Affordable Term Life Insurance with Blue Cross Life^®

Term Life Insurance is financial security for your loved ones if you were to pass away during your coverage term.

Term Life Insurance is different from Whole Life Insurance because it is a lower monthly payment and only active for a certain period of time (i.e. 10, 15, 20, 25 or 30 years).

Term Life Insurance is a smart move if you have dependents or large debts, such as a mortgage. By planning for the future with Term Life Insurance, you gain comfort knowing your loved ones will receive a lump-sum payment if you were to pass away during the term.

Life Insurance is more affordable than you think. For a cost similar to your monthly cell phone bill, you can ensure financial stability for you and your loved ones should you pass away. The cost of your monthly premium is determined by a variety of factors including your age, sex at birth, smoking status and medical history.

Once your Term Life Insurance ends, so does your coverage. Should you pass after your term ends, your beneficiaries will not receive a payout.

Term Life Insurance coverage lengths range between 10 to 30 years. If you are 32 and get a 30-year Term Life Insurance policy, your coverage will end the year you turn 62.

However, the term length you can select will depend on how old you are when you are applying. At Blue Cross Life, we provide Term Life Insurance until you reach the age of 85. The oldest age you can apply for the shortest term (10 years) is 75. We’re here to help you find the best coverage options for your needs!

No, there is no cash value with a Term Life Insurance policy. Once your term ends, your coverage ends and there is no payout or refund of premiums paid.

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

Term Life Insurance benefits will be paid to anyone you choose as your beneficiary. Typically, family members, children, or elderly parents who are financially dependent are chosen to receive the payout.

If you pass away, your 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 alongside other causes of death. However, it is important to read your policy to understand what’s covered more specifically.

First, Term Life Insurance doesn’t cover suicide in the first two years of the policy. This is an industry standard.

Second, insurance providers can have different terms and conditions in their policies. Always read your policy carefully and ask questions to avoid confusion.

Most people choose to buy Life Insurance when they experience a significant life event, such as getting married, welcoming a new child or purchasing a home. While Life Insurance is cheaper to buy if you’re healthy and younger, it’s an investment you can make any time. The money you leave behind could help reduce the financial stress when you’re gone.

You can choose to never miss a payment by setting up pre-authorized payments via credit card to pay for your policy. Most major credit cards are accepted.

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

If you currently do not fit these requirements, you still have some options to be financially protected elsewhere. For your general information, there are other insurance providers outside of Blue Cross Life who will approve applications from non-Canadians, but your coverage options may be limited.

Medical exams are a way to assess your health. This information is used to determine how much your policy will cost and if there are any risks.

Being selected for a medical exam depends on your insurance provider, how much coverage you’re applying for, and your age.

If you’re under 40 and generally healthy, medical exams are usually not required. In fact, most customers get approved for their Blue Cross Life Term Life Insurance insurance policy without medical exams. However, being asked to complete a medical exam is always a possibility and helps the insurer determine the rate of your policy.

Outside of Blue Cross Life, there are “no medical” or “guaranteed issue” policies where no medical exams are needed, but it's worth noting these policies usually have lower coverage limits and much higher insurance premiums.

Figuring out how much life insurance you need depends on your personal situation. Consider your family’s future needs, including living expenses, mortgage, debts, education costs, and any other significant expenses. Think about how much your family would need to maintain their lifestyle if you weren’t around.
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You can use online calculators to get a rough estimate, but it’s also a good idea to speak with an insurance advisor to tailor your coverage to your unique needs. It’s also important to consider any existing life insurance policies you may have, such as those provided by your employer, and how they factor into your overall coverage.
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Look over your policy regularly to make sure it stays aligned with your current life situation and financial goals. Life insurance isn’t a one-size-fits-all solution, so assessing your needs and updating your coverage if required can provide peace of mind and security for you and your family. Life events such as marriage, the birth of a child, buying a home, or changes in income should prompt a reassessment of your insurance needs.

Term life insurance provides coverage only during the policy 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.