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Term Life Insurance

Protect your family even
when you aren’t around. Term Life Insurance is by far the most popular and well-known life insurance plan available in Canada.

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Term Life Insurance

  • Life Insurance company, or Insurer promise to pay a death benefit if the life insured dies within a fixed term or period
  • Typical terms available – 10,20, or 30 years, however other term lengths do exist
  • Just a pure risk coverage (no savings portion)
  • Coverage is guaranteed to remain in place if premiums are paid
  • Coverage usually terminates between age 75-80
  • New policies are not issued beyond age 75
  • Plans available on Single life or multiple lives:
    • Joint-first-to-die – This type of policy support to payoff mortgage, debt, buy/sell agreement
    • Joint-last-to-die – This type of policy support to payoff capital gains taxes on second death
  • Death Benefit Options – Level (most prevalent), Decreasing (mortgage insurance), Increasing (inflation hedge) face amount
  • Premiums: Level over the term
  • Payment mode: Annually, or Monthly

Renewable Options

  • Plan can be renewable or non-renewable
  • Renewable – Policy owner is guaranteed the right to renew for another term without having to provide evidence of insurability
  • Renewable premiums will increase at renewal time, but they are guaranteed and printed in the contract at time of original issue

Convertible Options

  • Right to convert term insurance plan to a permanent insurance plan (Term to 100, Whole life, Universal life insurance) without proof of continued insurability
  • New premium is based on either Attained age or Original Age


  • Low initial cost – affordable
  • Premiums guaranteed
  • Renewable and Convertible feature
  • Customized to meet specific needs
  • Death benefit is paid tax free


  • Temporary coverage
  • Premium increases as life insured ages
  • Coverage not available past a certain age
  • Policy is worthless at end of term
  • No cash value
  • Have a question we didn’t answer?

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  • When asked if you had to summarize your experience with Vertex Insurance in one word, what would it be and why? Listen, what he has to say!


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    Speak with our Licensed Insurance and Investment Agent Call 1800-666-0483