Types of Industrial Alliance term life insurance plans

Industrial Alliance offers two term life insurance products: Pick-A-Term and Access Life. Pick-A-Term is the traditionally underwritten term life insurance product. This term life insurance plan lets you choose coverage periods from 10 to 40 years. The coverage amount for this plan ranges between $25,000 and $20 million, subject to underwriting. It is suited to individuals and families looking for flexible and higher coverage to protect financial obligations such as mortgages, debts, income replacement, or future estate needs.

Does Industrial Alliance offer no medical plans?

Yes, Industrial Alliance offers a no-medical life insurance plan through Access Life. When you opt for the Access Life plan, you do not need to undergo a medical examination. Applicants answer a series of health questions that determine which coverage level and maximum amount they qualify for.

Access Life insurance is available for 15, 20, or 25 years, with a maximum coverage amount of $500,000 (depending on the plan). Access Life can be particularly useful for applicants who may not qualify for traditionally underwritten term insurance because of their health or other circumstances.

What is covered under Industrial Alliance term insurance?

Industrial Alliance term life insurance plans include the following coverage:

• Tax-free death benefit: The core benefit of Industrial Alliance term policy is that it pays a lump-sum death benefit to your named beneficiaries upon your death. The payout is tax-free and can be used for any financial need, including mortgage payments, replacing lost income, settling debts, funding education, or covering final expenses
• Renewable coverage: Pick-A-Term automatically renews after the initial term. Early renewable term (YRT) applies until age 85, after which premiums become level and coverage can continue to age 100
• Optional coverage: Industrial Alliance term life insurance can be supplemented with additional riders and benefits, including children’s insurance and other protections, at additional premiums

Pros and cons of Industrial Alliance term life insurance

How much does Industrial Alliance term insurance cost?

The cost of Industrial Alliance term insurance for $100,000 coverage (10-year term) ranges from $9.00/month to $168.57/month. The exact cost can, however, vary depending on the gender, health status, and age of the applicant. Here is a table illustrating how the premiums for Industrial Alliance term insurance vary by age and gender.

Cost of iA 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 Industrial Alliance life insurance?

There are a number of riders that you can include in your Industrial Alliance term life insurance plan, such as disability credit insurance rider, critical illness rider, guaranteed insurability rider, child module rider, waiver of premium rider, child critical illness rider, and supplementary income rider. When you include these riders in your term life insurance, the premiums will increase.

• Disability credit insurance rider: This coverage provides benefits to help cover loan payments if the insured becomes disabled. It can help reduce the financial burden of debt payments during a period when disability affects the insured’s ability to earn income
• Critical illness rider: Pays a lump-sum payment if the insured is diagnosed with a covered illness or condition. You can choose between coverage for 25 illnesses plus five juvenile conditions, or a more affordable option covering four illnesses plus five juvenile conditions
• Guaranteed insurability rider: This benefit gives the insured the option to purchase additional life insurance without providing evidence of insurability. The additional coverage must be permanent life insurance
• Child module rider: This option provides level term life insurance for each living or unborn child covered under the module. Coverage can continue until the child reaches age 25 or until the parent or insured attached to the module reaches age 65, subject to the policy terms
• Waiver of premium rider: This benefit can cancel insurance premium payments if the applicant or insured becomes totally disabled before age 60 and the disability lasts more than six months. It can also cancel premiums if the applicant dies before age 65
• Child critical illness rider: This coverage provides a lump-sum benefit if a covered living or unborn child is diagnosed with one of the critical illnesses specified in the contract. It can provide additional financial support to help families manage expenses following a child’s serious illness
• Supplementary income rider: This option provides a monthly income if the insured becomes totally disabled following an accident or illness covered by the contract. The benefit is designed to provide income support while the insured is unable to work because of the covered disability

What is Industrial Alliance term-to-term conversion?

Industrial Alliance’s term-to-term conversion allows you to convert your existing term insurance to another available longer term length without having to provide new medical evidence. Within the first seven years of the policy, a T10 policy can be converted to a 20-year or 30-year term with the same face amount, provided the insured does not exceed the applicable maximum issue age. This option can be useful if your need for coverage extends beyond the original 10-year period. The conversion, however, remains subject to the insurer’s eligibility and policy conditions.

What is Industrial Alliance decreasing term life insurance?

Industrial Alliance Pick-A-Term offers a decreasing coverage option designed for those whose financial obligations decline over time. The face amount decreases annually according to a mortgage amortization schedule calculated using an 8% interest rate until it reaches 50% of the original coverage amount. This can help align the life insurance coverage with a gradually declining mortgage balance while maintaining protection for beneficiaries throughout the policy term.

What is iA’s Superior Risk Tolerance Program?

iA Superior Risk Tolerance is a life insurance underwriting program offered by iA Financial Group. It is designed to help certain clients with medical conditions or other underwriting risks qualify for standard insurance rates instead of paying an additional premium. 

Eligibility requirements:

• Total underwriting rating: +100% or less
• Total iA coverage: $1 million or less, including existing iA coverage
• Age: 70 or younger

How it works: Applicants with certain health conditions, medical histories, or build factors may normally receive a rating that increases their premium. If the combined rating is +100% or less, iA may waive the additional rating and offer standard pricing.

For example, a 55-year-old non-smoker with a combined rating of +100% from build and type 2 diabetes may qualify for standard rates under the program. If the rating exceeds +100%, iA’s Tier 2 program may still reduce the additional premium by up to 25%, depending on the product.

How does Industrial Alliance life insurance compare to other providers?

Industrial Alliance term life insurance stands out for its range of term options, high coverage limits, and flexibility to adapt coverage over time. Its Pick-A-Term product offers terms from 10 to 40 years, coverage of up to $20 million, automatic renewal, and the option to convert eligible coverage to permanent life insurance before age 71 without new medical evidence. It also offers Access Life as a no-medical-exam alternative for applicants who may have difficulty qualifying for traditionally underwritten coverage.

To compare Industrial Alliance with other leading Canadian insurers, read our guide to the best term life insurance companies in Canada.

Our advisor’s take on Industrial Alliance term life insurance

One of our advisors recently reviewed coverage options for a 40-year-old non-smoking professional who wanted to protect his family against the financial impact of an early death. His main priorities were sufficient coverage for his mortgage and family income, a term that matched his financial obligations, and flexibility to change his coverage as those obligations declined.

• Age: 40-year-old non-smoking Canadian
• Coverage need: $2 million in coverage to provide income replacement, help clear the mortgage, and fund future education costs
• Primary concern: Competitive premiums, flexible coverage periods, the ability to reduce coverage as the mortgage balance falls, and access to permanent insurance later without repeating medical underwriting
• Our comparison: We evaluated Industrial Alliance Pick-A-Term alongside other major Canadian insurers, looking at term choices, coverage limits, renewal provisions, conversion options, and available supplementary benefits. iA was particularly compelling for clients who value flexibility, with both level and decreasing coverage options and several ways to adapt the policy over time

Why Industrial Alliance stood out:

• Pick-A-Term offers coverage periods from 10 to 40 years, making it easier to match the policy with the duration of a mortgage, working years, or other financial commitment
• Pick-A-Term offers flexible coverage of $2 million, subject to underwriting
• You can supplement your policy with options such as critical illness, guaranteed insurability, child coverage, waiver of premiums, and supplementary income benefits

How to buy Industrial Alliance term life insurance?

Here are the steps you need to follow to buy Industrial Alliance term life insurance:

• Provide basic information about yourself, including your age, smoking status, desired coverage amount, and preferred term length. Our advisors will use these details to help estimate your premiums and identify suitable options
• Our advisors will help you review an Industrial Alliance term life insurance quote alongside policies from other Canadian insurers
• Once you finalize your Industrial Alliance term plan, you can proceed with the application. Depending on your coverage and personal circumstances, iA may require additional health information or medical underwriting.
• After underwriting is done and your application is approved, the policy can be issued, and your coverage will begin according to the policy terms

About UV Assurance 

UV Insurance operates under The Union Life Mutual Assurance Company in Canada and has offered life and health insurance solutions to Canadians since 1889. As a mutual insurance company, UV provides a range of individual insurance products, including term life insurance, permanent life insurance, and critical illness insurance.

UV Insurance’s financial strength (As of 2025)

How much does UV Term Superior+ term life insurance cost?

The cost of UV term life insurance ranges between $11.25 and $80.37 for the profiles shown below. 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 UV term life insurance?

UV term life insurance can be customized with multiple optional riders, including the Child Rider, Waiver of Premium, Accidental Fracture, and others. These add-ons provide additional protection and benefits for individuals and families, offering well-rounded coverage.

Here is an overview of the riders available with the UV Term Life Insurance policy:

Can you exchange your UV term life insurance for a longer term?

Yes, UV Assurance provides a one-time term exchange option for Term 10, Term 15, Term 20, and Term 25 policies, subject to the following conditions:

• New term must be longer than the initial term
• Should occur between the first and fifth contract anniversary

The exchange can apply to all or part of the existing coverage and does not require a new declaration or proof of insurability.

Can you convert UV Term Superior+ to permanent life insurance?

Yes. UV Term Superior+ policyholders can convert all or part of their term coverage without providing a new declaration of insurability. This privilege is available until the contract anniversary nearest the insured’s 70th birthday.

This is particularly helpful for applicants at older ages or with deteriorating health, since they might not get permanent coverage through traditional underwriting criteria.

How does UV Insurance compare to other insurance providers?

UV Term Superior+ stands out primarily for the flexibility built into its term life insurance policy. Applicants can choose from five term lengths from 10 to 30 years, along with simplified issue options for eligible applicants and regular underwriting for higher coverage amounts. The policy’s combination of automatic renewal and term-exchange option offers a greater level of customization.

Another notable feature is the built-in Severe Loss of Independent Existence benefit, which offers 50% of the insurance amount, up to $100,000, if the insured meets the policy’s benefit requirements regarding disability. This rider is provided at no additional cost, making it a strong choice for families seeking comprehensive coverage in Canada.

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

Our advisor’s take on UV term life insurance 

At PolicyAdvisor, we recently helped a 34-year-old homeowner secure UV Term Superior+ life insurance to protect the family’s finances while the homeowner paid off a car loan and raised young children. They were looking for affordable long-term coverage and qualified for UV’s Simplified Issue Immediate underwriting, allowing them to apply without medical exams or fluid testing.

Client profile

• Age: 34
• Family: Married with two young children
• Primary concern: Mortgage protection and income replacement
• Coverage goal: $450,000 in Term Superior+ life insurance

Why we recommended UV Term Superior+ 

• Simplified Issue: Immediate underwriting, allowing the applicant to qualify for $450,000 in coverage without medical exams or fluid testing
• 20-year term that closely aligns with the applicant’s remaining mortgage and the children’s expected years of financial dependency 
• Term exchange privilege, offering the option to select longer terms within the first five contract anniversaries
• Conversion privilege, allowing all or part of the term coverage to be converted before the applicable age limit
• Built-in Severe Loss of Independent Existence benefit, providing additional financial protection at no extra cost 

How to purchase UV life insurance in Canada

PolicyAdvisor’s licensed advisors can help you compare terms offered by UV Term Superior+ based on your age, budget, health, coverage needs, and financial goals.

Whether you are looking to protect your family 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 financial needs.

About Wawanesa Life Insurance

Founded in 1961, The Wawanesa Life Insurance Company is the life insurance subsidiary of The Wawanesa Mutual Insurance Company, one of Canada’s oldest mutual insurers, established in 1896. Today, Wawanesa Life offers individual life insurance, group benefits, and investment solutions across Canada through a network of independent insurance brokers. Its life insurance portfolio includes both term and permanent life insurance, with a strong focus on flexible coverage options, guaranteed protection, and customizable riders.

Wawanesa Insurance’s financial strength

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

What is Wawanesa term life insurance?

Wawanesa’s term life insurance product is called Lifetime Term Insurance. This is a renewable insurance policy that provides guaranteed death benefit protection for a selected coverage period. If the insured passes away while the policy is in force, beneficiaries receive a tax-free lump-sum payment that can be used to replace lost income, pay off debts, cover mortgage payments, or meet other financial obligations.

Unlike many standard term policies, Wawanesa offers seven term options: Term 10, 15, 20, 25, 30, Term to Age 80, and Term to Age 100. The term insurance plans are guaranteed renewable and can be converted to permanent life insurance (T100 is not convertible) before age 71 without providing new medical evidence. With Wawanesa term life insurance, you have the option to choose coverage that ranges from $10,000 to $20 million (coverage approval is subject to underwriting), making the product suitable for both personal and business insurance needs. All premiums are guaranteed, and policies become fully paid up at age 100 while lifetime coverage continues.

Key features of Wawanesa term life insurance:

Who is eligible for Wawanesa life insurance?

To qualify for Wawanesa term life insurance, applicants must meet the insurer’s age and underwriting requirements. Eligibility includes:

• You must be a Canadian resident and meet the insurer’s underwriting requirements
• Your age must fall within the issue age range for your chosen term length:
  • Term 10: 18-75 years
  • Term 15: 18-70 years
  • Term 20: 18-65 years
  • Term 25: 18-60 years
  • Term 30: 18-55 years
  • Term to Age 80: 18-60 years
  • Term to Age 100: 18-80 years
• You can apply for $10,000 to $20,000,000 in coverage (subject to underwriting and financial justification)
• You will complete underwriting that may include a health questionnaire, tele-interview, and, for some ages/amounts, medical tests
• To qualify for non-tobacco rates, you generally must not have used tobacco products during the 12 months immediately before applying. Specific conditions apply to occasional cigar use

Types of Wawanesa term life insurance plans

Wawanesa offers one term life insurance product, Lifetime Term Insurance, with seven term length options: Term 10, 15, 20, 25, 30, Term to Age 80, and Term to Age 100. This allows Canadians to choose a coverage period that aligns with their financial goals and the length of their financial obligations. Shorter terms are ideal for temporary needs such as personal loans or income replacement during peak earning years, while longer-term options protect mortgages, support estate planning, or provide lifelong financial security.

The coverage amount for Wawanesa term Insurance ranges from $10,000 to $20 million, with guaranteed premiums during the selected term. Most plans are guaranteed renewable, and all policies become fully paid-up at age 100, with coverage continuing for life without additional premiums. 

What is covered under Wawanesa term insurance?

Wawanesa term insurance pays a tax-free death benefit to your beneficiaries if you pass away while the policy is in force. 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, support business continuity, or meet other financial obligations. 

In addition to the death benefit, Wawanesa term life insurance also includes the following:

• Guaranteed renewability: Term 10, 15, 20, 25, 30, and Term to Age 80 policies can be renewed without new medical underwriting, allowing you to maintain coverage even if your health changes
• Conversion privilege: Wawanesa term policies can be converted to a permanent life insurance policy before age 71 without providing new medical evidence, helping you secure lifelong coverage if your insurance needs change. Term to Age 100 is not convertible
• Lifetime coverage on maturity: Once the insured reaches age 100, the policy becomes fully paid-up, and coverage continues for life without any further premium payments

Pros and cons of Wawanesa term life insurance

How much does Wawanesa term insurance cost?

The cost of Wawanesa term insurance starts at $8.28/month for a female non-smoker aged 20 years and $9.45/month for a male of the same profile seeking $100,000 in coverage for a 10-year term. The cost, however, increases with age and if there’s a change in health conditions. Overall, some of the factors affecting Wawanesa term insurance include age, gender, smoking status, and health conditions of the applicant. 

Cost of Wawanesa 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 Wawanesa Life Insurance?

The riders available with Wawanesa Life Insurance include the accidental death benefit, child critical illness rider, child protection rider, disability waiver of premium benefit, and mortgage protection benefit. These riders let you customize your policy based on your family’s financial needs.

• Accidental death benefit: This rider pays an additional death benefit of up to $250,000 if the insured dies as a result of a covered accident within 365 days of the accident. It is available on all eligible term plans and expires on the policy anniversary following the insured’s 70th birthday
• Child critical illness rider: This rider provides $10,000 or $20,000 in critical illness coverage for all eligible children diagnosed with one of 15 covered childhood critical illnesses, such as cancer, autism, congenital heart disease, or Down syndrome. No medical underwriting is required, although a 12-month pre-existing condition exclusion applies
• Child protection rider: This rider provides $5,000 to $30,000 of life insurance coverage for eligible children. It also gives each insured child the option to purchase up to five times the rider amount as an individual life insurance policy without medical underwriting, helping them secure lifelong coverage
• Disability waiver of premium benefit: If you become totally disabled before age 60, this rider waives eligible policy premiums after a 4-month waiting period and refunds premiums paid during that time. This ensures your life insurance coverage remains in force without requiring further premium payments while you are disabled
• Mortgage protection benefit: This rider helps cover your eligible monthly mortgage payments if you become totally disabled. Coverage is available in $100 increments up to $3,000 per month, with a choice of 2-year or 5-year benefit periods, and benefits are paid directly to your mortgage lender

What is the current age pricing with Wawanesa life insurance?

Wawanesa uses a current age pricing approach to calculate life insurance premiums. This means your premium is based on your actual age on the day you apply, rather than your nearest age, which is the method many insurers use.

With many insurance companies, if you are within six months of your next birthday, your age is rounded up for premium calculations. Wawanesa does not round up your age. Instead, it charges premiums based on your current age, which can result in lower premiums if you apply before your next birthday. This pricing approach can make Wawanesa more cost-effective for applicants who are close to their birthday.

Does Wawanesa term life insurance have a policy fee?

No, Wawanesa term life insurance does not charge a separate policy fee. Unlike some insurers that add an annual or monthly policy fee on top of the base premium, Wawanesa includes all policy and rider fees within the quoted premium. This means the premium you are quoted already reflects the cost of your coverage based on factors such as your age, health, smoking status, coverage amount, and selected term. The lack of a policy fee makes it a good option for those looking for an affordable term life insurance policy.

Does Wawanesa offer joint or multi-life coverage under its term insurance plan?

No, Wawanesa does not offer joint or multi-life coverage with its term insurance plan. It is available only as a single-life policy and does not offer joint first-to-die, joint last-to-die, or combined multi-life term insurance options under a single policy. Couples or business partners who both require coverage must purchase separate individual term life insurance policies. Each policy is underwritten independently, allowing each insured person to choose their own coverage amount, term length, riders, and beneficiaries based on their individual insurance needs.

How does Wawanesa life insurance compare to other providers?

Wawanesa term life insurance is a good choice for those seeking high coverage limits, flexible term options, and affordable pricing. It offers a single term life insurance product with seven term lengths (term 10, 15, 20, 25, 30, term to age 80, and term to age 100), coverage of up to $20 million, guaranteed premiums, guaranteed renewability on eligible plans, and the option to convert to permanent life insurance without additional medical underwriting before age 71. 

To compare Wawanesa with other leading insurers based on pricing, policy features, customer satisfaction, and other features, read our guide to the best term life insurance companies in Canada.

Our advisor’s take on Wawanesa term life insurance

Recently, one of our advisors worked with a 38-year-old non-smoking professional who wanted affordable coverage to protect his family’s finances while paying off a mortgage. He was looking for a policy with competitive pricing, flexible term options, and the ability to convert to permanent coverage later.

Client profile:

• Age: 38-year-old non-smoking Canadian
• Coverage need: $1 million to replace family income, pay off the mortgage, and cover future education expenses
• Primary concern: Affordable premiums, flexible term lengths, guaranteed renewability, and the option to convert to permanent life insurance as his needs evolve

Our comparison: We compared Wawanesa Lifetime term insurance with other leading Canadian insurers based on premium competitiveness, available term lengths, coverage limits, conversion flexibility, and optional riders. Wawanesa stood out for its current age pricing, seven term options, coverage of up to $1 million, and conversion option on eligible plans.

Why we recommended Wawanesa term life insurance:

• Offers multiple term lengths: Term 10, 15, 20, 25, 30, Term to Age 80, and Term to Age 100
• Uses current age pricing, calculating premiums based on your actual age rather than using the nearest age
• Offers a range of optional riders, including accidental death, child protection, child critical illness, mortgage protection, and disability waiver of premium, allowing policyholders to tailor their coverage to their needs

How to buy Wawanesa term life insurance?

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

• Compare personalized quotes: Share a few details about your age, health, lifestyle, and coverage needs to receive customized quotes from Wawanesa and other leading life insurance companies in Canada
• Speak with a licensed advisor: Our licensed insurance experts will compare Wawanesa with other insurers, explain policy features, and recommend the coverage that best suits your budget and long-term financial goals
• Complete your application: Apply online with expert guidance from our team. We will help you complete the application, coordinate any medical requirements (if applicable), and manage the underwriting process from start to finish
• Receive your policy: Once your application is approved, your Wawanesa term life insurance policy is issued, and your coverage begins

Ready to get started? Schedule a call with one of our licensed insurance advisors today and compare Wawanesa term life insurance quotes with other top Canadian insurers!

About Humania Assurance

Humania Assurance is a Canadian life and health insurance company founded in 1874, headquartered in Saint-Hyacinthe, Quebec. With over 150 years in service, it is one of the oldest life and health insurers in Canada. They provide insurance coverage to over 200,000 clients and mutual members across the country.

Humania Assurance specializes in life, critical illness, and disability insurance, with a strong focus on streamlined digital underwriting and accessible coverage. The insurer’s life insurance portfolio is notable for catering to different health profiles through the HuGo and IWME products. Backed by more than a century of experience, it remains a leading insurer for individuals, families, professionals, and business owners. 

Humania Assurance’s financial strength (As of 2026)

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

How much does Humania HuGO term life insurance cost?

The cost of Humania Life term life insurance ranges between $12.06 and $49.50. 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 monthly rate for $100,000 in coverage for a 10-year term:

What are the Humania term life payment options and lapse protection features?

If a premium for Humania term life insurance 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.

However, if the policy lapses because premiums are not paid, Humania 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 Humania term life insurance?

Humania term life insurance can be customized with three optional riders: Accidental Death and Dismemberment Rider, Total Disability Waiver of Premium Rider, and the Dependent Child Life Insurance Rider. 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 Humania Term Life Insurance policy:

Can you convert Humania life insurance to permanent coverage?

Yes, eligible Humania HuGO and IWME policies can be converted to an eligible permanent life insurance policy without new evidence of insurability. For HuGO, Term 10, 15, 20, 25, 30, and term to age 80 coverage includes a conversion privilege up to age 65. Additionally, policyholders can upgrade to Term to 100 coverage within the conversion period as well.

For IWME Guaranteed Term 10 or Term 20, coverage can similarly be converted before age 65 to Term 100 without new evidence of insurability. However, the maximum conversion amount is $50,000.

How does Humania life insurance compare to other insurance providers?

Humania stands out primarily because of the breadth of its underwriting options rather than exceptionally high maximum coverage. HuGO offers applicants access to fully underwritten term insurance with multiple renewal term lengths, guaranteed renewability, conversion, and a term exchange option. These features make the policy flexible and suitable for a wide range of applicants.

Meanwhile,  the Insurance Without Medical Exam (IWME) simplified policies can provide up to $1 million in no-medical life insurance for eligible applicants age 50 and under, making it a strong option for individuals who are unable to seek traditionally underwritten policies. Paired with different term options and guaranteed conversion, Humania term life insurance policies are well-suited for homeowners, growing families, and businessmen 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 Humania term life insurance

At PolicyAdvisor, we recently helped a 32-year-old homeowner secure Humania HuGO Life Insurance to secure their family’s finances while paying off a mortgage and raising young children. They were seeking affordable term coverage with the flexibility to extend their protection if their financial obligations lasted longer than expected or changed over the years.

Client profile

• Age: 32
• Family: Married with two young children
• Primary concern: Mortgage protection and income replacement
• Coverage goal: $1 million in HuGO term life insurance

Why we recommended Humania HuGO Life Insurance: 

• 25-year level term that aligned with the applicant’s mortgage repayment schedule and long-term financial obligations
• Term exchange privilege, allowing them to exchange all or part of their coverage for a longer term between the first and fifth policy anniversaries
• Guaranteed renewability to age 80, providing an option to maintain life insurance protection if coverage is still required after the original term expires
• Conversion privilege, providing the option to convert eligible term coverage to permanent whole life insurance without evidence of insurability

How to purchase Humania life insurance in Canada

PolicyAdvisor’s licensed life insurance advisors can help you compare different term life policies offered by Humania 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

What is the maximum coverage available under Humania term life insurance?

Humania HuGO life insurance offers coverage between $50,000 and $5 million. Meanwhile, the IWME Simplified offers up to $300,000 under Bronze, $500,000 under Silver, and $1 million under Gold, subject to eligibility. Gold coverage above $500,000 is available only to eligible applicants age 50 and under. IWME Guaranteed Issue policies offer up to $100,000 to eligible policyholders, depending on age and term.

Does Humania offer no-medical life insurance?

Yes, Humania offers no-medical life insurance through the Insurance Without Medical Exam (IWME) plans, which offer Simplified Issue and Guaranteed Issue policies to eligible applicants.

What term lengths does Humania offer?

Humania HuGO policies offer terms of 10, 15, 20, 25 and 30 years, as well as fixed coverage to age 80. IWME Simplified issue and IWME Guaranteed issue offer Term 10, Term 20 and Term 100.

Can I convert Hugo term life to permanent life insurance?

Yes, eligible policyholders can convert all or part of their coverage to an eligible Humania Assurance permanent life insurance policy without new evidence of insurability till the conversion age of 65, between the first and fifth policy anniversary.

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: