A young mother sitting with her baby on an outdoor patio.

What is term life insurance?

Term life insurance provides affordable protection for a defined period of time when insurance needs are high but available funds are limited. The price you pay will never increase over the duration of your term. If you die while your policy is in effect, your beneficiaries will receive a tax-free cash benefit.

It is ideal for people who want to ensure debts like a loan or mortgage are paid off, children’s education needs are met or their income is replaced if they were no longer there to support.

How does it work?

With term life insurance, you decide how much coverage you need and for how long: either 10 or 20 years. At the end of the term, you can renew your coverage at a higher premium or convert to permanent life insurance without having to answer additional questions about your health.

Keep in mind that term life insurance doesn’t provide lifetime coverage and its cost will increase with each renewal.

How will it benefit me?

Effective coverage for less

It’s less expensive than permanent life insurance, so you can afford to buy more coverage. Premium payments are locked in and won’t change during the initial 10- or 20-year term.

Protect your family

Avoid leaving your family with large financial obligations. If you die, your family will receive a tax-free cash payment.

Upgrade when you’re ready

Permanent lifelong insurance may not be in your budget today. Term insurance is a great short-term alternative that allows you to have the protection you need now with the ability to transition to permanent lifelong insurance when the time is right for you.

Tailored to your needs

You choose the length of your coverage so that it fits your financial goals and situation. Customize your policy with help from a financial security advisor.

Which one of our life insurance products is best suited for you?

Term life insurance Participating life insurance Universal life insurance
Coverage length 10- and 20-year terms are renewable to a policy anniversary closest to the age of 85.1 Lifelong2 Lifelong2
Cost Initially the lowest cost for insurance but increases at each automatic renewal. You choose: it can go up each year, remain the same until you die or you can pay for a set period of time.3 You choose: it can remain the same until you die or you can pay for a set period of time.3
You can borrow against or withdraw money from your policy4
Options to increase coverage
Tax-free death benefit to my beneficiaries
Term life insurance
Coverage length 10- and 20-year terms are renewable to a policy anniversary closest to the age of 85.1
Cost Initially the lowest cost for insurance but increases at each automatic renewal.
You can borrow against or withdraw money from your policy4
Options to increase coverage
Tax-free death benefit to my beneficiaries
Participating life insurance
Coverage length Lifelong2
Cost You choose: it can go up each year, remain the same until you die or you can pay for a set period of time.3
You can borrow against or withdraw money from your policy4
Options to increase coverage
Tax-free death benefit to my beneficiaries
Universal life insurance
Coverage length Lifelong2
Cost You choose: it can remain the same until you die or you can pay for a set period of time.3
You can borrow against or withdraw money from your policy4
Options to increase coverage
Tax-free death benefit to my beneficiaries

1So long as you're still paying your premiums. Conversion options are available under certain terms and conditions; age limits apply. 2So long as you're still paying your premiums. 3Additional payments are subject to underwriting and to tax limits. Insurance contact requirements apply. 4Any unpaid loans or withdrawn money from your policy will reduce both its cash value and the amount of money your beneficiaries receive when you die.

Talk to an expert

Not feeling confident in your finances? You can talk to one of our financial security advisors who will work with you to craft a financial plan tailored to your needs.

Contact an advisor