Term life insurance
Term life insurance: high coverage at an affordable cost
Cover your mortgage, your debts and your family's income for a specific period. Your advisor compares terms, premiums and options from several insurers.
- Terms from 10 to 40 years or to age 65
- Level premiums for the whole term
- Convertible to permanent without new evidence of health
Connect with a partner financial security advisor.
- AMFCertified advisors
- $0Free quote
- FR · ENBilingual service
- QuebecProvince-wide
What is term life insurance?
Term life insurance pays your beneficiaries a tax-free amount if you die during the chosen term — 10, 15, 20, 25, 30, 35 or 40 years, or up to a given age. The premium is level for the entire term.
It is the most affordable way to cover a need that has an end date: a mortgage, children in school, a business loan or replacing income during the years the family depends on it.
At a glance
- Term
- 10 to 40 years
- Relative cost
- $
- Cash value
- None
- Death benefit
- Tax-free
Free · No obligation · An advisor compares insurers for you
How it works
- 1
We establish your need
Debts, income to replace, projects: your advisor calculates the amount and term that match your commitments.
- 2
You choose the term
The term lines up with your longest commitment: usually the mortgage amortization or the age when children become independent.
- 3
You add options
Waiver of premium, child rider, built-in critical illness: we add only what serves you.
- 4
At expiry, you decide
Renew (higher premium), convert to permanent insurance without evidence of health, or let the coverage end if the need is gone.
Advantages
- The lowest cost per $1,000 of coverage, especially before age 45
- Guaranteed premium and death benefit for the whole term
- Great flexibility: several terms, amounts from $25,000 to several million depending on the insurer
- Right to convert to permanent insurance without new evidence of health, up to an age limit set in the contract
- Several terms can be combined in one contract (e.g. 20 years for the mortgage, 30 years for family income)
Things to consider
- No cash value: if you are alive at expiry, nothing is paid out
- At renewal the premium rises significantly with age — choose a term that covers the whole need
- Depending on amount and age, the insurer may require a health questionnaire, a blood test or a paramedical exam
- Smokers and people with a health history pay a higher premium or are offered simplified issue insurance
Options and riders
Each insurer offers riders that can be added to the base contract. Your advisor tells you which are relevant for you and what they cost.
Waiver of premium on disability
If a disability prevents you from working, the insurer pays your premiums and coverage stays in force.
Accidental death benefit
An additional amount is paid if death results from an accident.
Child rider
Covers all your children (born and unborn) for a small amount, with the right to convert at adulthood without evidence of health.
Built-in critical illness
Adds a lump sum at diagnosis of a covered illness, in the same contract.
Decreasing term (mortgage)
Coverage decreases with the loan balance for a lower premium; compare with the lender's insurance.
Indexed coverage
The amount of insurance increases each year to keep pace with the cost of living, without new evidence of health.
Guaranteed insurability
Lets you increase coverage at key moments (marriage, birth, home purchase) without a medical exam.
Which term should you choose?
Common benchmarks; your advisor adjusts to your situation.
| Term | Ideal for | Good to know |
|---|---|---|
| 10 years | Short-term loan, one-off need, very tight budget | Lowest initial premium, but early renewal |
| 20 years | Young family, recent mortgage | The most common choice: good cost / duration balance |
| 25-30 years | Long mortgage, young children | Level premium through your working life |
| To age 65-70 | Income replacement until retirement | No renewal to manage; costs more than a 20-year term |
Who is it for?
- Young families with a mortgage
- People who want high coverage at a lower cost
- Business owners covering a commercial loan or shareholder agreement
- Anyone who needs protection for a specific period
Options to compare with your advisor
Trademarks of their respective owners. Sommet Protection is not affiliated with any insurer and does not distribute any product.
How it works
- 1
Request your callback
Your coverage, your first name, your mobile: three answers are enough. The rest is optional.
- 2
An advisor contacts you
Your request goes to one partner advisor, who calls you at a time that suits you. You follow the progress live.
- 3
Receive your scenarios
You get clear options, with the advantages and limits of each. You decide.
Frequently asked questions
Which term should I choose: 10, 20 or 30 years?
Match the term to your longest financial commitment — often the mortgage amortization or the age when your children will be independent. Too short a term forces a renewal at an age when the premium is much higher.
What happens at the end of the term?
Depending on the contract, the policy renews automatically at a higher premium, can be converted to permanent insurance without evidence of health, or ends. Your advisor explains the options of the proposed product before you sign.
Isn't the bank's mortgage insurance enough?
Lender insurance only covers the loan balance and the lender is the beneficiary. Individual life insurance belongs to you: you choose the beneficiary, the amount stays level even as the balance decreases, and the coverage follows you if you switch banks.
How much does term life insurance cost?
The premium depends on age, sex, smoking, health, amount and term. As a rough guide, a healthy 35-year-old non-smoker often pays a few dozen dollars a month for $500,000 over 20 years. Only the insurer sets the premium after reviewing the file.
Can I get term insurance without a medical exam?
Yes: several insurers offer simplified versions (questionnaire only) for more limited amounts, and some amounts are approved on declaration depending on age. See our Simplified issue life insurance page.
What are the drawbacks of term insurance?
It builds no value and becomes increasingly expensive to renew with age. For a permanent need (estate costs, legacy), permanent insurance or a combination of both is more appropriate.
Is the premium tax-deductible?
For an individual, no. In some business contexts (a commercial loan required by a lender), part of it may be; consult an accountant.
Complementary coverage
Our coverage
Choose the coverage you're interested in — your advisor can also combine them.
Life insurance
Term, permanent, universal, participating or simplified issue: understand the differences, then let an advisor compare insurers for you. Free and without obligation.
Learn morePermanent life insurance
Coverage designed to last a lifetime, provided the policy stays in force. Depending on the product, premiums and cash values may be guaranteed or variable.
Learn moreUniversal life insurance
Lifetime insurance paired with an investment account you control. You decide the amount deposited, the funds selected and the pace of deposits, within tax limits.
Learn moreParticipating life insurance
Permanent insurance whose death benefit and value increase each year through dividends paid by the insurer — without you having to manage investments.
Learn moreSimplified issue life insurance
A few health questions, no blood test, no medical appointment. Coverage that stays accessible even if you were declined elsewhere or have a health history.
Learn moreDisability insurance
Illness or accident: your ability to earn an income is your most valuable asset. Disability insurance pays you a monthly benefit while you recover.
Learn moreCritical illness insurance
At diagnosis of a covered illness, you receive a tax-free amount to use as you wish: care, time off, help at home, debts. No requirement to be unable to work.
Learn moreSommet Protection is a marketing company: it is neither a firm nor an insurer, does not sell insurance and gives no advice. This site does not allow you to purchase insurance online. Your request is passed on to an independent, AMF-certified partner financial security advisor who will contact you to analyze your needs. Eligibility and premiums are established by the insurer after reviewing your file. Product descriptions are provided for information purposes and do not replace the insurance contract, which alone prevails.