Term life insurance is a type of life insurance that assures a death benefit compensation to the named beneficiary within a certain time frame, usually between 5 and 30 years. When you purchase term insurance, the amount of coverage (death benefit) and premiums (monthly or annual payments) are locked in for the duration of the policy.

When your policy's term ends, you might just have the option of renewing it at a higher rate since you're older or letting your coverage lapse. Some policies allow you to switch to whole life or universal life insurance between one to five years prior to the expiration of the policy.

You choose the term length (how long you want to be covered) and the coverage amount when you buy term life insurance (the amount you want your beneficiary to receive when you die). If you die within the policy's term, your life insurance company will pay your beneficiary the coverage amount, generally known as the death benefit.

Best Life Insurance in Canada

• Canada Life Insurance

Canada Life was the country's first domestic life insurance firm, established in 1847. Canada Life offers insurance and asset management services in Canada, the United Kingdom, the Isle of Man, and Germany, as well as Irish Life in Ireland.

For individuals, families, and business owners in Canada, Canada Life offers investments, job loss, annuities, life, savings and retirement income, disability, and critical illness insurance. Great-West Life is the distributor of Canada Life's group pay-out products.

Canada Life is also a major provider of creditor insurance, which it sells to major banks and other lending institutions. They provide services all over Canada and are one of the best life insurance brokers in cities like Toronto, Winnipeg etc.

• Manu Life Insurance

Manu life is the largest life insurance company in Canada. Manu life offers 10 and 20-year term life insurance plans based on the needs of the person. Family Term (basic coverage for a mortgage, education, retirement, and other financial obligations), Plus Vitality (Family Term with discounts for leading a healthy lifestyle), and Business Term (for business protection) are all available with coverage up to $20,000,000. The majority of Manu life life insurance plans are convertible, although at a higher cost than the market rate.

• Sun Life Insurance

A financial services company located in Canada; Sun Life Financial Inc. specializes in the provision of life insurance products. It is one of the world's largest and oldest life insurance companies, having been formed in 1865. It is also one of the most profitable. A global investment management firm with over CAD$1.3 trillion in assets under management and operations in several countries, Sun Life is headquartered in Toronto, Canada.As of 2020, there are approximately $125 billion in (AUA) Assets Under Administration. On the Forbes Global 2000 list for 2019, Sun Life is ranked 273rd.

Term Life Insurance for Couples in Canada

When contemplating purchasing life insurance as a couple, evaluate what coverage you may already have via your work or that you purchased separately.If you decide to buy insurance, make sure you think about all your options as a couple. Make sure to weigh the benefits and drawbacks of each option.

Joint First-to-Die Term Insurance

• Two people are covered by a single policy.

• It is less expensive than two separate insurance that are identical.

• If the couple separates or divorces, the policy may be less flexible than single plans.

• Cannot be split.

• Because most policies only pay out one death benefit, if one partner dies, the other must apply for a new policy to keep coverage.

• When the first partner dies, the death benefit is paid; each partner has the same level of coverage.

Connect with a professional insurance broker in Canada to help you choose the best company to buy term life insurance.