Almost all life insurance companies offer renewal options as one of the benefits of term life insurance policies. For example, if your term life policy is for 10 years, the coverage automatically renews at the end of the term for another 10 years, unless you specifically cancel your coverage. However, the renewal is subject to a higher premium (and many Canadians can still get approved for a lower premium by applying for brand new coverage).

Most companies allow for renewal of the policy up to a certain age, such as 70 or 75 years old. Once you reach that age, the policy can no longer be renewed and the coverage expires.

Insure with Anza helps Canadians find the best life insurance policy for their needs. But let’s be frank. There is no best insurance provider. There is – however – the best insurance provider for you.

The country’s top insurance companies offer unique policies to fit every Canadian’s individual coverage needs. What helps is having the choice and knowledge to pick the policy and provider that’s right for your situation.

That’s why Insure with Anza partners with 20+ of Canada’s top insurance companies – the most by any online broker. We make sure you have the greatest number of options when choosing the insurance company to protect yourself and your loved ones. We can help you obtain a life insurance plan from Assumption Life, BMO Insurance, Canada Life, Canada Protection Plan, Desjardins, La Capitale, Empire Life, Equitable Life, Foresters, Humania, iA Group, ivari, Manulife, RBC, Sun Life, SSQ, and Wawanesa.

As mentioned above, the main factors by which all life insurance providers determine their premiums are age and health. Considering those criteria, the earlier you apply for life insurance coverage, the better! Applying while younger is also advantageous as it is less likely any health conditions have affected you, which would further drive up the cost of your premiums.

Learn more about when to get term life insurance

No, unlike permanent life insurance, term life insurance holds no cash value or surrender value. This is one of the reasons why term life insurance is less expensive than permanent life insurance options and a more cost-effective method of financial protection

No, you do not get any money back at the end of a term life insurance policy. Your coverage expires and you are no longer required to pay premiums. You can think of term life insurance as insurance that you lease for a temporary need, instead of paying extra to own the policy permanently.