Canada Life Term Life Insurance

Canada Life Term Life Insurance is a term life insurance plan from Canada Life, available to residents of Canada. Sum insured ranges from C$100K to C$10M, eligible ages 18 to 70, and the policy is renewable & convertible. Below is our take on how it compares to other term life plans in our database — what it does well, where it lags, and the kind of policyholder it actually fits.

Annual premium starts at C$25, against a category median of C$22 across the 7 comparable term life plans we track in this country. That places Canada Life Term Life Insurance in the top quintile on price, and the lower-mid range on coverage ceiling (maximum sum insured C$10M versus a peer median of C$10M). On the value spectrum it reads as a premium-heavy plan whose coverage ceiling does not justify the cost relative to peers.

Coverage breadth is in line with what most term plans offer: 4 core inclusions, 4 highlighted features, and 3 optional riders. Notable features called out by Canada Life include Largest Canadian insurer, T10/T20/T30 options, and Group/individual. On the rider side, Canada Life Term Life Insurance can be extended with Critical Illness, Disability Waiver, and Children's Term — each adding to the base premium but also widening what the policy will pay out for.

Term life pricing is most sensitive to age, smoker status, and policy term, so the headline premium is illustrative only. Canada Life Term Life Insurance accepts applicants aged 18–70, which sets the practical ceiling on policy term — for someone applying at 18, the longest possible cover runs through age 70. Whether the rate you get on quote will land near the illustrative minimum depends entirely on your underwriting bucket; non-smokers in the youngest cohort typically pay close to the floor, smokers and older applicants pay materially more. Canada Life's published claim settlement record is the metric that actually matters for term — the policy is worthless if claims are denied at maturity, and the difference between a 95% and 99% settlement ratio is the difference between routine claims paid and routine claims fought.

Where Canada Life Term Life Insurance explicitly will not pay: Suicide within 2yr and Non-disclosure. These are not unusual exclusions for a term life plan, but they are the boundary of the contract — anything outside that list is in scope, anything inside is not. Read the full exclusions list before signing; every plan we have ever audited has at least one exclusion the buyer did not realise was there.