Term life insurance is a type of life insurance policy that provides coverage for a specified period of time, or “term”, typically ranging from 10 to 30 years. It pays a benefit to your loved ones in the event of your death during the term of the policy. Term life insurance in Canada is the most affordable and straightforward type of life insurance coverage available. 

Term life insurance offers temporary coverage, meaning it only pays out if the insured dies during the term of the policy. When the term of the policy ends, the policy is no longer valid and the insured must renew the policy in order for it to remain in effect.

After the term of the policy ends, the insured may also opt to convert the policy to a permanent life insurance policy such as whole life or universal life insurance.

When considering life insurance, it is important to understand the different types of coverage available, as well as how much coverage you need. Term life insurance is the most cost-effective life insurance option, as it only provides coverage for a specific period of time. However, if you’re looking for a long-term solution, permanent life insurance may be a better option. 

No matter which type of life insurance you choose, it is important to make sure that your family is adequately protected in the event of your death. Term life insurance is an excellent option for those who are looking for an affordable, straightforward way to provide financial security for their loved ones.