Protect What Matters Most
Life is unpredictable. But protecting your family’s future doesn’t have to be complicated.
Term life insurance provides a tax-free lump sum to your loved ones if you pass away during the policy term (typically 10, 20, or 30 years). It’s the most cost-effective way to:
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Cover your mortgage or rent
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Replace lost income for your family
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Fund your child’s education
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Pay off debts or final expenses
Why Term Life Insurance is So Popular in Canada
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Affordable: Get high coverage at a fraction of the cost of permanent insurance
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Flexible: Choose the term that matches your goals
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Simple: No complicated investment options or hidden fees
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Convertible: Many plans allow you to switch to permanent coverage later without a medical exam
Is Term Life Insurance right for you?
It might be a perfect fit if you are:
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A parent who wants to ensure your kids are provided for
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A homeowner with a mortgage
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A newlywed or partner building a future
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A business owner securing your family's financial stability
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A self-employed professional without employer benefits
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Get your answers
It depends on a number of factors, such as your age, health, lifestyle, and the amount of coverage you choose.
Your coverage ends once the term expires, and no benefit is paid. But the good news is that many policies include a conversion option, meaning you can switch to permanent coverage without a medical exam before the term ends. Some policies also offer a renewal option, letting you extend coverage year by year, though the cost will increase based on your age at renewal.
That depends on your needs. Term life is great for temporary needs — like protecting your income while raising a family or paying off a mortgage. Whole life is better for long-term goals like estate planning or tax-sheltered wealth transfer.
No, term life doesn’t build cash value like permanent insurance. It’s designed to provide affordable protection for a set period, rather than serving as a savings or investment account.
Yes. Many insurance companies offer the option to add riders for critical illness or disability coverage to your term life policy. Bundling coverage this way is often more affordable than buying three separate policies — and it keeps everything under one plan, with one application and one premium to manage.
No. The death benefit is paid out tax-free to your named beneficiary, with no income tax, no probate delays.
Still Have Questions?
Disclaimer: The information contained in this article is provided for general informational purposes only and does not constitute financial, legal, tax, or investment advice. While we strive to ensure that the content is accurate and up to date, Safe Horizon Financial makes no guarantees regarding its applicability to your individual circumstances. Readers should consult qualified professionals (such as a licensed financial advisor, accountant, or lawyer) before making decisions based on the information presented. Safe Horizon Financial is not responsible for any actions taken or not taken as a result of this content.