Term Length options for Term Life Insurance now range from 5 to 50 Years
Your needs are unique and vary in almost all key phases of life.
For example, today you might be single with fewer responsibilities to fulfil. After a year, you get married and your responsibilities increase. Soon afterwards you become a parent and your responsibilities increase further.
To help you meet these unique needs, Canada Life My Term™ offers term length options between 5 to 50 years, with a yearly renewable term structure and conversion option.
The flexibility in life insurance allows you to adapt your policy to meet your specific needs as per requirement.
- Flexible term lengths – between five and 50 years.
- Yearly renewable term structure – as a new feature, coverage for the Canada Life My Term product will renew yearly at end of the initial term period. Premiums in the renewal period will see a gradual yearly increase until expiry at the policy anniversary nearest the life insured’s age 85.
- Customization – customize your coverage with optional benefits.
- Convertibility options – convert to longer-term or permanent policy without new evidence (within limits).
- Eased underwriting requirements – streamlined life underwriting requirements mean it is easier for you to apply than ever before.
- Available through paper and web applications.