Assumption Life
BMO Life Assurance Company
Canada Life Insurance Company of Canada
Canada Protection Plan
CIBC Life Insurance
Costco Insurance
Cumis Life Insurance
Desjardins Financial Security Life Insurance
Empire Life Insurance Company
Equitable Life Insurance
Foresters Canada
Industrial Alliance Financial Group
La Capitale Life Insurance
RBC Insurance
Specialty Life Insurance (SLI)
SSQ Life Insurance Company
UV Insurance
Wawanesa Life Insurance Company

Get a Term Life Insurance quote today or ask questions

    Why Choose LSM Insurance For Term Life Insurance

    Term 1
    #1 Independent MGA in Canada
    Term 2
    15 offices across Canada, 220 dedicated employees
    Term 3
    $6B in managed assets
    Term 4
    56,000 applications processed per year

    Sample Term Life Insurance Quotes

    Numeorus factors such as e.g. your health and fitness condition, your habits, your family history, etc. allow insurance companies to determine what rate you can qualify for. STANDARD RATES are the rates that 80% of people end up paying. PREFERRED RATES are lower rates and about 20% of people qualify for them. PREFERRED PLUS RATES are the best rates and about 10% of people qualify for them.

    Female, 51 years old, non-smoker, no serious health pre-conditions, Term 10 life insurance policy for $200,000 coverage
    Best quote
    $28.17 / month
    $28.17 / month
    Preferred Plus
    $27.18 / month
    Male, 44 years old, non-smoker, no serious health pre-conditions, Term 10 life insurance policy for $200,000 coverage
    Best quote
    $22.05 / month
    $22.05 / month
    Preferred Plus
    $22.05 / month
    Female, 35 years old, non-smoker, no serious health pre-conditions, Term 20 life insurance policy for $500,000 coverage
    Best quote
    $17.37 / month
    $16.97 / month
    Preferred Plus
    $14.31 / month

    Term Life Insurance: Expert explains

    Lorne Marr from LSM Insurance shares his experience:

    “Term insurance policies come in a variety of forms. Generally, term insurance policies start off lower in premium and go up in costs as you get older. For example, a 10-year Term policy starts off with a very low initial cost and then raises at the end of the 10 years whereas a 20-year-term policy – the premiums will start off a little bit higher and then they would go up at the end of 20 years. That differs from permanent policies that would start off higher in costs but never go up in costs as you get older.

    Now when looking for a term insurance policy you gonna wanna work with an independent broker who can find you the best possible premium and match up the length of the term with your specific term insurance needs.”

    Interested in Term Life Insurance or have questions?

    What is Term Life Insurance?

    A term life insurance policy covers a policyholder for a pre-defined period of time, such as 10 or 20 years (Term 10, Term 20).

    It is a simple, pure insurance product without a cash accumulation or savings component.

    Term insurance works in the most straight-forward way: if the policyholder dies during the term, their beneficiaries get the coverage amount.

    Interested in Term Life Insurance or have questions?

    When do you Need Term Life insurance?

    Term life insurance covers a policyholder for a limited period of time (with the exception of Term 100, which is actually a form of permanent insurance). Term insurance is optimal when:

    1. You want protection for a pre-defined period of time to protect yourself and your family (e.g. paying off a mortgage).
    2. You want to make sure your kids are being taken care of until they are able to live on their own.
    3. You want to minimize your life insurance premiums (thought it is important to know that these will significantly increase when you renew your policy).
    4. You need pure life insurance coverage because you invest elsewhere and you are not interested in leveraging the value accumulation component of permanent life insurance.

    How Does Term Life Insurance Compare to Other Life Insurance Products?

    Here is a brief comparison of how term life insurance compares to whole life insurance and universal life insurance.

    Term Life InsuranceWhole Life InsuranceUniversal Life Insurance
    Coverage lengthLimited (e.g. Term 10 – coverage for 10 years)Life longLife long
    Insurance coverageYesYesYes
    Cash accumulationNoYesYes
    Can choose amounts going into insurance and cash accumulationNoNoYes
    Interested in Term Life Insurance or have questions?

    What are Term Life Insurance Rates?

    Term premiums are typically lower than universal life or whole life insurance premiums. Your term life insurance premiums stay the same for the entire term of the policy (e.g. for 10 years if you purchased a Term 10 policy) but will increase once your policy expires and you get a new one.

    That is different from whole life insurance premiums, which will be higher at the beginning but will stay the same over the course of your life.

    Term Life Insurance: Important to know

    1. The premiums are fixed for a stated term
    Most policies have guaranteed rates for the initial term, but a few allow the insurance company to adjust the premiums during the policy term.

    2. Term rates can vary sharply from one company to another
    Term life insurance rates can often vary from as much as 50% to 60% from one company to another.

    3. Need to reapply
    If the insured is still in good health at renewal and still needs coverage, he/she should look at reapplying for a new term policy. Term policies build in a buffer that accounts for the insured’s possible health changes during the years of the policy and if the insured is still in good health, he or she could qualify for a much lower rate on a new policy. One caveat though, make sure the insured qualifies for new coverage before cancelling an existing plan.

    4. Rate increases
    Term policies have very significant increases at the policy renewal. For example, Term 10 policies often increase 300% to 400% and Term 20 policies can increase up to 1000% at renewal.

    5. Most term life policies are renewable and convertible
    The renewable feature on a term policy allows the insured to renew without a medical, but the insurance company does have a built-in buffer in the premium allowing that the insured’s health may have changed during the policy term. The convertibility feature allows the insured to convert from a term policy to a permanent plan without a medical. The conversion option on most Term policies expires at age 65.

    6. Term life policies have a 2-year suicide and contestability clause
    Similar to permanent policies, term life plans do have a 2-year contestability period, which allows the insurance company to contest a claim in the first two policy years in the event of fraud. The insurance company will also forfeit a claim if the insured commits suicide within the first two policy years.

    7. Term 10 policies are often less expensive than Term 5 policies
    Term 10 policies offer premiums fixed for a 10-year period and are often less expensive than term 5 policies, which offer premiums that are level for 5 years. This is due to the fact that very few life insurance companies in Canada now offer Term 5 policies and thus, the premiums tend to be less competitive.

    8. Additional benefits
    Most term policies allow the insured to add a full range of riders, including a a disability waiver, an accidental-death benefit or children’s term rider.

    9. Preferred rates on Term Policies
    Many life insurance companies offer Preferred Rates on their term policies. Preferred Rates are given on term policies to insured and with very good family health history.

    Interested in Term Life Insurance or have questions?

    Top 5 Term Life Insurance Mistakes People Make

    1. Waiting Too Long To Get Covered
    Sometimes it’s difficult to know when you should get life insurance. If you are planning to start a family in the near future, it would be a wise idea to start looking for good life insurance coverage as soon as you can. The future is unpredictable, and this may sound a little pessimistic, but anything can happen to you.
    It’s not wise to assume that your health will stay the same for the next ten or forty years. Health is unpredictable, especially in today’s environment, where there are many factors that may influence your health.
    So, before any of that occurs, it’s best to get covered when you are young and healthy.

    2. Buying Too Little
    It’s important that you purchase enough coverage. It’s easy to make the mistake of purchasing too little because you want a smaller premium. However, what you should really be doing is thinking about the support your family will need if they rely solely on your income.

    There are plenty of variables to consider when shopping for term life insurance. Coverage amounts of $250,000 or $1 million can sound like fortunes, but some people discover too late that the amount of money they purchased doesn’t cover everything they had intended. It’s important to figure out your current expenses and do your best to accurately assess future costs.

    3. Not Reviewing Your Policy
    It’s important to review your policy on an ongoing basis. Some of people think it ends with you purchasing the coverage. In fact, it does not. Evaluating life insurance needs is an activity that must be conducted on an ongoing basis. A life insurance needs analysis should be conducted at least every 2-to-3 years because circumstances change (marriage, divorce, or birth) and the amount of insurance may no longer be adequate.

    It’s not mandatory that you stay with your current company. You can most definitely go for another one.

    4. Not Buying A Lengthy Term
    Here’s another mistake. People tend to buy term insurance that might be too short sometimes. Review what you intend on doing in the future and whether or not you want to be covered for a specific period of time.

    It’s better to purchase a policy that you’ve done research on rather than just jumping in blindly with the wrong amount and length of coverage.

    If the purpose for the insurance is to provide coverage for a specific period of time in your life, such as until the children finish college, and your youngest child is 5, then your policy should allow you to maintain the coverage at a guaranteed rate for 20 years.

    5. Relying On Your Employer Coverage
    More than likely, the coverage that your employer is giving you isn’t enough. Besides not giving you enough coverage, it doesn’t also provide the security you need for the future. You usually do not have a say in the type of coverage the policy offers. It’s given to you via your employer and can be seen as a plus. But this plus isn’t enough to give that financial security to you or your family.

    Therefore, it’s best to have a personal insurance coverage for you just to be on the safe side. Again, it will give you a sense of security and will allow you to relax and not worry so much about whether or not you have enough coverage from your employer.

    Interested in Term Life Insurance or have questions?

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    • LSM Insurance
      May 7, 2018 at 5:28 pm

      Thanks Helmut. Depending on the carrier Term 40, Term 80 or Term 100 plans are available

    • Helmut
      May 7, 2018 at 4:33 pm


      what are the longest terms for term life insurance? 25, 30, 35 or 40 years? I am trying to get an overview for my daughtr (24).


      • Richard Parkinson CPCA
        August 6, 2019 at 11:11 am

        Helmut, there are term 10 – 40, with a few companies offering increments of 1 year, and a couple that offer specific plans to an age, e.g. to age 65, 70, 75, and 80, plus of course term 100 which will be the most expensive. Personally for young clients age 30 or younger I really like Manulife’s term to 65, and either $250,000 or higher coverage amount. At this young age, the premiums are affordable, e.g. a $250,000 term to 65 from Manulife for a 25 year old female is $21.03 monthly, so essentially a term 40, and $250,000 less coverage she will need in the future when rates are higher. I also like Manulife for their child rider, which is one of the best available.

      April 29, 2016 at 11:13 pm

      Hi, I am running my 40th year of life and have little high-cholesterol and hypo-thyroidism. I am taking phenofibrate tablet for cholesterol and synthroid for thyroid. Both remains under control and never had any problem. I don’t smoke at all. I am not a regular alcohol drinker (occasionally once a year). I am looking to get Term 30 or Term 35 life insurance. Can I get it and what approx. premium I have to pay for sum insured amount of $ 150,000 only. Thanks

      • LSM Insurance
        May 5, 2016 at 9:35 am

        Thanks for the note we sent you an email. Regards, LSM

    • Adeep
      December 15, 2014 at 4:56 pm

      Hi there,
      Looking for T30 Life Insurance , half million each for myself and my husband. Can you please quote us for per month and which insurance company it wud be thru.

      • LSM Insurance
        December 15, 2014 at 5:18 pm

        Thanks Adeep we are happy to help and will be in touch by email. With the additional details we need to provide an accurate quote.

    • Judy u
      October 24, 2014 at 3:32 pm

      I am 67 excellent health fit would like to know how much per month for both $50K & $100K policy
      Not sure of the lingo but just basic insurance.
      Thank you

      • LSM Insurance
        October 24, 2014 at 3:39 pm

        Hi Judy, We are happy to help.. It would depend on your age nearest age and the typ of plan Term or Permanent we will be in touch by email

    • Donna
      August 11, 2014 at 6:16 pm

      I am about to turn 70 at the end of August I am a non smoker, non drinker, I would like a quote for life insurance, I am looking for a quote for $75,000. I am in good health. I am 5’4″ tall and weigh 130 lbs.

      • LSM Insurance
        August 11, 2014 at 7:14 pm

        Hi Donna,

        Thanks for the note. We are happy to help. The premiums will depend on the type of plan whether it is Term or Permanent coverage.

    • Riva
      July 29, 2014 at 5:50 pm

      I would like to now approximately how much I have to pay on a monthly basis?

      • LSM Insurance
        July 30, 2014 at 11:28 am

        Hi Riva, Thanks for the note that would depend on the amount of coverage and the type of plan as well as year date of birth and smoking status.

    • AH
      July 19, 2014 at 12:23 pm

      Hi Chantal
      I am ….. I have cardiomyopathy, recently inserted an ICD (implantable cardioverter defibrillator). I want a 20 or 10 year term life insurance. Please suggest me.

      • LSM Insurance
        July 19, 2014 at 12:46 pm

        Thanks we are happy to help. The premiums will depend on your smoking status and the amount of coverage.

    • Jim Huynh
      July 11, 2014 at 8:21 pm

      Please reply thanks

      • LSM Insurance
        July 12, 2014 at 12:31 pm

        Thanks Jim. The premiums will depend on their smoking status, their age nearest ago and the type of plan. I will send you a separate email now.

    • Jim Huynh
      July 11, 2014 at 8:21 pm

      Please let me know about my parent Bith year 1932 & 1940 can they get their life insurance for $50 to cover $50,000 life insurance?

    • janice
      June 23, 2014 at 5:01 pm

      I want to know if I can get life insurance on my mother??
      No smoking, drinking……..ever. Tip top health.

      • LSM Insurance
        June 23, 2014 at 6:53 pm

        Thanks Janice. It was nice speaking with you. The rates depend on the type of plan and the amount of coverage. We will be in touch by email.

    • Jackson
      April 21, 2014 at 9:49 pm

      Male 39 yrs old making about 4000/month, non smoker, good health. Looking for 250,000 life insurance.Please send me a quote. Thanks

      • LSM Insurance
        April 22, 2014 at 10:46 am

        Thanks for the note Jackson. Most insurance companies use age nearest pricing meaning they price on the age you are nearest to. Are you closest to 39 also do you want a quote on a Term 10, Term 20 or Term 30 policy.

    • Rick
      December 20, 2013 at 1:30 am

      Hello ,

      My wife is 31 year old . She has got a bunch of health issues like Thyroid , Depression (bipolar and border line and she is taking therapy for these but no medication) and
      this year she has been diagnosed with sjogren’s syndrome for which she is taking medication

      We have to get life insurance for her , do you think she will still get a standard rate or will it be higher . Will all the companies accept her or only handfull .