TermLite Frequently Asked Questions

How much life insurance coverage can I get?

Although the maximum amount your beneficiaries receive will depend on your age and answers to qualifying questions, your benefit could be as high as $1,000,000 CAD.

How much life insurance do I need?

Your total life insurance needs depends on a variety of factors. We’ve put together this helpful insurance guide to assist you in knowing how much coverage you need.
Better yet, calculating life insurance coverage is simpler than ever thanks to our easy to use term life insurance calculator.

What makes a term life insurance policy different from other types of life insurance?

With Term life insurance, your coverage is for a set period of time. That makes Term the most affordable and flexible type of life insurance no matter your financial situation.

What do my premiums depend on?

Your total life insurance coverage depends on your gender, age, smoking status, as well as the answers to a quick qualifying health questionnaire, if applicable.
Check out this great article we wrote to help you understand the other ways you can make insurance premiums more affordable.

What factors DO NOT affect my premiums?

Things like your annual income, how much debt you have, family status (such as being a single or stay at home parent), or pre-existing health conditions in a family member WILL NOT affect how much life insurance premiums are.

Will my premiums go up?

Your monthly premiums are fixed for the entire duration of your term. That means you will never see an unexpected increase to the monthly rate of your premiums.

What happens at the end of my term?

At the end of the term, your life insurance coverage ends and you no longer need to pay your premiums. With that said, your policy can be renewed without needing to undergo a medical exam or getting a doctor’s report.

I’ve been refused life insurance coverage before. What are my options?

If you’ve been refused or denied coverage, you can consider our guaranteed issue Term 100 permanent life insurance plan. Under this policy, you receive coverage regardless of your health status.
Learn more about guaranteed issue policies in this informative article.

Do you offer any permanent life insurance products?

Yes, our Term 100 plan offers permanent coverage. With this policy, you get substantial long term coverage at a very affordable price.
Learn more about why our Term 100 plan may be the best insurance policy for you.

Will my term life insurance policy cover my mortgage payments?

Your beneficiaries can certainly use your benefit to cover your mortgage balance. Upon receiving your death benefit, your loved ones can spend their payout however they see fit.
Read more about covering your mortgage payments with term life insurance.

What else can my life insurance cover?

Life insurance policies can cover a variety of your financial obligations. Life insurance covers end of life expenses (such as funeral costs and burial costs), as well as other expenses like credit card debt, car loans, education expenses, or other outstanding debts.
Your beneficiaries can even use it to provide income replacement or to have extra retirement income. With TermLite, your loved ones have total financial support and complete control on how they spend your death benefit.

Will my life insurance pay if suicidal death or overdose?

If the death occurs at least 2 years after the policy is issued, then your loved ones will receive the benefit. For accidental death, no benefit is paid if death is a result of a suicide.

Are life insurance premiums tax deductible?

Unfortunately, under Canadian law, life insurance is not tax deductible for individuals.

Can life insurance be cashed out?

Term life policies do not accumulate a cash value and therefore cannot be paid out. This is how this type of plan remains flexible and affordable. You have coverage for the duration of the term, and when the term expires, you no longer need to pay premiums.

Can my life insurance coverage be denied?

It is important to read and understand the exclusions for your policy. If the information provided during the application process is truthful and correct there should not be an issue at the time of claim.

Which life insurance policy is best for me?

Your life insurance needs depends on a few factors, but generally speaking, Term Life insurance is the most flexible type of insurance for most people.
This blog on your term life insurance options might help you to consider the best option for both you and your family's financial plan.

What can make my premiums less expensive?

By going with a Term life policy, you are already on track to get the most affordable policy around! However, you can make your rate even better when you quit smoking, or get your insurance policy young.
Learn more about why the sooner you purchase your policy, the less your premiums will be.