Financial Services: Canada’s Best Term Life Insurance Plans with LMBF

Term life insurance is one of the two major options you will have to select from when purchasing life insurance. Term life insurance, also sometimes referred to as “pure life insurance,” offers guaranteed payment to the stated death beneficiaries upon the insured individual’s death within the policy period. Purchasing life insurance can be a big decision for many families, especially as no one likes to think about the “what ifs.” Term life insurance in Canada is a great option for new parents with young children as it’s affordable, offers a set period of coverage, and can provide budding families with peace of mind. Let LMBF help you find the best term life insurance in Canada for your needs. Start with a free quote today.

Advantages of Term Life Insurance

Death Benefit

Death Benefit

If the insured dies during the policy term, the provider will pay the policy’s “face value” out to the pre-determined beneficiaries. Most of the time, this cash benefit is not taxable and can be used for funeral costs, debt, and other things.

Pre-Set Term Period

Pre-Set Term Period

Term life insurance is especially appealing to Canadians with young dependents as it can help them secure coverage for the period where their dependents are attending school and may end when their children are adults and self-sufficient. Periods can be 10, 15, 20, or even 30 years.

  Reasons to need term life insurance
  • You have young children
  • You need coverage until your children are independent
  • You don’t want to pay high premiums
  • You want peace of mind
  Ways that term life insurance may benefit you
  • Low-cost
  • Large amounts of coverage
  • Variable term options
  • Death benefit

What is term life insurance in Canada?

Term life insurance is one of two major options when purchasing life insurance. In Canada, term life insurance is typically heralded as more affordable and comes with flexible term options, commonly ranging between 10 and 30 years. Premiums are calculated based on the total policy value as well as your age, gender, and existing health conditions. Some providers may require medical exams whereas others do not.

Our Term Life Insurance Partners in Canada

No one likes to think about what might happen in the event of a loved one’s death, or how to move forward following such a tragic event. Term life insurance can handle the what ifs and secure you and your family’s peace of mind, but it can be a complicated purchase. LMBF is confident it can help you find the option that best benefits you and your loved ones with the help of its top-rated term life insurance carriers in Canada. Let us find you coverage that preserves your peace of mind.

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Looking to Get Started on Your Term Life Insurance Plan? Get Started With a Free Term Life Insurance Quote in Canada Today.

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Term Life Insurance in Canada: Some Frequently Asked Questions

A: Term life insurance in Canada will pay out for most situations causing death. It will not pay out if you lied on your application or death was due to a specific exclusion noted on your policy. Suicide may not be covered by your term life insurance after a specific suicide clause period, typically around two years. Murder and high-risk activities are generally not covered by term life insurance in Canada.

A: No, term life insurance in Canada does not cover disability. Disability insurance is designed for covering individuals for sudden or unexpected impairment of their physical or mental health. Term life insurance is only designed to pay out for unexpected deaths during the policy term.

A: Although term life insurance policies do guarantee a death benefit to your dependents upon your unexpected death, they do not offer any other value than that. If you are looking for a plan that might double as an investment opportunity, you may wish to consider whole life insurance as an alternative. Discuss with LMBF’s experts if you are still on the fence.

A: There are a lot of reasons why someone might purchase term life insurance, but the necessity for term life insurance in Canada varies by individual. Do you have children? Have you recently purchased a home or gotten married? If you are in a situation where you believe your loved ones would struggle without your income in the event of your death or if your family would be left to cover your outstanding debt, discuss with your broker about the necessity of term life insurance.

A: After a term life insurance policy has expired, the policyholder may choose to either renew for an additional term, allow the policy to terminate on its own, or convert their term life insurance coverage to a permanent insurance policy.

A: Your term life insurance provider may offer you several term options. Common terms are 10, 15, 20, or even up to 30 years. Your coverage is valid during this period so long as you continue to make payments and/or do not cancel your policy prematurely.