Affordable term life insurance in Canada with Blue Cross Life®
Term life insurance is a flexible way to help protect your family’s financial future during the years that matter most. It provides coverage for a set period of time and can help support your loved ones financially if you pass away during that term.
If you’re exploring term life insurance in Canada, understanding how it works is an important first step.
What is term life insurance?
Term life insurance is a type of life insurance that covers you for a set period of time, typically between 10 to 30 years. You pay a fixed amount each month, and that rate stays the same for the length of your term. If you pass away within that time, your beneficiaries can receive a tax-free payment to help cover costs like housing, bills, or daily expenses.
Many Canadians choose term life insurance because it offers simple, affordable protection during the years when financial responsibilities are often highest. It can be a good fit if you have a mortgage, children, or other dependents who rely on your income. According to the Canadian Life and Health Insurance Association, 22 million Canadians use life insurance to help protect their loved ones’ financial future.
Why choose term life insurance with Blue Cross Life?
Coverage that fits your life
Select coverage amounts from $100,000 to $5 million and term lengths of 10, 15, 20, 25, or 30 years. Match your coverage to financial commitments like a mortgage, future needs, or a safety net for your loved ones.
Fully digital application
Apply online from start to finish with no in-person meetings. Our application can be completed in minutes, and many applicants receive a decision right away. Many eligible applicants may qualify without a medical exam.
Support when you need it
If you have any questions or need help understanding your options, our licensed advisors are available to support you. They can help you choose coverage that fits your needs, budget, and specific situation.
Benefits of a term life insurance policy with Blue Cross Life
With Blue Cross Life, your policy includes:
Competitive rates that stay the same throughout your term
Free $10,000 in coverage for each dependent child
10% discount on first-year premiums when couples apply together
A tax-free payout for your beneficiaries
Automatic renewal to avoid gaps in coverage
How does term life insurance coverage work?
Term life insurance is designed to be simple:
Select your coverage and term
Choose how much coverage you need and how long you need it. Many people match their term to their mortgage or the years their children may depend on their income.
Pay a fixed monthly cost
You pay the same amount each month for the length of your term, making it easier to plan your budget.
Protection you can count on
If you pass away during your term, your loved ones can receive a tax-free payment, subject to the terms of the policy.
When your term ends
If you choose to continue your coverage after your term ends, your policy renews annually with updated rates.
Term life insurance rates in Canada
Monthly rates for $500,000 in coverage over a 20-year term with Blue Cross Life
Average monthly rates for $500,000 in coverage over a 20-year term
Industry Average Premiums
Blue Cross Life Premiums
Female
Female
Age
$51
$82
$33
$23
$21
$22
$32
$35
$54
$88
$74
$128
$47
$31
30
35
40
45
50
$71
$122
$44
$31
$29
Male
Male
$25
How much term life insurance coverage do you need?
What to consider
Your coverage needs can vary based on your situation. You may want to factor in:
Number of dependents
Daily living expenses
Mortgage balance or rent payments
Future costs, like saving for a child’s education
Any existing savings or coverage
Everyone’s financial situation is unique. You can explore what coverage may fit your needs using our needs assessment tool, or speak with a licensed advisor to get personalized advice.
When do you need term life insurance?
Many Canadians consider buying term life insurance after a significant life event, like buying a home, having children, or getting married. These are key moments to consider how your passing could financially impact those closest to you.
While it’s often more affordable to get coverage when you’re younger and in good health, term life insurance can provide valuable protection at any stage of life.
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Term or whole life insurance?
Cost
Duration
Complexity
Best for
Payout
Whole Life Insurance
Term Life Insurance
10-30 years, during the years you need it most
Canadians looking for straightforward protection during key financial years
Tax-free, lump-sum payment
Clear and straightforward, conditions that are easy to understand
Starts around $15/month
High net-worth individuals with complex estate planning situations
Tax-free, lump-sum payment, with tax implications if the plan is cancelled or surrendered prematurely
Often includes surrender fees, taxes, and other limitations to be aware of
5-8 times more expensive than term life insurance for equivalent coverage
Your lifetime
Whole life insurance provides coverage for your lifetime and may include a cash value component that can grow over time. Premiums are typically higher than term life insurance for the same amount of coverage.
Learn more about different types of life insurance plans in Canada.
How to get a term life insurance plan with Blue Cross Life
Applying for term life insurance with Blue Cross Life is simple and fully online. Our expert insurance advisors are available to answer your questions and provide helpful guidance by phone or email.
Step 1: Get a free, personalized estimate
Provide basic details about your age, health, and coverage needs. You don’t need a credit card or medical records to get a free, no-obligation quote in seconds.
Step 2: Apply online in under 20 minutes
If you decide to move forward, you’ll answer questions about your health, lifestyle, and coverage amount. Many eligible applicants may qualify without a medical exam.
Step 3: Finalize your policy when you’re ready
Once approved, you can review your policy details and make your first payment online. Some applicants may qualify for same-day coverage.
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Ready to get started? Get your free, personalized quote with just a few clicks.
Our life insurance advisors are here to help
Whether you’re comparing coverage options or have questions about applying, our licensed advisors are available to support you.
Get expert advice
Speak to a knowledgeable life insurance advisor who can offer guidance specific to your needs. You can call us at +1 (866) 316-4458 (Monday-Friday, 9 AM - 5PM ET) or send us an email at any time.
Email An AdvisorGet a personalized quote
It takes about 20 seconds to get a no-obligation term life insurance quote online for your desired term length and coverage amount. Find out your rate, then complete your application when you’re ready.
Get My QuoteFAQs: Term Life Insurance in Canada
Can’t find the answers you’re looking for? We’re here to help. Speak with a licensed Canadian advisor at +1 (866) 316-4458 (Monday-Friday, 9 AM-5 PM ET) or email us at service@life.bluecross.ca.
Term life insurance is a type of life insurance that offers coverage for a set period of time. It works by providing your beneficiaries with a lump-sum, tax-free payment if you pass away during the policy term. This financial safety net can help loved ones pay outstanding debt and end-of-life costs, or cover other expenses f you’re no longer around.
Term life insurance costs vary based on factors like your age, health, smoking status, coverage amount, and term length. Monthly premiums can start around $15, depending on your personal profile and coverage needs.
Learn how age impacts term life insurance rates and how starting earlier can affect your costs over time. You can also get a personalized quote based on your situation.
A common starting point is coverage equal to 7 to 10 times your annual income. Your ideal amount may depend on factors like:
- Number of dependents
- Daily living expenses
- Your mortgage or rent payments
- Future costs, like education
- Existing savings or coverage
For a more personalized estimate, explore the Financial Consumer Agency of Canada’s guide to life insurance needs.
Your term length should reflect how long your financial responsibilities are expected to last. Many people choose a term that aligns with a mortgage, their children’s dependent years, or the time remaining until retirement.
Common term lengths include 10, 20, and 30 years. Learn how to choose the right term length for your situation.
Not always. Many applicants may qualify for term life insurance without a medical exam, depending on factors like their age, health, and coverage amount. If additional information is needed, a medical exam may be requested during the application process. With Blue Cross Life, the process is designed to be simple. Our advisors will guide you through each step, and you won’t need to find your own doctor or clinic.
Learn more about how no-medical exam life insurance works.
The payout is typically paid to the beneficiaries named in your policy. A beneficiary is the person or people you choose to receive the lump-sum payment. This can include a spouse, children, family members, or anyone else you choose. You can usually update your beneficiaries if your situation changes over time.
Learn more about how to choose the right beneficiary.
No. Term life insurance is designed to provide a payment to your beneficiaries if you pass away during your term. Critical illness insurance is separate coverage that may provide a lump-sum payment if you’re diagnosed with a covered illness, such as cancer, stroke, or a heart attack, subject to the terms of the policy.
Learn how critical illness insurance can help protect against different financial risks.
Yes. Term life insurance generally covers accidental death if your policy is active and the claim meets the terms of the policy.
Some exclusions and limitations may apply. For example, most policies do not cover death by suicide within the first two years of the policy.
If your term ends and your policy is no longer active, a payout would not be provided when you pass away. Coverage may also end if premiums are not paid.
Most term life insurance policies include an automatic renewal option at the end of the term, though premiums may increase with each renewal. Blue Cross Life offers term life insurance coverage up to age 85, but maximum term lengths may decrease as you get older.
Term life insurance provides coverage for a set period of time, while permanent life insurance provides lifelong coverage. Permanent life insurance may also include a cash value component that can grow over time, but it typically costs more than term life insurance for the same amount of coverage.
Term life insurance offers a simple and straightforward way to cover temporary financial needs, such as a mortgage, while permanent life insurance is more commonly used for long-term financial or estate planning needs. Learn more about the different types of life insurance available in Canada.
No. Term life insurance does not build cash value. It’s designed to provide financial protection for a set period of time, rather than serving as a savings or investment product.
To apply for term life insurance with Blue Cross Life, you must be a Canadian citizen or a resident of Canada. You must also be physically located in Canada when you sign your policy contract. Eligibility requirements may vary depending on your situation and the province where you live.
® Registered trademark of the Canadian Association of Blue Cross Plans, an association of independent Blue Cross Plans and Licensees. Used under license by Blue Cross Life Insurance Company of Canada, an independent licensee of the Canadian Association of Blue Cross Plans.
Individual Term Life and Critical Illness Insurance products are underwritten by Blue Cross Life and distributed by PolicyMe Corp.
Voluntary Benefits are underwritten by Blue Cross Life.