Term Insurance
What is Term Insurance?
Term Life Insurance provides temporary protection for temporary needs. It also has some flexibility to allow you to make adjustments as your needs change.
There are two options to choose between:
- Term Life Insurance: Provides coverage for one person.
- Joint Term Life Insurance: One policy that covers 2 people who share a joint risk (ex. a mortgage). Joint term insurance is available on our Term 100 policy.
Who is Term Life Insurance Suited For?
We find that term life insurance is a popular choice for:
- Individuals focused on affordability and flexibility.
- Small business owners facing debts or significant start-up costs.
- People with mortgages or other temporary debt.
Term vs. Perm Insurance
Term life insurance is typically the most affordable way to get the coverage your family needs for a set period of time. With term, you can lock in rates for 10, 20 or 30 years.
Term Life Insurance Options
Term 10 Life Insurance allows you the flexibility of renewing your policy every ten years.
- Purchase Term 10 in amounts of $100,000 or more.
- Renewable for 10-year periods up to age 85 with no further proof of insurability.
- Lower premium rates for the first 10-year term. Renewable rates increase; however, if you provide evidence of insurability upon renewal, you can re-apply for a new policy and continue to take advantage of term 10’s lower initial rates. Can be converted to permanent insurance until age 71.
- Guaranteed premiums for each 10-year term of coverage.
- Child Protector Coverage available.
- Ask your representative about additional benefits that can enhance this plan, such as our Waiver of Premium Option and Accidental Death Benefit.
- Excellent starter protection or a great way to temporarily top up your permanent insurance. Affordable business insurance for small business owners.
- Ideal for Mortgage Insurance.
Term 20 Life Insurance allows you the flexibility of renewing your policy every twenty years.
- Purchase Term 20 in amounts of $100,000 or more
- Renewable for 20-year periods up to age 85 with no further proof of insurability
- Lower premium rates for the first 20-year term. Renewal rates increase; however, if you provide evidence of insurability upon renewal, you can re-apply for a new policy and continue to take advantage of Term 20’s lower initial rates
- Can be converted to permanent insurance until age 71
- Child Protector Coverage available
- Ask your representative about additional benefits that can enhance this plan, such as our Waiver of Premium Option and Accidental Death Benefit
- Ideal for Mortgage Insurance
- Excellent starter protection or a great way to top up your permanent insurance for an established period of time
- Affordable insurance for small business owners
Term 30 Life Insurance allows you the stability of level premiums for 30 years, and then the flexibility of renewing your policy annually thereafter.
- Purchase Term 30 in amounts of $100,000 or more.
- Lower premium rates for the first 30-year term. Renewal rates increase; however, if you provide evidence of insurability upon renewal, you can re-apply for a new policy and continue to take advantage of Term 30’s lower initial rates.
- Can be converted to permanent insurance until age 71.
- Child Protector Coverage available.
- Ask your representative about additional benefits that can enhance this plan, such as our Waiver of Premium Option and Accidental Death Benefit.
- Ideal for Mortgage Insurance.
- Excellent starter protection or a great way to top up your permanent insurance for an established period of time.
- Affordable insurance for small business owners
HealthMatch™ Advantage
Term 10, 20 and 30’s HealthMatch™ advantage rewards you for maintaining a healthy lifestyle.
When you apply for Term insurance, we will ask you a few simple questions about your health, habits and family history to determine your general level of wellness. That information is entered into our HealthMatch™ system and used to place you in one of five HealthMatch™ categories. Premiums are based on your health level.
It really does pay to stay healthy!
Get Term Insurance
Talk to a FaithLife Financial Representative to learn about insurance solutions that are right for you.
Prefer giving us a call?
Reach us toll-free at 1-519-880-3815.
¹ FaithLife Financial Representatives have a direct contract with the company to meet with consumers and arrange for the sale, delivery, and ongoing service of FaithLife Financial products.
² You may unsubscribe from FaithLife Financial’s digital communications at any time. For more detail, please contact us through Member Services at 1-800-563-6237 or at 300-470 Weber Street North, Waterloo, ON N2L 6J2. You may view our Privacy Policy online at faithlifefinancial.ca/privacy.