Term Life Insurance
Pure life insurance for a fixed period (10, 20, or 30 years) with no investment component.
Term life pays a tax-free lump sum to your beneficiaries if you die during the term, and pays nothing if you outlive it. That is the point. A healthy 35-year-old non-smoker can get $1 million of 20-year term for roughly $30 to $40 per month from Canada Life, Manulife, Sun Life, RBC Insurance, or an online broker like PolicyMe. Whole life and universal life cost five to ten times more for the same death benefit and bundle in investments at high fees. For most Canadians, term covers the period when kids are dependent and the mortgage is large; once both are gone, you no longer need life insurance at all.
A 60-second lesson that puts this term in context, alongside the others, lives inside the Finlo app.