A Closer Look: Term 30 Life Insurance

Posted on October 1, 2009 and updated February 28, 2012 in Life Insurance Canada News 3 min read

Unity Life of Canada joined the Foresters family in April 2008 and as of Jan 23 2012 changed their name to Foresters Life Insurance Company.

Term life insurance provides a level, tax-free death benefit with premiums fixed for a stated term. Traditionally, most term policies are either five, ten or 20 years, but recently, as Canadians have begun to increase their debt load and the amortization period of their mortgages, Term 30 policies are on the rise. On the surface, the coverage is straight forward, but rates can vary substantially between carriers. The following chart looks at the main features and pricing from five of the top Term 30 life insurance carriers in Canada:

BMO Insurance

Coverage is renewable to age 100

Convertible to age 70

Preferred rates are available

Industrial Alliance

Coverage is renewable to age 100

Convertible to age 65

Preferred rates are available

*Industrial Alliance offers a “Pick-A-Term” Policy, which allows you to pick terms between 10 and 40 years.

La Capitale

Coverage is renewable to age 85

Convertible to 65

Decreasing Term 30 option is available at lower rates and a 35 year plan is available

Unity Life 

Coverage is renewable to age 85

Convertible to age 65

Preferred rates are available

Transamerica

Coverage is renewable to age 100

Convertible to age 71

Preferred rates are available

*Transamerica’s Term 30 has a unique paid-up feature. The policy has paid-up insurance values and cash values after 20 years.

Primerica

Coverage is renewable to age 95, but turns into an annual renewable term after the first 30 policy years.

Coverage is not convertible, as Primerica does not offer a permanent life insurance policy.

Preferred rates are available.

The following is the Term 30 pricing for a 40-year-old, female non-smoker at $500,000 of coverage at standard rates for the above insurance carriers:

Unity Life               $76.95/month

Industrial Alliance   $83.25/month

BMO Insurance      $83.70/month

La Capitale            $83.75/month

Transamerica          $87.30/month

Primerica                  $108.30/month

If you have any questions, please don’t hesitate to call us at 1-866-899-4849, or you can get an instant Term 30 quote here. The best Term 30 insurance rates in Canada.

avatar