25-Year Term Insurance in Canada: Who Has the Best Rates

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.

25-year term policies provide level premiums for the first 25 policy years. Most policies are renewable and convertible, meaning the coverage can be renewed at the end of the 25 years.

One caveat with these plans is, the renewal rate is often up to 10 times higher than the initial premium. The conversion feature means the insured can convert the coverage to a permanent plan without a medical.

There are a limited number of insurance companies offering 25-year Term insurance in Canada. Whereas, almost every company offers 10-year and 20-year Term plans, only a handful offer 25-year Term plans. Here’s a list of the top six carriers for an approximately 40-year-old, male, non-smoker, applying for $300,000.00 of 25-year term coverage:

1. Assumption Life: $49.50 a month

2. The Co-operators: $51.84 a month

3. Unity Life: $57.06

4. La Capitale: $60.00 a month

5. Industrial Alliance: $61.02

6. Primerica: $68.50

For more details on Term Life insurance plans in Canada, contact us at 1.866.899.4849 or visit our Term Life Insurance Instant Quote Page.

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  • LSM Insurance
    April 29, 2013 at 3:22 pm

    Rgabjks for the note Mary Anne.

    Renewable and Convertible means the insurance company has to let the insured renew the policy albeit at a much higher priced. They also must allow the insured to convert from a Term to Permanent policy.

    The insured does not have to renew or convert the policy and there is no penalty if they do not do so.

  • Mary Anne
    April 29, 2013 at 12:56 pm

    What is meant by reneawable and convertible. What if I don’t want to renew my policy am I obligated to do so and how much penalty do I pay if I don’t.

  • LSM Insurance
    March 22, 2011 at 11:28 am

    Thanks for the note. Unity Life has offered multiple longer Term policies for many years and almost insurance companies offer preferred rates. Another big advantage these Term policies are convertible if the insured’s health changes.

    You’re correct the decreases coverage and keeping the premiums level from years 25 to 30 is an interesting feature.

    You may enjoy the article below we reveiwed the built in Terminal Illness feature of several leading insurance companies in Canada http://lsminsurance.ca/canadian-life-insurance-companies/2010/03/insurance-terminal

  • Peter
    March 22, 2011 at 10:15 am

    First of all cost is only an issue in the absence of value. You are not comaring apples to apples. Firstly, Primerica intoduced 25, 30 and 35 year terms and and the competition came up with a copy. Wait and see what we’re coming up with next. Most 25 year term are simply that, term and premium stay the same for 25 years. Our 25 year term is different. The term is actually 30 years or to age 65 which ever is more. So a 45 year old would have premium stay the same to age 75 but the amount of coverage reduces at the 25 year mark. A 20 year old would have premium stay the same until age 65 or 45 years. Nothing like it in the market and the free Terminal illness rider makes difference in Premium insignificant. Quote Using Prefered plus Few have it) or prefered rating and the premium drops to between 43.70 and 49.97 respectively.