Affordable Term Life Insurance Policies with Blue Cross Life^®

Term life insurance offers financial security for your loved ones if you pass away within a specific timeframe (the “term”). Its affordable rates and flexible coverage for a specified duration make it a popular choice for many Canadians.

Term life insurance differs from whole life insurance because it is only active for a set term (10, 15, 20, 25, or 30 years) and typically has a lower monthly premium or rate as a result.

Planning for the future with term life insurance is a smart decision if you have dependents or significant financial obligations such as a mortgage. It provides comfort, knowing your loved ones will receive a tax-free, lump-sum payment to help manage the loss without additional financial strain.

Life insurance is more affordable than you think. Term life insurance can start around $20-30 a month, but the exact cost of your monthly premium is determined by factors like your age, sex at birth, lifestyle habits, and medical history. For a locked-in monthly rate, you can ensure financial stability for your loved ones even if you’re not around.

Learn more about the average cost of term life insurance in Canada.

Term life insurance coverage ranges from 10 to 30 years. If you are 32 and get a 30-year term life policy, your coverage will end the year you turn 62.

Many life insurance providers have an upper age limit. At Blue Cross Life, we offer term life insurance to Canadians up to age 85. However, the maximum available term length may decrease with age. So while a 20-year term is available up to age 65, a 75-year-old would be limited to a 10-year term. Our advisors can help you find the best coverage options for your needs.

Once your term life insurance plan ends, so does your coverage. This means if you were to pass away after the end of your term, your beneficiaries would not receive a payout or death benefit. At this point, you can purchase a new policy or choose to go without coverage.

Some life insurance providers, like Blue Cross Life, offer automatic renewal when your policy ends. This way, you never have to worry about going without coverage. Note that renewal rates tend to be higher than the rates of your initial policy.

No, there is no cash value with a term life policy. Once your term ends, your coverage also ends, and there is no payout or refund of premiums paid. Policies that do build cash value—like whole life or universal life—are generally more expensive. That’s because they’re designed not just to provide insurance, but also to build savings or support long-term financial planning goals.

Term life insurance is similar to car or home insurance. It provides financial protection for your family and loved ones if you pass away during your specified term. You wouldn’t receive a refund on your car or home insurance if you never make a claim, and term life insurance is the same.

Term life insurance benefits will be paid to anyone you choose as your beneficiary. It’s common for people to designate a spouse, children, family members, or elderly parents who are financially dependent as beneficiaries.

If the policyholder passes away during the term, the beneficiaries will be financially protected with a tax-free, lump-sum payment— also referred to as the death benefit. The money can be used to cover lost income, pay for extra expenses, settle debts, or take care of any other financial needs during a difficult time.

Yes, term life insurance covers accidental death as well as most other causes of death. However, it’s important to fully understand the coverage for your specific policy.

Keep in mind that term life insurance typically doesn’t cover suicide within the first two years of the policy (an industry standard.) Each provider will have unique terms and conditions, so be sure to review your policy carefully and ask questions to avoid confusion.

Our advisors can help answer any questions about a Blue Cross Life insurance quote or policy.

Term life insurance provides coverage only during thepolicy term. If you pass away after the term ends, no death benefit is paid out.

However, policies with renewal features automatically extend your coverage past the initial policy term, ensuring continued financial protection as long as premiums are paid. This way, your beneficiaries remain protected even after the initial term expires, though premiums may increase with each renewal.

Medical questionnaires are a standard part of the life insurance application process. They help insurers understand your health history and assess risk before approving your coverage or setting your premiums.

The majority of applicants won’t need a medical exam. But if an insurer needs more information, they might request one. It’s an extra step in the process, but exams aren’t always a bad thing. In some cases, they can even lower your premiums. For example, if your tests show a pre-existing condition is stable and well-managed, an insurance company may view you as less risky to insure.

No. While both term life insurance and critical illness insurance provide a financial safety net, they pay out under different circumstances.

The key difference is when the benefit is triggered. Term life insurance benefits are paid out to your beneficiaries if you pass away during the policy term. Critical illness insurance benefits are paid out if you’re diagnosed with a critical illness covered by your policy. While term life does not cover critical illness directly, if a critical illness results in death during the term, the term life policy would still pay out the death benefit.

In Canada, the biggest differences between term life insurance and permanent life insurance are how long the coverage lasts and whether it builds cash value.

Term life insurance gives you coverage for a set period (a “term”) with monthly rates that stay the same. The policy doesn’t build up any cash value and expires if you outlive the term. It’s often more affordable and straightforward, making it a popular choice for temporary needs like covering a mortgage or income replacement. Permanent life insurance, by contrast, covers you for your entire life and has much higher premiums. The policy often builds cash value that grows tax-free and can be used while you’re alive.

Term life insurance offers the major benefits of customizability and flexibility, allowing you to select the best coverage options that fit your family’s changing needs.

To qualify for Blue Cross Life Term Life Insurance coverage, you must be a Canadian citizen or resident to apply. We also require you to sign your policy contract while physically in Canada and not overseas.

If you don't currently meet these requirements for coverage from Blue Cross Life, other insurance providers may still offer financial protection. While some insurers approve applications from non-Canadians, your coverage options may be limited.