What is term life insurance?

Term life insurance provides flexible, short-term coverage for a certain number of years. Unlike whole life insurance, which covers the duration of your life, term life insurance lets you choose how long you want coverage for.

Choosing a term length

Blue Cross Life® Insurance offers term lengths of 10, 20 or 25 years. If you pass away at any point during your term, your beneficiaries will receive a death benefit—a tax-free, lump sum payment.

Choosing a term length depends on the kinds of financial responsibilities you might have now and in the future. This could include:

  • mortgage payments and other debts
  • support for a spouse
  • funeral costs
  • childcare costs
  • tuition costs
  • everyday living expenses
Why FlexTerm is better

What Term Life Insurance offers

Our Term Life Insurance plan helps your loved ones and beneficiaries maintain their current lifestyle by offering a lump-sum payment.
This can help take care of their financial needs like living expenses and pay off debts when you are gone.

Term Life Insurance

  • Coverage up to $10 million.
  • Coverage may be available with no medical exams, depending on your medical and lifestyle history.
  • Term lengths of 10, 20 and 25 years available.
Medical exams

To qualify for no medical exam, you must answer no to all medical and lifestyle questions. If you answer yes or if there is a report about your insurability, you may be asked to provide more information after submission. Medical exams are required if the age and sum insured fall outside the following ranges.

Explore what's covered with Term Life Insurance.
 

Critical Illness add-on (rider)

  • Coverage up to $50,000.
  • No additional medical questionnaires required.
  • Term lengths of 15, 20 and 25 years available.
View more details about the Critical Illness add-on.
 

Get expert advice and support

We’re here to help. Talk to an agent at 1-800-873-2583.

Easy answers to tough questions

Life insurance is more affordable than you might think. For a cost similar to your monthly cell phone bill, you can ensure financial peace of mind for you and your loved ones.

Most people choose to buy life insurance when they experience a significant life event, such as marriage, welcoming a new child or purchasing a home. While life insurance is cheaper to buy at a younger age, it’s an investment you can make any time. The money you leave behind will help reduce the financial stress when you’re gone.

To help you determine how much coverage you need should you pass away, consider the debts, assets and other family needs that may occur, along with any income that may be available.

Enter those details using the coverage calculator to find out how much coverage you need.

You can get a quote and purchase a plan online. But sometimes it helps to talk to a person about your unique circumstances to find the right plan. Our Blue Cross advisors can give advice and answer your questions. Contact an agent at 1-800-873-2583 from Monday to Friday.

Coverage that supports you

$10 million

Maximum coverage amount for term life insurance.

60+

Coverage options for people over the age of 60.

0

Changes to your premiums for the initial duration of the term.

A solution for every stage of life

Canadians between 18 and 70 years old can get a quote and buy online.

If you are between 71 and 85 years old or need a unique solution to suit your needs, our agents can help you. Give them a call at 1-800-873-2583 from Monday to Friday.

 

Blue Cross Life®

Contract sample For more details, including definitions and exclusions, review the appropriate sample contract for you:
Term lengths 10, 20 or 25 years
Issue ages 18 to 70 years old
Minimum coverage
  • $50,000 for ages 18 to 60
  • $25,000 for ages 61 to 70
Maximum coverage
  • $10 million for ages 18 to 60
  • $500,000 for ages 61 to 70
Costs
  • Annual policy fee is $60.
  • Smoker and non-smoker rates available.
  • Premiums remain the same for the duration of your term.
  • Premiums will increase if you renew your coverage after the initial term length.
Medical requirements This product may include medical requirements. However, you may be eligible to qualify for underwriting without any medical exams.

Underwriting with no medical exam may be available for clients:
  • ages 18 to 45, applying for coverage up to $999,999
  • ages 46 to 50, applying for coverage up to $499,999
  • ages 51 to 60, applying for coverage up to $249,999
  • ages 61 to 70, applying for coverage up to $500,000
To qualify for no medical exam, you must answer no to all medical and lifestyle questions. If you answer yes or if there is a report about your insurability, you may be asked to provide more information after submission. Medical exams are required if the age and sum insured fall outside these ranges.
Policy type Available as an individual policy.
Renewal At the end of the term length, your policy renews automatically until the policy anniversary nearest your 90th birthday. At the time of renewal:
  • no medical exam is required
  • premium rates are guaranteed (as indicated in your quote summary)
Conversion You can convert your policy to a permanent life insurance policy offered by Blue Cross Life ® and underwritten by Assumption Life. This can occur without new evidence of insurability (meaning without providing updated medical information about yourself) for the sum insured on the date the conversion privilege is exercised.

You can also convert part of the sum insured. You can keep the coverage in force (meaning coverage is still active as long as the premiums are paid) if the remaining sum insured is equal or greater than the minimum coverage amount.
Additional benefits for clients 18 to 60 years old Term Exchange Option
If you want to extend your term coverage before the 5th anniversary of your policy, you can exchange your current term coverage for a longer one without new evidence of insurability (meaning without providing updated medical information about yourself).

This benefit may only be used once and must be requested at least one month after the date of issue in your policy.

The premium of this new policy will be based on your age on the date of issue of this new policy.

For more details on this benefit entitlement, please refer to the sample contract.

Insurability Benefit
You can request to increase your insurance amount. You can request up to 25% of your initial insurance amount without new evidence of insurability (meaning without providing updating medical information about yourself) if you:
  • obtain a new loan
  • increase an existing loan
  • experience marriage, divorce, adoption or childbirth; or
  • receive a bachelor’s degree, a master’s degree or a doctorate
If you experience one of these life events, you must also be under 60 and are not disabled to qualify.

This benefit may be used more than once, and the total insurance increase can’t exceed $125,000.

Your request must be submitted within 60 days following one of these events.

The premium of this new policy will be based on your age on the date of issue of this new policy.

For more details on this benefit entitlement, please refer to the sample contract.

Extreme Disability Benefit
If you are affected by a medical condition that results in a state of total and irrecoverable disability for a continued period of 6 months before the age of 60 years old, you could receive up to 50% of your insurance amount in advance.
This benefit is payable once, and the payment in advance can’t exceed $250,000.

For more details on this benefit entitlement, please refer to the sample contract.
Additional benefits for clients 61 to 70 years old Terminal Illness Benefit
If you are diagnosed with a terminal illness at least 180 days after the date of issue in your policy, you could receive up to 50% of your insurance amount in advance.

This benefit is payable once after the 2nd anniversary of the policy, and the payment in advance can’t exceed $125,000.

For more details on this benefit entitlement, please refer to the sample contract.

Transportation Benefit
If death occurs over 200 kms away from your home, your beneficiary could receive $2 in Canadian currency per kilometre as a reimbursement of the cost of transporting your body and remains to your primary residence.

This benefit is payable once after the 2nd anniversary of the policy, and the reimbursement can’t exceed $2,000 in Canadian currency.

For more details on this benefit entitlement, please refer to the sample contract.

Critical Illness Insurance add-on (rider)

An add-on (rider) is additional insurance you can add to your policy. It helps broaden your coverage and provides additional financial protection against the unexpected.

A Critical Illness add-on provides a lump sum payment if you are diagnosed with one of 16 covered critical illnesses and survive the survival period specified in the contract.

A Critical Illness add-on cannot be purchased alone. It can only be added to eligible policies.

Contract sample For details about Critical Illness rider, including definitions and exclusions, review the sample contract.
Term lengths 15, 20 or 25 years
Issue ages
  • Term 15: 18 to 60 years of age
  • Term 20: 18 to 55 years of age
  • Term 25: 18 to 50 years of age
Minimum coverage $10,000
Maximum coverage $50,000 or 50% of the life insurance policy, whichever is less.

For multiple policies with Critical Illness add-ons, the total coverage amount cannot exceed $50,000.
Costs
  • Available with smoker and non-smoker rates.
  • Premiums remain the same for the duration of your term.
  • Premiums will increase if you renew your coverage after the initial term length.
Medical questionnaire No additional questionnaires needed. The medical questionnaire from your life insurance policy will determine whether you qualify.
Covered critical illnesses
  1. Accidental loss of limbs
  2. Aortic surgery
  3. Aplastic anemia
  4. Bacterial meningitis
  5. Blindness
  6. Cancer (life-threatening)
  7. Coma
  8. Coronary artery bypass surgery
  9. Heart attack
  10. Heart valve replacement or repair
  11. Kidney failure
  12. Major organ failure on waiting list
  13. Major organ transplant
  14. Paralysis due to an accident
  15. Severe burns
  16. Stroke (cerebrovascular accident)
Renewal At the end of the term length, your rider renews automatically until the policy anniversary nearest the insured’s 75th birthday.
The rider renews for the same term length on the date listed in your contract. At the time of renewal:
  • no medical exam is required
  • premium rates are guaranteed (as indicated in your quote summary)
Termination If the life insurance coverage ends before the policy anniversary nearest to your 75th birthday, the critical illness add-on will also end.
Exclusion for pre-existing condition No critical illness insurance benefit is payable under these conditions.

If the insured was diagnosed with a critical illness at any time during the 12-month period after the following (whichever is later):
  • the effective date of this rider; or
  • the date of its most recent reinstatement, if applicable
If the diagnosed critical illness results directly or indirectly from an illness or condition the insured had during the 12-month period prior to the later of the two dates above, and they:
  • showed signs or symptoms; or
  • underwent tests or investigations; or
  • received a diagnosis or was treated, hospitalized or under the care of a physician; or
  • recommended to seek treatment or to consult a physician; or
  • was prescribed or took medication

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STEP 1: Tell us about yourself

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In the past twelve (12) months, have you used any substance or product containing tobacco, nicotine, or marijuana mixed with nicotine, or used e-cigarettes?



STEP 2: COVERAGE CALCULATOR

Coverage Calculator

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* Disclaimer: For informational purposes only. Not a binding recommendation.


STEP 3: COVERAGE AMOUNT

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Minimum amount is $ and maximum amount is $ million.

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