Best Term 100 Life Insurance Plans in Canada

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find out rates
for a 50-year-old, male non-smoker.
Photo by Luciano Meirelles

Term 100 life insurance is essentially a stripped-down form of whole life insurance. The premiums are level for life and the policy provides lifetime protection. Unlike whole life policies, there are generally no cash values that build within the plan. This generally translates into a lower premium than is available with whole life coverage. On the downside, if the insured cancels the policy in the later policy years, there is no return of premium. There is no built-in buffer, if the insured needs to miss premiums in the future.

The following are the top three Term 100 life insurance companies for the 35, 45, and 55-year-old male non-smokers at $250,000 of coverage:

$250,000 Term 100 coverage for a 35-year-old, male non-smoker:
Empire Life: $99.00/month
RBC Insurance: $99.23/month
Cumis Life Insurance Company: $101.50/month

$250,000 Term 100 coverage for a 45-year-old, male non-smoker:
Manulife: $160.29/month
RBC Insurance: $177.30/month
Empire Life: $186.98/month

$250,000 Term 100 coverage for a 55-year-old, male non-smoker:
Manulife: $319.79/month
Industrial Alliance: $345.15/month
Western Life: $356.90/month.

One additional note to consider with Term 100 coverage is that Universal Life policies (with a level cost of insurance at the minimum premium) often have a lower cost than Term 100 coverage. These policies are essentially equivalent in terms of the cost of insurance, but universal life plans give the insured the option to put extra money into the policy should he or she choose.

An example could be a 35-year-old, male non smoker: $250,000 of Term 100 coverage is $99 with Empire Life; whereas, $250,000 of Universal Life level-cost coverage at the minimum premium, would only be $89.93 a month with BMO Insurance.

For more details, please contact us at 1-866-899-4849, or visit our Instant Quote Page.

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Danilo
Danilo

My existing life insurance will expire 20…. I am 57 years old this ….. I weigh ….

I am looking for a term 20 with a $100,000.00 can you please send me a quote

LSM Insurance
LSM Insurance

Thanks for the note. The premiums are based your smoking status. The insurance companies also use age nearest pricing. We will be in touch with a quote soon.

jerome
jerome

Oshawa ON, Canada

Hi im looking for life insurance that lasts long time, like till i pass. Im 25 yr old male, smoker, family has history of diabetes but i dont have it. Also have a son who is 3yrs old in healthy shape and a gf who is 29 yr old, smoker, no health risks.

Was with primerica but wanting to switch to something else other than jus short term policies, currently looking into transamerica- universal policies. Would like a policy that lasts till i pass away, atleast $100,000 minimum, $250,000 depending on monthly payments.

Thanks,
Jerome

LSM Insurance
LSM Insurance

Thanks Jerome. We are happy to help and we will send you email shortly.

Richey
Richey

Does Standard Life still sell Term 100 life insurance.

I wanted to get on $300,000 for my wife?

LSM Insurance
LSM Insurance

Thanks for the note Richey. Per the this article link to lsminsurance.ca Standard Life no longer sells Term 100 insurance. There are still a few carriers offer Term 100 insurance including Industrial Alliance, BMO Insurance and Manulife.

GLM
GLM

Does Canada Life offer a Term 100 paid up 15 years. I’m 53 how much?

LSM Insurance
LSM Insurance

Canada Life no longer offers a Term 100 plan. They do offer a Guaranteed Universal Life plan with a Guaranteed 15 Pay cost of insurance option. We also work with other carriers that do offer Term 100 plans.