Traditional Term Life Insurance: Free Quotes and Insights

Good health? Get a Traditional Term Life Insurance quote

Do you have decent health and no serious pre-conditions? In this case, you can enjoy the lowest life insurance rates offered by traditional term life insurance policies. Insurance rates start from a few dollars per month depending on your age, health and the amount/length of coverage you choose.

It is important to know that a traditional term life insurance plan covers you for a predefined period of time (the term). For example, Term 10 means that you will be protected for the next 10 years.

Get a traditional term life insurance quote below and see how low your life insurance premiums can be. Our insurance brokers will compare the traditional term life insurance products of 20+ insurance companies for you.

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    Meet some of our experienced insurance brokers who will be helping you

    Jack Bendahan
    Tamara Humphries
    The above insurance consultants are independent brokers and not employees of / LSM insurance.

    What is traditional term life insurance?

    Traditional Term Life Insurance policy is the simplest life insurance policy that covers you for a pre-defined period of time. Once the term is over, there is no protection. Coverage limits can vary from $50,000 to $5,000,000. Traditional Term Life Insurance is the most affordable insurance type.

    There are a few other things that you need to know about term life insurance, so we prepared an overview of the most important items:

    Time-limited coverage: Term life insurance only protects you during a pre-defined period of time (which is called “term” in insurance language). If you buy a Term 10 life insurance policy, you will be covered for 10 years. Term 20 provides coverage for 20 years, and so on.

    Low premiums: Among all life insurance products, a term life insurance policy is the cheapest one. The reason for that is that its only purpose, unlike many other life insurance products, is protection and it does not have any additional bells and whistles, so to speak.

    Age limit: Typically, you cannot get this insurance once you reach the ages of 65 and 70.

    Rated insurance: Even if your health is not perfect or if you have some mild health pre-conditions, you can benefit from traditional term life insurance. In this case your rates will be somewhat higher than standard term life insurance (they will be rated and thus your insurance will be called traditional rated term life insurance) but they are still better than alternative no medical term life insurance rates.

    Purely insurance product: Term life insurance’s only purpose is to protect. Your life insurance policy will not accumulate any cash or offer any tax benefits, but it will do its job of protecting loved ones, should the policyholder pass away.

    Coverage limits: Coverage limits for term life insurance can vary widely: from $50,000 to as much as $5,000,000. Please consider that costs to raise a child a Canada up to the age of 18 often reach $500,000. Do you have multiple kids? Do your math to make sure that you have enough coverage.

    How do my payments for Traditional Term Life Insurance policy change with time?

    Your traditional term life insurance rates stay constant during the whole term of the policy (as long as the policy is in place). It is important, though, to know that once a policy reaches the end of its life you can typically:

    • Renew it (but at a much higher rate)
    • Buy a new policy but you will need to go a full medical examination.

    Typically, term life insurance rates are quite low when you are young. The rates go higher every time you renew.

    For example, if you are female, non-smoker and 35-years old, a $500,000 Term 20 life insurance policy would cost you around $25-30 / month. The same policy for a comparable male profile would cost around $35-40 / month.

    If you compare term life insurance rates (shown as red on the chart) to, for example, whole life insurance (shown as grey on the chart), you will see that especially in younger ages, term insurance is much cheaper than whole life insurance.

    Full list of insurance companies that we work with

    Assumption life SSQ Financial Group Canada Life Industrial Alliance Equitable life IA Excellence The edge Foresters Desjardins Western Empire life BMO Iavari RBC Insurance La Capitale Canada Protection Plan Wawanesa Life Humania