Term 10 Life Insurance Solution

Term life insurance is designed to cover relatively short time periods, and Term 10 plans offer protection for 10 years.

If your need for coverage is up to 14 years, then a traditional Term 10 life insurance policy that is both renewable and convertible is your most cost effective option. This coverage is appropriate for people who have teenage children, and/or a mortgage which is being paid down and requires insurance for protection against the unexpected.

Term 10 life insurance is very popular, and constitutes approximately 50% to 60% of all life sales in Canada.

A Term 10 life insurance policy:

  • Offers an initial 10-year coverage period, with the premium completely guaranteed (e.g. your premium will remain the same for the 10 years).
  • Can be renewed when the initial 10-years is over for another 10 year period (as long as the plan is "renewable").
  • Can be converted to a whole life insurance policy, as long as it is "convertible". Whole life is different than term, and comes with a cash value.
  • Is renewable up until age 80 or 85 for most carriers.

If you decide to renew your plan then the premium after renewal will be higher than the initial rate. However, continued coverage is guaranteed and you do not require a medical exam at renewal time.

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