Canada Life Term Life Insurance review

Canada Life’s two term products

Canada Life sells term coverage under two names. Canada Life My Term is its advisor-sold plan, and it lets you pick any initial term from 5 to 50 years rather than a fixed menu. Coverage ends at the policy anniversary nearest age 85, so the longest terms are only open to younger applicants. My Term comes as single-life or joint first-to-die coverage; Canada Life says joint last-to-die is not offered as My Term.

Canada Life My Simple Term is the lighter option, with 10, 15, 20 or 25-year terms. Both are issued by The Canada Life Assurance Company, which brought together Great-West Life, London Life and Canada Life, and the death benefit is paid tax-free to named beneficiaries.

Coverage amounts and issue ages

Canada Life’s consumer site says you can get a quote for $50,000 up to $1,000,000 online, and $50,000 up to $25,000,000 through an advisor. Its April 2025 advisor guide sets a $100,000 minimum for My Term, says there is no maximum base amount and notes that a special quote is needed above $25 million. The $50,000 floor likely refers to My Simple Term, but the page does not name the product, and the advisor documents are marked as not for client use, so confirm the figures with an advisor.

• My Term, non-smokers: from age 18 up to 85 minus the term you choose
• My Term, smokers: from age 15 up to 85 minus the term; the advisor guide says ages 15 to 17 are issued at juvenile rates
• My Simple Term: ages 18 to 80, with product type and term lengths depending on your age

Medical exam or simplified application

My Simple Term is built around a short health and lifestyle questionnaire. Canada Life says it can be completed in as little as 10 minutes and that no medical tests are required. My Term is fully underwritten with preferred classes, so your health details shape the offer, and Canada Life does not publish a no-exam limit for it. An advisor document describes the SimpleProtect application as the fastest option for face amounts up to $2 million, but that is guidance for advisors, not a promise that you will skip testing.

Renewal, conversion and riders

When the initial My Term period ends, coverage renews automatically every year with no evidence of insurability. The cost rises each year until coverage expires at the policy anniversary nearest age 85.

My Term can be converted to any permanent plan Canada Life offers at the time, without medical evidence, up to age 70. If you were 69 or older at issue, conversion is open for the first two years only. You can also move to a term at least 10 years longer after the first policy anniversary, before the earliest of the end of the initial term, the seventh policy anniversary or the maximum age for the new policy. Partial conversion is offered too. Canada Life does not state conversion rules or riders for My Simple Term. Riders listed for My Term:

• Disability waiver benefit
• Accidental death benefit
• Guaranteed insurability rider
• Business growth protection rider, for 10 or 15 years
• Child’s term rider, convertible when the child turns 25 for up to $250,000 of new coverage

How to apply

Neither product is bought fully online. For My Simple Term, you get a quote on Canada Life’s website, then book a phone appointment with an advisor who completes the application with you. One Canada Life page mentions applying online, but the product FAQ describes the advisor step, so plan on it. My Term is sold through an advisor from the start. Canada Life does not list a critical illness rider for My Term; critical illness is a separate Canada Life product.