligible permanent life insurance without additional medical underwriting. 

While other insurers may differentiate themselves through wellness programs or other policy features, BMO offers a well-rounded combination of flexibility, conversion options, optional riders, and family-focused support services. To compare BMO with other leading insurers based on pricing, features, customer service, and policy options, read our guide on the best term life insurance companies in Canada.

Our advisor’s take on BMO term life insurance

At PolicyAdvisor, we work with different client profiles on a daily basis. Recently, one of our advisors worked with a 35-year-old business owner who wanted affordable life insurance to protect both his family and growing business. He needed flexible coverage that could adapt over time without requiring another medical exam if his insurance needs changed.

Client profile:

• Age: 35-year-old non-smoking Canadian
• Coverage need: $1.5 million to cover a mortgage, replace family income, and protect business liabilities
• Primary concern: Flexible term life insurance with high coverage limits, strong conversion options, and the ability to adjust coverage as his financial responsibilities evolved

Our comparison: We compared BMO Term Life Insurance with other leading Canadian insurers based on premium competitiveness, term options, conversion flexibility, optional riders, and value-added benefits. For this client, BMO stood out because its five term lengths offered flexibility around his family’s changing financial needs, while the Term Conversion with Reset feature provided a way to add permanent coverage later without additional medical underwriting.

Why we recommended BMO term life insurance:

• Offers five flexible term lengths (10, 15, 20, 25, and 30 years) to suit different life stages and financial goals
• Provides a comprehensive selection of optional riders, including critical illness, waiver of premium, accidental death, children’s insurance, and business guaranteed insurability
• Includes complimentary loss support services through Empathy, helping beneficiaries navigate bereavement and estate-related responsibilities during a difficult time

How to buy BMO term life insurance?

To buy BMO term life insurance with PolicyAdvisor, you will need to follow a few simple steps such as those listed below:

• Compare personalized quotes: Share a few details about your age, health, lifestyle, and coverage needs to receive customized quotes from BMO and other top life insurance companies in Canada
• Speak with a licensed advisor: Our advisors will get in touch with you and explain your options, compare policy features, and recommend the most suitable coverage based on your budget and financial goals
• Complete your application: Apply online with guidance from our team. We will help you with paperwork, medical requirements (if any), and any other things that might be required
• Receive your policy: Once approved, your BMO term life insurance policy is issued, and your coverage begins

So, schedule a call with our licensed insurance expert now and get a BMO term life insurance quote in a few simple steps!

Frequently asked questions

What happens if I outlive my BMO life insurance policy?

If you outlive your term and choose not to renew or convert the policy, the coverage ends, and no benefits are paid out. BMO allows renewal up to age 85 and conversion to permanent life insurance before age 71, providing options to maintain coverage as your needs evolve.

Does BMO offer joint term life insurance for couples?

​Yes, BMO offers joint term life insurance for couples through two distinct policy types: combined life coverage and joint last-to-die coverage. Combined coverage insures two individuals under a single policy, providing a death benefit upon the death of each insured person. After the first death takes place, the policy continues to cover the surviving insured individual. Joint last-to-die coverage, on the other hand, also covers two lives but pays out the death benefit only after both insured individuals have passed away.

Can I convert my BMO life insurance to permanent life insurance?

Yes, BMO allows you to convert your term policy to an eligible permanent life insurance policy before age 71 without providing new medical evidence. It also offers a unique term conversion with reset option that lets you combine permanent coverage with a new term rider.

What optional riders can I add to my BMO term life insurance policy?

The optional riders you can include in your BMO term life insurance policy are living benefit (critical illness), waiver of premium, accidental death benefit, children’s term insurance benefit, and a business guaranteed insurability option.

Does BMO offer a reduced fee if I buy multiple insurance policies?

Yes, BMO offers reduced policy fees when you buy multiple insurance policies. This feature reduces the annual policy fee by $25 on the second and each subsequent eligible policy when multiple qualifying applications are submitted within 60 days of the first application.

What term lengths are available with BMO term life insurance?

BMO offers five term lengths: 10, 15, 20, 25, and 30 years. This allows you to choose a policy that matches your financial commitments, whether you are covering a mortgage, protecting your family, or securing business obligations.

About Assumption Life 

Assumption Life is one of Canada’s oldest independent life insurance companies, founded in 1903 and headquartered in Moncton, New Brunswick. The insurer offers life insurance, critical illness insurance, disability insurance, investment solutions, and group benefits solutions to individuals and businesses across Canada.

While it may be smaller than many of Canada’s largest insurers, Assumption Life has built a solid reputation and offers products that balance affordability with flexibility.

Its life insurance portfolio includes permanent life insurance, participating whole life insurance, simplified issue insurance, guaranteed issue insurance, and term life insurance. Within its term insurance lineup, FlexTerm serves as the insurer’s comprehensive underwritten solution.

Assumption Life’s financial strength (As of February 2026)

What is Assumption Life term life insurance?

Assumption Life’s FlexTerm is an underwritten, renewable, and convertible term life insurance policy that provides financial protection for a specific period while allowing policyholders to customize their coverage and choose optional riders.

Unlike permanent life insurance, Assumption Life term life insurance focuses solely on financial protection for the beneficiaries. The policy does not accumulate cash value or pay policy dividends. The death benefit is usually paid tax-free and can be used to pay off debts and other financial obligations.

Key features of Assumption Life Flexterm term life insurance

Who is eligible for Assumption Life term life insurance in Canada?

Assumption Life FlexTerm is available to Canadian residents who meet the insurer’s age and underwriting requirements. Eligibility depends on the selected policy term, coverage amount, and your ability to satisfy Assumption Life’s underwriting criteria.

To qualify for the Assumption Life FlexTerm policy, applicants generally must:

• Be between 18 and 75 years old, depending on the selected policy term
• Meet the maximum issue age requirement of 85 minus the selected term
• Apply for a minimum coverage amount of $100,000
• Meet the eligibility requirements for accelerated underwriting if applying without a medical exam

Eligible ages for different terms:

• Term 10: 18 to 75 years
• Term 15: 18 to 70 years
• Term 20: 18 to 65 years
• Term 25: 18 to 60 years
• Term 30: 18 to 55 years
• Term 35: 18 to 50 years

Types of Assumption Life term life insurance plans

Assumption Life offers four term life insurance solutions that cater to different underwriting needs and health profiles: FlexTerm, Platinum Protection, Golden Protection, and Youth Plus. While all policies provide temporary life insurance protection, they differ significantly in terms of medical underwriting, coverage amounts, and flexibility.

Here’s an overview of the four plans: 

FlexTerm

FlexTerm is Assumption Life’s underwritten term life insurance policy and is suited for applicants seeking high coverage amounts, competitive premiums, and long-term flexibility.

• Term and coverage type: Choose from 10, 15, 20, 25, 30, or 35-year terms with level or decreasing coverage and guaranteed level premiums during the selected term 
• Issue ages: Available from ages 18 to 75, depending on the selected term 
• Coverage amount: Coverage ranges from $100,000 to $10 million 
• Convertibility: Convertible to an eligible Assumption Life whole life policy until age 75 without new evidence of insurability, subject to policy conditions 
• Renewability: Renewable up to age 90 
• Included benefits: Includes the Term Exchange Option, Insurability Benefit, Extreme Disability Benefit, and Transportation Benefit at no additional cost. 

Platinum Protection Term

Platinum Protection Term is a simplified issue policy designed for Canadians who want faster approval with fewer medical requirements. 

• Term and coverage type: Choose from 10, 20, or 25-year terms, with level or decreasing coverage and level premiums during the selected term 
• Issue ages: Available from ages 18 to 75, depending on the selected term 
• Coverage amount: Coverage ranges from $50,000 to $750,000 for ages 18–44, while individuals aged 45 and above can apply for a minimum of $25,000. Maximum coverage amount is $750,000 till age 50 and $500,000 from ages 51–75.
• Convertibility: Convertible to an eligible Assumption Life whole life policy until age 75 
• Renewability: Renewable up to age 90
• Included benefits: Includes the Term Exchange Option, Insurability Benefit, Extreme Disability Benefit, and Transportation Benefit at no additional cost. 

Golden Protection Term

Golden Protection Term is a simplified issue life insurance policy designed for those who have serious health conditions and are unable to qualify for traditional or simplified underwriting.

• Term and coverage type: Offers a 20-year level term with level premiums during the selected term 
• Issue ages: Available from ages 18 to 70 
• Coverage amount: Coverage ranges from $50,000 to $250,000 for ages 18–44 and $25,000 to $250,000 for ages 45–70 
• Convertibility: Convertible to an eligible Assumption Life whole life policy until age 75 
• Renewability: Renewable up to age 90 
• Included benefits: Includes a Transportation Benefit, which can provide up to $2,000 when the policyholder dies more than 200 km from their primary residence

Youth Plus

Youth Plus is a simplified issue life insurance plan designed specifically for children aged 15 days to 17 years and remains in force until age 25. 

• Term and coverage type: Provides level term life insurance to age 25, with level premiums throughout the coverage period 
• Issue ages: Available for children aged 15 days to 17 years 
• Coverage amount: Coverage ranges from $35,000 to $175,000, available in $17,500 increments 
• Convertibility: At expiry, coverage can be converted without evidence of insurability up to a maximum of $250,000 
• Included benefits: Includes an Insurability Benefit and a limited critical illness benefit up to a maximum of $25,000 

How does Assumption Life FlexTerm underwriting work? 

Assumption Life uses an underwritten application process for FlexTerm to assess an applicant’s health, lifestyle, occupation, and financial information before it determines eligibility and premium rates.

Unlike several larger Canadian insurers that offer multiple preferred underwriting classes, Assumption Life primarily sets premiums based on smoker and non-smoker status. However, the insurer offers an accelerated underwriting option for eligible individuals.

For many healthy applicants, accelerated underwriting can make it easier to get coverage while still providing access to coverage of up to $2 million (ages 18 to 45). While Accelerated underwriting may reduce medical requirements for eligible applicants, the insurer may still request more evidence. 

Here’s a quick overview of the accelerated underwriting limits based on age:

Note: Approval is subject to underwriting. Assumption Life may still request medical evidence depending on the applicant’s health history or other risk factors.

What are the premium payment and renewal options for Assumption Life FlexTerm?

Assumption Life FlexTerm offers flexible premium payment options. Policyholders can pay premiums through the following methods:

• Monthly pre-authorized debit (PAD)
• Annual, semi-annual, or quarterly premium payments

Additionally, the premiums remain level throughout the selected term. At renewal, new guaranteed renewal premiums apply for each annual renewal period until the policy anniversary nearest age 90.

If a premium is missed, the policy may enter a grace period of 30 days before lapsing, after which reinstatement or resumption may be available, subject to the terms of the policy contract.

What is covered under Assumption Life term life insurance?

Assumption Life FlexTerm is designed to provide a tax-free lump-sum death benefit if the insured dies while the policy is in force. Beyond this core financial protection, the policy offers several features that make it more flexible than many traditional term life insurance products.

Here are the primary benefits and features included with Assumption Life FlexTerm: 

Level or decreasing coverage

Applicants can choose between two coverage structures:

• Level coverage, where the death benefit remains unchanged throughout the selected term
• Decreasing coverage, where the death benefit gradually decreases based on a mortgage amortization schedule using an 8% interest rate. This makes it suitable for mortgage or loan protection

Guaranteed renewability

At the end of the initial term, coverage renews automatically without requiring new medical evidence. Renewal premiums are guaranteed, and the policy renews annually until the policy anniversary nearest the applicant’s 90th birthday.

Conversion privilege

Eligible policyholders can convert all or part of their FlexTerm coverage to an eligible Assumption Life whole life insurance policy without providing new evidence of insurability. This privilege remains in force until the policy anniversary nearest the policyholder’s 75th birthday. However, the policy needs to be in effect for at least one year.

Built-in policy benefits

Alongside the renewability and conversion benefits, Assumption Life automatically includes four additional benefits with every FlexTerm policy:

• Extreme Disability Benefit: This benefit provides an advance of up to 50% of the death benefit if the policyholder has a qualifying extreme disability for six continuous months. The maximum amount offered is $250,000 for policyholders between 18 and 59, and $125,000 for ages 60 to 70.
• Insurability Benefit: This benefit allows the policyholder to obtain additional coverage without new evidence of insurability, after qualifying events such as marriage, divorce, adoption, childbirth, or obtaining certain university degrees
• Term Exchange Option: Allows the policyholder to exchange FlexTerm term life for a longer available term without proof of insurability after the first month and before the seventh coverage anniversary
• Transportation Benefit: The insurer will pay up to $2,000 for transporting the policyholder’s remains to their primary residence if death occurs more than 200 km from home

These benefits are included with the policy at no additional cost and offer an added layer of protection for policyholders.

Pros and cons of Assumption Life FlexTerm

How much does Assumption Life term life insurance cost?

The cost of Assumption Life term life insurance ranges between $9.36 and $185.31. Your premiums depend on the coverage amount and personal factors, such as gender, age, smoking status, and health. 

Here is a sample monthly term life insurance rate for $100,000 in coverage for a 10-year term:

What riders are available with Assumption Life FlexTerm?

Assumption Life FlexTerm can be customized with several optional riders, such as Accidental Death and Accidental Fracture, which can provide additional protection and benefits for individuals and families. However, many riders must be added when the policy is first issued.

Here is a quick overview of each rider available with the Assumption Life FlexTerm policy:

Can you convert Assumption Life FlexTerm to permanent life insurance?

Yes, Assumption Life term insurance includes a conversion privilege that allows policyholders to convert some or all of their term life insurance to eligible permanent life insurance policies without submitting new medical evidence.

Essentially, if you are diagnosed with a medical condition during your term, you may still be able to convert your coverage to permanent life insurance before the deadline (even if you would no longer qualify for the new coverage at standard rates or underwriting requirements). This feature can be particularly valuable if your health changes after purchasing your policy.

Can you exchange Assumption Life term life insurance for a longer term?

One of Assumption Life FlexTerm’s most distinctive features is its term exchange option, which allows policyholders to exchange their existing policy for a longer term without providing new medical evidence. For example, if an applicant purchases a 10-year term policy, they may later extend that to longer terms based on their evolving financial needs.

However, the exchange must generally occur within the first seven policy years, the new term must be longer than the original term, and can only be exercised once. The applicant’s age at the time of exchange is used to calculate the new premium, but they are not required to submit additional evidence of insurability.

Can you increase or decrease your Assumption Life FlexTerm coverage?

Yes, Assumption Life FlexTerm offers flexibility even after the policy is issued. Changes are subject to the policy terms and administrative rules:

• Increase your coverage: FlexTerm includes an Insurability Benefit that allows eligible policyholders to purchase additional life insurance after certain qualifying life events, such as marriage, adoption, or childbirth, without providing new medical evidence. The coverage may be increased before age 60 up to 25% of the insurance amount up to $125,000 if the insured is not disabled
• Decrease your coverage: You can reduce your coverage amount if your insurance needs change after paying off major financial obligations. Alternatively, you can also choose decreasing term coverage, where the death benefit automatically declines over time, making it ideal for covering declining debts.

How does Assumption Life insurance compare to other insurance providers?

Assumption Life FlexTerm stands out for its combination of flexible coverage options and valuable built-in benefits that many Canadian insurers offer only as optional add-ons. Policyholders can choose from term options of 10, 15, 20, 25, 30, and 35 years, level or decreasing term coverage, with coverage amounts ranging from $100,000 to $10 million. It also offers guaranteed renewability and convertibility to permanent life insurance until ages 90 and 75, respectively.

One of FlexTerm’s biggest advantages is that it includes the Extreme Disability Benefit, Insurability Benefit, Term Exchange Option, and Transportation Benefit at no additional cost. Paired with a wide range of riders and a choice of individual or joint first-to-die coverage, this policy is well suited to homeowners, growing families, and business owners seeking affordable and comprehensive term life insurance.

Read our guide to the best term life insurance companies in Canada to compare leading insurers side by side.

Our advisor’s take on Assumption Life term life insurance

At PolicyAdvisor, we recently helped a 35-year-old homeowner secure Assumption Life FlexTerm coverage to protect their family’s financial future while managing a new mortgage and raising young children. They were seeking affordable coverage with flexibility, without having to worry about qualifying for additional insurance if their health changed.

Client profile

• Age: 35
• Family: Married with two young children
• Primary concern: Mortgage protection and income replacement
• Coverage goal: $1 million in FlexTerm life insurance

Why we recommended Assumption Life term life insurance:

• 25-year level term that aligned with the client’s mortgage repayment schedule and long-term financial obligations
• Insurability Benefit, allowing them to increase coverage after future life events without providing new medical evidence
• Term Exchange Option, giving them the flexibility to switch to a longer term within the eligible period if their insurance needs change
• Built-in Extreme Disability Benefit and Transportation Benefit, which provide additional financial protection at no additional cost

How to purchase Assumption Life term life insurance in Canada

PolicyAdvisor’s licensed life insurance advisors can help you compare different term life policies offered by Assumption Life based on your age, budget, health, coverage needs, and financial goals.

Whether you are looking to protect your family, cover your mortgage, or secure affordable coverage for a specific period, our advisors at PolicyAdvisor can help you choose the right term length, coverage amount, and optional riders that fit your needs.

About Equitable Life

Equitable Life has been serving Canadians since 1920 and is one of Canada’s largest mutual life insurance companies. Operating as a mutual insurer rather than a publicly traded company, it is owned by its participating policyholders rather than shareholders, allowing it to focus on long-term financial stability and delivering value to its clients. Equitable offers a broad range of insurance and wealth management solutions, including term life insurance, whole life insurance, critical illness insurance, group benefits, savings and retirement products.

Equitable Life’s financial strength

Disclaimer: Figures and ratings are based on the latest available information and may change over time

What is Equitable term life insurance?

Equitable term life insurance provides temporary coverage available in different options: 10 YRCT, 20 YRCT, and Term 30/65. Coverage amounts start at $50,000 and go up to $10 million per insured life, with higher amounts available through special underwriting. Equitable also offers single life, joint first-to-die, and multi-life policy options, along with optional riders that allow policyholders to customize their coverage as their needs evolve.

The 10 YRCT and 20 YRCT plans feature guaranteed level premiums during the initial term and automatically renew annually until age 85, while the Term 30/65 plan provides guaranteed level premiums until the later of 30 years or age 65. All plans are convertible to eligible permanent life insurance without additional medical underwriting, provided the conversion is completed within the applicable conversion period.

Key features of Equitable Life term insurance policy:

Who is eligible for Equitable Life term life insurance?

To qualify for Equitable Life term life insurance, applicants must meet the age requirements for their chosen plan and satisfy Equitable’s underwriting criteria. The insurer also offers preferred underwriting classes for healthy applicants, which can result in lower premiums.

What are Equitable Life’s preferred rates?

Equitable Life offers preferred underwriting rates to term insurance applicants who meet its health and lifestyle criteria. Preferred rates can result in lower premiums than standard rates and are available based on the applicant’s age, coverage amount, and underwriting profile.

For Equitable Life, the minimum coverage required to qualify for preferred underwriting is:

• Ages 18-50: $2 million or more
• Ages 51-60: $500,000 or more
• Age 61 and older: Preferred underwriting is not available

Equitable uses the following preferred underwriting classes:

• Preferred plus non-smoker: Applicants who have not used cigarettes, cigars, cigarillos, pipe tobacco, chewing tobacco, or cessation products in the past 12 months
• Non-smoker: Applicants who may have limited cigar or cigarillo use, such as up to one per month. Marijuana use, whether inhaled or ingested, may also qualify for non-smoker rates
• Preferred smoker: Regular tobacco users who meet health criteria similar to those required for the preferred non-smoker class

Types of Equitable term life insurance plans

Equitable offers three term length options to suit different protection needs: 10-Year Renewable Convertible (10 YRCT), 20-Year Renewable Convertible (20 YRCT), and Term 30/65. Each option provides temporary life insurance coverage with guaranteed level premiums for a specified period and the flexibility to convert to eligible permanent life insurance without additional medical underwriting.

• T10 YRCT: This option provides guaranteed level premiums for the first 10 years, making it suitable for those seeking affordable short-term coverage. After the initial term, the policy renews annually at guaranteed, increasing rates until age 85. It also includes an exchange option that allows policyholders to switch to a 20-year term between the 1st and 5th coverage anniversary (prior to age 65) without additional medical evidence
• 20-Year Renewable Convertible (20 YRCT): This option offers guaranteed level premiums for 20 years, making it a good choice for longer financial commitments such as mortgages or raising a family. The policy is available to applicants aged 18-65 and can be converted to an eligible permanent life insurance policy prior to the anniversary nearest the insured’s 71st birthday.
• Term 30/65: This option provides guaranteed level premiums until the later of 30 years or age 65, offering long-term premium stability during your working years. Unlike the renewable term options, coverage ends after the premium payment period and does not renew

What is covered under Equitable Life term insurance?

The primary coverage of an Equitable Life term life insurance policy is the tax-free death benefit, which is paid out to the beneficiaries in case the insured passes away. The benefit can help your beneficiaries replace lost income, pay off outstanding debts such as mortgages or loans, cover funeral and final expenses, or meet other financial obligations. In addition to the death benefit, here is what Equitable Life term plans also include:

• KIND benefits: Offer financial and emotional support through compassionate advance payments and bereavement counselling benefits
• Conversion privilege: Lets you convert your term policy to eligible permanent life insurance without additional medical evidence before the conversion deadline. Partial conversion is also available, allowing you to convert part of the term death benefit to permanent coverage while keeping the remaining amount as term insurance
• Optional riders: Let you enhance your policy with add-ons such as critical illness, disability waiver of premium, children’s protection, accidental death, and a few other riders

What is the KIND Program from Equitable Life Insurance?

The KIND Program is a value-added benefit included with all eligible Equitable term life insurance policies at no additional cost. It provides financial and emotional support to policyholders and their families during difficult times through compassionate advance payments and bereavement counselling services. While Compassionate Advance is a non-contractual benefit offered at Equitable’s discretion, Bereavement Counselling is a contractual policy benefit. Requests for either benefit must meet Equitable’s eligibility requirements.

The KIND Program includes the following benefits:

• Compassionate advance: If the insured is diagnosed with a terminal illness and is expected to pass away within 24 months, they may receive an advance payment of up to $100,000 or 50% of the policy’s death benefit (whichever is lower), less any outstanding policy debt
• Bereavement counselling: Eligible beneficiaries can access reimbursement for professional grief counselling of up to a total of $1,000 following the insured’s death, helping families cope with emotional challenges during the bereavement period

Pros and cons of Equitable Life term life insurance

How much does Equitable Life term insurance cost?

The cost of Equitable Life term insurance starts at $7.73 for a 20-year-old female non-smoker and $9.45 for a 20-year-old male non-smoker, with $100,000 in coverage for a 10-year term. The premium cost will increase with age, changes in health conditions, gender, and if the smoking status changes to a smoker. 

Cost of Equitable Life term life insurance (2026)

*Illustrative monthly term life insurance cost for male and female non-smokers seeking $100,000 in coverage for a 10-year term

Does Equitable Life offer conversion benefits?

Yes, Equitable allows you to convert your eligible term life insurance policy into a permanent life insurance policy without providing new medical evidence. This means you can secure lifelong coverage even if your health changes after purchasing your term policy, provided you convert within the policy’s conversion period. 

Eligible 10 YRCT, 20 YRCT, and Term 30/65 policies can be converted to select Equitable permanent life insurance products, including whole life and universal life plans. The conversion must be completed before the policy anniversary nearest the insured’s 71st birthday and while the policy remains in force. Equitable also offers a partial conversion option, allowing you to convert only a portion of your term coverage while keeping the remaining amount as term insurance. This provides greater flexibility if your insurance needs change over time.

Moreover, it is also important to note that since Equitable Life is a mutual company (owned by policyholders, not shareholders), converting a term policy into its participating whole life insurance allows clients to share directly in the company’s dividend pool.

Does Equitable Life offer an exchange option?

Yes, Equitable Life allows policyholders to exchange certain term life insurance policies for longer-term coverage without providing proof of continued health. This can help policyholders extend their protection while avoiding the potentially higher renewal premiums associated with their existing term policy.

A Term 10 policy can be exchanged for a new Term 20 or Term 30/65 policy, while a Term 20 policy can be exchanged for a new Term 30/65 policy. However, joint-life term plans cannot be exchanged for Term 30/65. The exchange option can be useful when your need for temporary life insurance lasts longer than originally expected.

How does Equitable Life term life insurance compare to other providers?

Equitable Life stands out for its simple and flexible term life insurance options, offering 10-year and 20-year renewable convertible plans, and Term 30/65 coverage with guaranteed conversion to eligible permanent life insurance without additional medical evidence. Its policies also include unique value-added features such as the KIND Program, which provides compassionate advance payments and bereavement counselling, along with a wide range of optional riders, including the EquiLiving critical illness rider. You can also read our guide on the best term life insurance companies in Canada to compare the leading providers.

Our advisor’s take on Equitable Life term insurance

Recently, one of our advisors worked with a 38-year-old father who wanted affordable life insurance to protect his family’s finances while keeping the flexibility to convert to permanent coverage later if his long-term needs changed.

Client profile:

• Age: 38-year-old non-smoking Canadian
• Coverage need: $1 million to cover a mortgage, replace family income, and provide for two young children
• Primary concern: Affordable term life insurance with strong conversion options and benefits that could adapt as financial responsibilities evolved
• Our comparison: We compared Equitable Life with other leading Canadian term life insurance providers based on premium competitiveness, term options, conversion flexibility, optional riders, and policy features. Equitable stood out for its KIND Program, flexible conversion privileges, and comprehensive rider selection that allows policyholders to customize their coverage over time.

Why we recommended Equitable Life term insurance:

• Offers flexible 10-Year Renewable Convertible, 20-Year Renewable Convertible, and Term 30/65 options to suit different financial goals
• Includes guaranteed conversion to eligible permanent life insurance without additional medical evidence, along with a partial conversion option for greater flexibility
• Comes with the KIND Program, which provides compassionate advance payments and bereavement counselling benefits for beneficiaries

How to buy Equitable Life term life insurance?

To buy Equitable Life term insurance with PolicyAdvisor, follow these simple steps:

• Compare quotes with expert guidance: Our licensed advisors compare Equitable Life quotes alongside Canada’s leading life insurance providers to help you find the best coverage at the most competitive price
• Get personalized recommendations: We assess your budget, financial goals, and coverage needs to recommend the most suitable Equitable term option, whether it’s 10 YRCT, 20 YRCT, or Term 30/65
• Complete your application: Our advisors will also guide you through the application process, help you gather the required documents, and assist with any medical underwriting requirements
• Review and activate your policy: Once your application is approved, we will review your coverage with you, answer any final questions, and ensure your Equitable Life policy is issued smoothly

Ready to get started? Book a free consultation with a PolicyAdvisor expert today and get a personalized Equitable Life insurance quote.

What riders are available with Empire Life insurance?

The rider options available with Empire Life term insurance are waiver of premium, payor waiver of premium, guaranteed insurability, accidental death and dismemberment, children’s life rider, and children’s critical illness rider.

• Waiver of premium rider: If you become totally disabled and meet the policy conditions, Empire Life will waive your future premium payments while keeping your coverage in force. This rider is available if you are aged between 18 and 55 years
• Guaranteed insurability rider: This rider allows you to increase your life insurance coverage on specified future dates without providing additional medical evidence. It is available for those aged 18 to 40, with coverage increases ranging from $5,000 to the lesser of $50,000 or your total sum insured
• Accidental death & dismemberment (AD&D) rider: The AD&D rider pays an additional benefit if you die or suffer certain serious injuries due to a covered accident. It can be purchased by those aged 18 to 55; coverage starts at $10,000 and is available up to the lesser of $250,000 or the total sum insured
• Children’s life rider: This family rider provides life insurance coverage for all eligible children, including future children once they reach 15 days old. It is applicable for children aged 15 days to 17 years; it offers coverage between $1,000 and $25,000
• Children’s critical illness rider: This family rider provides a lump-sum benefit if an eligible child is diagnosed with one of 15 covered critical illnesses. It covers all eligible children from 30 days old

What is the living benefit advance in Empire Life insurance?

The living benefit advance is a non-contractual benefit offered by Empire Life on eligible life insurance policies. If the insured is diagnosed with a terminal illness and has a life expectancy of 12 months or less, Empire Life may approve an advance payment of up to 50% of the policy’s death benefit, to a maximum of $50,000. The amount paid, along with any applicable interest, is deducted from the death benefit that is later paid to the beneficiaries. Approval is determined on a case-by-case basis.

What is bundling of coverage in Empire Life term policy?

Empire Life allows you to bundle multiple term coverages under a single Solution Series policy, so you can combine different term lengths to match your changing financial needs. 

For example, you might purchase:

• $500,000 of 20-year term insurance to cover your mortgage
• $500,000 of 30-year term insurance to replace your family’s income

For the first 20 years, your total coverage would be $1 million. Once the mortgage is paid off, the 20-year coverage ends, leaving you with $500,000 of coverage for the remaining 10 years.

Bundling multiple coverages under one policy can be more cost-effective than purchasing separate policies because only one policy fee applies, reducing overall costs and simplifying policy management. It also gives you the flexibility to maintain different levels of coverage as your financial obligations change over time.

What is term exchange privilege in Empire Life term policy?

Empire Life’s built-in exchange privilege allows eligible policyholders to exchange a shorter term policy for a longer term policy without providing additional medical evidence.  The eligible originating coverages are Solution ART, Solution 10, Solution 15, and Solution 20 and can only be exercised once per coverage.

To qualify, the exchange request must be made before the 7th policy anniversary, the insured must meet the issue age requirements for the new plan, and the new policy must have a term that is at least 10 years longer than the existing one.

Premium rates for the new coverage are calculated using the life insured’s age nearest to the time of the exchange, the rates in effect at that time, and any insurance ratings from the original policy. The new coverage amount can be the same as or lower than the current coverage amount, and because the exchange is treated as a continuation of coverage, the suicide and incontestability periods do not restart.

How does Empire Life term life insurance compare to other providers?

Empire Life stands out for its Solution Series, which includes Solution ART (annual renewable term) and level term options ranging from 10 to 30 years. It also offers flexible features such as bundling multiple term lengths under one policy, a built-in Term Exchange Privilege, a fast underwriting process, and the option to convert eligible policies to permanent life insurance without additional medical evidence. These features make it a strong choice for Canadians seeking customizable, long-term coverage that can adapt to changing financial needs. You can also read our guide on best term life insurance companies in Canada to compare the leading providers.

Our advisor’s take on Empire Life term insurance

One of our advisors recently worked with a 40-year-old homeowner who wanted affordable life insurance to protect a new mortgage while ensuring the flexibility to extend or convert coverage as their financial needs changed over time.

Client profile:

• Age: 40-year-old non-smoking Canadian
• Coverage need: $1 million to protect mortgage, replace income, and support young children
• Primary concern: Flexible term coverage that could adapt to changing financial responsibilities without requiring another medical exam
• Our comparison: We compared Empire Life’s Solution Series with leading Canadian term life insurers based on premium competitiveness, coverage flexibility, renewal and conversion options, riders, and long-term value. Empire Life stood out for its ability to bundle multiple term lengths under a single policy, along with unique features like the term exchange privilege 

Why we recommended Empire Life term insurance:

• Offers Solution ART along with 10, 15, 20, 25, and 30-year level term options to suit different protection needs
• Allows multiple term lengths to be bundled under one policy while charging a single policy fee, helping reduce overall costs
• Provides guaranteed renewability, conversion to eligible permanent life insurance, and optional riders such as waiver of premium, guaranteed insurability, accidental death & dismemberment, children’s life, and children’s critical illness, making it easy to customize coverage as life changes

How to buy Empire Life term life insurance?

To buy Empire Life term insurance with PolicyAdvisor, here are the steps you need to follow:

• Our licensed advisors will help you compare Empire Life quotes alongside Canada’s leading life insurance providers to help you find the best value for your needs
• We assess your budget, financial goals, and coverage requirements to recommend the most suitable Empire Life Solution Series policy
• Our advisors will guide you through the application process, help you gather the required documents, and assist with any medical underwriting requirements
• Once your application is approved, our advisors will review your coverage, answer any final questions, and ensure your Empire Life policy is issued smoothly

Ready to get started? Book a free consultation with a PolicyAdvisor expert today and get an Empire Life insurance quote.

Beneva offers term insurance through its flagship product, Term Plus. It is a flexible term life insurance policy with coverage ranging from $25,000 to $10 million and multiple rider options to enhance the benefits. The cost of Beneva term life insurance starts at $7.83/month and goes up to $150.93/month, the exact cost varying based on age, gender, policy term, coverage amount, and a few other factors. 

Quick review:

• PolicyAdvisor ratings: 4/5
• Best for: Built-in Extreme Disability Benefit
• Skip if: You are looking for a critical illness rider that covers more conditions

About Beneva 

Beneva is one of Canada’s largest mutual insurance companies, formed through the merger of La Capitale and SSQ Insurance in 2020. With roots spanning more than 80 years, the company serves millions of Canadians through life insurance, health insurance, group benefits, savings, retirement, and investment solutions. Beneva’s Term Plus policy focuses on flexibility, allowing you to combine multiple term lengths and choose between level or decreasing coverage. 

Beneva’s financial strength

What is Beneva term life insurance?

Beneva Term Plus is a flexible term life insurance policy designed to provide affordable financial protection for individuals, families, business owners, and borrowers. It pays a tax-free death benefit if the insured dies during the policy term and offers coverage amounts ranging from $25,000 to $10 million.

You can choose terms of 10, 15, 20, 25, 30, 35, or 40 years, with the option of either level coverage or decreasing coverage that’s designed for mortgages and other loans. It also comes with a built-in Extreme Disability Benefit rider, which can provide an advance payment of part of the death benefit if the insured experiences a qualifying extreme disability.

Key features of Beneva Term Life Insurance:

Who is eligible for Beneva term life insurance?

You may be eligible for Beneva Term Plus if you meet the insurer’s age and underwriting requirements. The key eligibility criteria include:

• Minimum entry age: 18 years for all term lengths
• Maximum issue age: Depends on the selected term:
  • Term 10: Up to age 75
  • Term 15: Up to age 70
  • Term 20: Up to age 65
  • Term 25: Up to age 60
  • Term 30: Up to age 55
  • Term 35: Up to age 50
  • Term 40: Up to age 45
• Coverage amount: Choose between $25,000 and $10 million, subject to underwriting approval
• Coverage type: Available as individual, multi-life, or joint first-to-die coverage

Beneva also offers a separate Simplified Term Life plan for applicants seeking coverage without a medical exam. It is available in 10- and 20-year terms, offers coverage from $25,000 to $500,000, and has different eligibility requirements, including lower maximum issue ages.

Types of Beneva term life insurance plans

Beneva offers two term life insurance products: Term Plus and Simplified Term Life. Its flagship Term Plus policy can be tailored to different protection needs through a range of coverage options. You can choose individual coverage for one insured person, multi-life coverage for up to six insured persons under a single policy (with a maximum of 20 coverages), or joint first-to-die coverage for two to five insured individuals. 

The policy also lets you select level coverage, where the death benefit remains the same throughout the term, or decreasing coverage, where the death benefit gradually reduces to 50% of the initial amount, making it well suited for mortgages and other declining debts. For even greater flexibility, Beneva allows you to combine different term lengths and coverage amounts within a single Term Plus policy.

Can I get simplified issue plans with Beneva?

Yes, Beneva simplified life insurance is available for those who want a faster application process or may prefer not to undergo a medical exam. However, it comes with lower coverage amounts ($25,000 to $500,000) than the standard Beneva Term Plus policy and does not include the same level of customization or optional riders.

The key features of the simplified term plan include:

• Approval in as little as 60 minutes for eligible applicants
• No medical exam required
• Coverage from $25,000 to $500,000 (maximum coverage depends on the applicant’s age)
• Renewable every 5 years after the initial term, up to age 80
• Convertible to an eligible permanent life insurance plan before age 71
• Does not include additional coverage options or optional riders available with Beneva Term Plus

What is covered under Beneva life insurance?

Beneva Term Plus provides a tax-free lump-sum death benefit to your beneficiaries if you pass away while the policy is in force. Depending on the coverage options you choose, the policy also includes several built-in benefits and optional protections.

• Tax-free death benefit: Pays your selected coverage amount (from $25,000 to $10 million) to your beneficiaries if you die during the policy term
• Conversion privilege: Convert your term policy to an eligible Beneva permanent life insurance policy before age 71 without a medical exam
• Insurability benefit: Increases your coverage at certain life events without additional medical underwriting, if the benefit is selected when the policy is issued
• Extreme Disability Benefit coverage: Receive an advance payment of up to 50% of your initial level coverage or 25% of your initial decreasing coverage. The maximum coverage amount under extreme disability rider is $250,000 if you experience a qualifying extreme disability for six consecutive months

Pros and cons of Beneva term life insurance

How much does Beneva term life insurance cost?

The cost of Beneva Term Plus starts at $7.83 per month for a 20-year-old female non-smoker and $9.45 per month for a 20-year-old male non-smoker purchasing a $100,000, 10-year term policy. Your premium will vary based on factors such as your age, gender, smoking status, health, coverage amount, and selected policy term. The table below shows illustrative monthly premiums across different age groups.

Cost of Beneva term life insurance (2026)

*Illustrative term life insurance cost for male and female non-smokers purchasing $100,000 in coverage for a 10-year term

What are the riders available with Beneva life insurance?

Beneva Term Plus riders include disability rider, critical illness rider, child rider, accidental death & dismemberment (AD&D), waiver of premium, and fracture benefit riders. These optional add-ons allow you to customize your policy with extra protection based on your financial needs and life stage.

• Disability rider: Provides a monthly disability benefit if you become totally disabled and are unable to work, helping you replace income while you are unable to work. Available to those aged 18 to 60, the rider offers monthly benefits from $300 to $3,500 (subject to policy limits) and includes built-in medical assistance services, such as second medical opinions and referrals
• Critical illness rider: Pays a $20,000 lump-sum benefit if you are diagnosed with cancer, severe heart attack, or stroke and survive the required 30-day waiting period. The rider is available to applicants aged 18 to 60 and includes access to medical assistance services.
• Child rider: Provides life insurance coverage for all eligible dependent children from 15 days old to age 25, with coverage ranging from $5,000 to $25,000 per child. It also offers the option to convert to permanent life insurance without evidence of insurability, subject to policy limits
• Accidental death & dismemberment (AD&D) rider: Pays an additional benefit if death or certain serious injuries result from a covered accident. Benefits can be up to 100% of the insured amount for accidental death, the loss of two limbs, or permanent paralysis, with coverage available up to $500,000
• Waiver of premium rider: Waives eligible policy premiums if you become totally disabled for the required waiting period, allowing your Term Plus coverage to remain in force without additional premium payments during the disability
• Fracture benefit rider: Pays a lump-sum benefit if you suffer a covered accidental fracture or severance. Depending on the severity and type of fracture, benefits range from $750 to $5,000, provided the injury is diagnosed within 30 days of the accident

What is Beneva’s extreme disability benefit rider?

The extreme disability benefit is a built-in feature of Beneva Term Plus that allows eligible policyholders to receive an advance payment of a portion of their death benefit if they experience a qualifying state of extreme disability. This benefit is designed to help cover medical expenses or other financial needs while the insured is still living.

Some of the things to know about the extreme disability benefit rider are as follows:

• You must be under age 60 at the time of claim
• You must have been in a qualifying state of extreme disability for at least six consecutive months
• You may receive an advance payment up to 50% of the initial coverage amount for level coverage, or 25% for the initial decreasing coverage
• The maximum advance payment is $250,000
• Any amount paid under this benefit is deducted from the death benefit ultimately paid to your beneficiaries

Does Beneva’s child rider include newborn coverage?

Yes, Beneva’s Child Rider includes an Automatic Newborn Benefit. This provides coverage for children born after the rider takes effect. Newborns are automatically covered from 15 days after birth or from the date they are discharged from the hospital, whichever is later, with no additional premium required for this protection. This feature gives growing families immediate life insurance coverage for eligible newborn children without the need to purchase a separate policy right away.

What is fracture benefit offered under Beneval life insurance?

The benefit in case of fracture rider provides a lump-sum payment if you suffer a covered accidental fracture or severance. It is available to those aged 18 to 60. This benefit pays $5,000 for severe fractures involving the skull, spine, pelvis, or femur, $1,500 for fractures of bones such as the radius, humerus, tibia, or fibula, and $750 for other eligible bone fractures. To qualify, the fracture or severance must be diagnosed within 30 days of the accident.

Can I exchange my Beneva term life insurance policy?

Yes, Beneva allows eligible Term Plus and Simplified Term Life policyholders to exchange their existing policy for a longer eligible term without providing new medical evidence. For Term Plus, the exchange must be requested after the first policy anniversary and before the policy anniversary nearest the insured’s 60th birthday. The new policy cannot have a higher coverage amount than the original policy.

The available exchange options for Term Plus include:

• Term 10 → T15, T20, T25, T30, T35, T40
• Term 15 → T20, T25, T30, T35, T40
• Term 20 → T25, T30, T35, T40
• Term 25 → T30, T35, T40
• Term 30 → T35, T40
• Term 35 → T40

How does Beneva term life insurance compare to other providers?

Beneva Term Plus stands out for its flexible policy design, offering term lengths from 10 to 40 years, level or decreasing coverage, and the ability to combine multiple terms under a single policy. It also includes unique features such as a built-in Extreme Disability Benefit, an insurability benefit, policy exchange options, and coverage structures like individual, multi-life, and joint first-to-die, making it a strong choice for families, homeowners, and business owners seeking customizable protection. However, it’s worth comparing quotes, features, and pricing from multiple insurers before making a decision. 

Read our guide to the best term life insurance companies in Canada to compare the leading providers side by side.

Our advisor’s take on Beneva term life insurance

One of our advisors recently assisted a 42-year-old father of two who wanted affordable life insurance to protect his family’s mortgage and future education costs while keeping the option to increase coverage later without another medical exam.

Client profile:

• Age: 42-year-old non-smoking Canadian
• Coverage need: $750,000 to replace income and cover long-term family expenses
• Primary concern: Finding flexible term coverage with future conversion options and valuable built-in benefits
• Our comparison: We compared Beneva Term Plus with several leading Canadian insurers based on coverage flexibility, term lengths, conversion options, riders, and long-term value. Beneva’s term plan stood out for its ability to combine multiple term lengths under one policy, to offer both level and decreasing coverage, and to provide other features.

Why we recommended Beneva Term Plus:

• Offers term lengths from 10 to 40 years with the flexibility to combine multiple terms under one policy
• Includes guaranteed renewability, conversion to permanent insurance, and a term exchange option without new medical evidence (subject to eligibility)
• Provides a built-in Extreme Disability Benefit, a feature not commonly available with many Canadian term life insurance policies
• Supports individual, multi-life, and joint first-to-die coverage with optional riders such as total disability rider, child rider, AD&D, and waiver of premium, allowing the policy to adapt to changing family needs

How to buy Beneva term life insurance?

Buying Beneva term life insurance through PolicyAdvisor is simple and quick. Here are the steps you need to follow to buy Beneva life insurance with us:

• Compare quotes online: Our licensed advisors will help you compare Beneva life insurance quotes with policies from Canada’s top life insurance companies
• Assess your needs: Our experts assess your coverage needs, budget, and long-term goals to recommend the most suitable policy
• Complete your application: We will help you complete the application, gather the required documents, and guide you through any underwriting requirements
• Review and approve your policy: Once your application is approved, our advisors will review your coverage details with you before your policy is issued

So, why delay? Schedule a call today to buy Beneva term life insurance with us today!

RBC’s term life insurance offers YourTerm and Simplified Term, two policies that provide customizable term lengths, guaranteed renewability, and conversion to permanent life insurance without a medical exam. They provide flexible coverage ranging from $100,000 to $25 million, with customizable term lengths from 10 to 40 years in one-year increments and several optional riders to enhance protection. 

The cost of a YourTerm term policy from RBC ranges between $9.36 and $180.99, depending on your age, gender, health, smoking status, coverage amount, selected term, underwriting class, and other related factors.

Quick review

• PolicyAdvisor ratings: 5/5
• Best for: Individuals seeking a flexible policy with customizable term lengths and high coverage amounts
• Skip if: You are looking for the cheapest term life insurance premium rather than flexible policy features

About RBC Life Insurance

RBC Insurance is the insurance division of the Royal Bank of Canada (RBC), one of Canada’s largest financial institutions. Operating since the 1960s, the insurer offers a broad range of insurance solutions, including life, critical illness, disability, and travel insurance, as well as creditor protection products.

The life insurance portfolio of RBC Insurance includes both term and permanent coverage, allowing Canadians to choose policies that match different life stages, budgets, and financial goals. With the backing of the historic Royal Bank of Canada, it is one of the more popular insurers in Canada.

RBC Insurance’s financial strength

What is covered under RBC term life insurance?

RBC offers two term life insurance plans, each designed to provide a tax-free lump-sum death benefit to your beneficiaries if you pass away while the policy is in force. While both plans provide financial security for your loved ones, they offer different features and benefits, such as accidental death benefits, flexible term lengths, and more.

Here’s a brief overview of the major offerings of both term life plans by RBC Insurance:

• Tax-free death benefit: Your beneficiary receives a tax-free lump-sum death benefit if you pass away while your RBC YourTerm or Simplified Term policy is in force.
• Renewable coverage: Both YourTerm and Simplified Term provide guaranteed renewable coverage without requiring new evidence of insurability. YourTerm renews annually after the initial term, with premiums increasing according to the guaranteed renewal schedule
• Term exchange option: Eligible RBC term policies can be exchanged for a longer term without new medical evidence during the applicable exchange period
• Optional coverages: RBC YourTerm can be customized with riders such as the Children’s Term Rider, Accidental Death Benefit Rider, and the Total Disability Waiver of Premium Benefit Rider 

Pros and Cons of RBC Term Life Insurance

How much does RBC Insurance term life insurance cost?

The monthly cost of RBC term life insurance ranges between $9.36 and $180.99 for the sample policy shown below. Your premiums depend on the coverage amount and personal factors, such as gender, age, smoking status, and health. 

Here is a sample term life insurance rate for $100,000 in coverage for a 10-year term:

RBC Term life insurance payment options and lapse protection

In terms of premium payments, RBC insurance offers the following payment options:

• Monthly pre-authorized debit (PAD)
• Annual premium payments

Additionally, if a premium is not paid when due, RBC provides a 31-day grace period during which the policy generally remains in force. However, if your policy lapses, the insurer also provides an option for reinstatement, subject to the following terms:

• You may be able to reinstate it within two years of the lapse date
• Provide satisfactory evidence of insurability
• Pay outstanding premiums and any applicable interest

What riders are available with RBC Insurance term life insurance?

RBC YourTerm can be customized with several optional riders to enhance your coverage based on your personal or family needs. Policyholders can choose from the Children’s Term Rider, Accidental Death Benefit Rider, Total Disability Waiver of Premium Benefit Rider, and Payor Death and Disability Waiver of Premium Benefit Rider.

Here’s a quick overview of each rider available with RBC term life insurance:

RBC term life insurance underwriting and premium classes 

One of RBC’s biggest strengths is its flexible underwriting structure, which makes it a popular choice for a wide range of applicants. Instead of offering only standard smoker and non-smoker rates, the insurer offers five premium classes, allowing healthier applicants to qualify for lower premiums.

Here’s a brief overview of the different premium classes available to applicants under RBC term life insurance:

Can you convert RBC YourTerm to permanent life insurance? 

Yes, one of RBC YourTerm’s biggest advantages is its guaranteed conversion privilege, which allows eligible policyholders to convert some or all of their term coverage to an eligible RBC permanent life insurance policy without providing new medical evidence of insurability.

For example, if you are diagnosed with a medical condition during your term, you may still be able to convert your coverage to permanent life insurance before the deadline without undergoing another medical exam or qualifying under new underwriting requirements.

Here’s an overview of the conversion feature of RBC term life insurance:

Can you exchange your RBC term life insurance policy?

Yes, you can exchange your RBC term life insurance policy under certain circumstances. If you purchase an eligible RBC YourTerm 10 policy, you can exchange it for a longer eligible RBC YourTerm policy without providing new medical evidence. This allows policyholders to extend their level-premium period after purchasing the original policy.

The exchange must take place before the earlier of:

• The fifth policy anniversary, or
• The policy anniversary nearest the insured’s:
  • 70th birthday (to exchange to Term 15)
  • 65th birthday (to exchange to Term 20)
  • 55th birthday (to exchange to Term 30)

Can you increase or decrease your coverage?

Yes, RBC term life insurance offers flexibility even after the policy is issued. The change is subject to the policy terms and administrative rules:

• Increase your coverage: You can apply to increase your death benefit in minimum increments of $50,000. Each increase requires new evidence of insurability and is treated as additional coverage with its own premium and coverage date.
• Decrease your coverage: You can reduce your death benefit at any time in minimum increments of $10,000, provided your premiums are up to date, and the remaining coverage meets RBC’s minimum requirements.

Frequently Asked Questions

How much coverage can I get with RBC YourTerm?

RBC YourTerm offers coverage amounts from $100,000 to $25 million, with higher coverage available by special quote.

What policy terms does RBC YourTerm offer?

RBC YourTerm term life insurance allows applicants to choose any term length between 10 and 40 years in one-year increments.

Is RBC YourTerm available for couples?

Yes, RBC offers joint first-to-die coverage as Joint First-to-Die coverage. This option pays the death benefit when the first insured person dies and includes survivor conversion privileges for eligible policies.

Can I convert RBC YourTerm to permanent life insurance?

Yes, eligible RBC YourTerm policies can be converted to an eligible RBC permanent life insurance policy without providing new evidence of insurability before the policy anniversary nearest the insured’s 71st birthday. Partial conversions may also be available, subject to RBC’s policy rules.

Edge Benefits critical illness insurance pros and cons

✅ Edge Benefits critical illness insurance pros

• No medical exams, health questions, or medical underwriting needed
• Fast underwriting
• Large coverage amounts — up to $50,000 guaranteed
• Comprehensive coverage — 23 conditions covered
• Pays out for up to 2 partial conditions
• Second event benefits (payout for a second, unrelated condition)
• Automatic 5% benefit increase after 5 years (up to 25%)
• Options for simplified plans to increase coverage amount
• Child critical illness rider available

❌ Edge Benefits critical illness insurance cons

• No return of premium options if your plan expires or if you cancel without a claim
• No short-term options
• No limited pay options
• Limited coverage compared to fully underwritten policies
• 2-year waiting period for any condition related to a pre-existing condition (no coverage for the pre-existing condition itself)