Term life insurance covers you for a set period — typically 10, 20 or 30 years, or to age 65 — at a premium that stays level for the whole term. It is the coverage most Canadian advisors recommend first because it delivers the most protection per dollar while your financial obligations are highest.
Life insurance
5 min read
Updated Oct 3, 2026
Term vs Whole Life Insurance in Canada: Which Fits You?
Term life gives the most coverage per dollar for a set period, while whole life covers you for life and builds cash value at a much higher price. Here is how to decide.
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