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    Flexible, Affordable
    Protection for Every Stage of Life

    Get peace of mind with term life insurance-affordable, customizable, and designed to protect your loved ones when it matters most.

    Punjab Insurance has been helping Canadian families with term life insurance for over 25 years. We compare multiple Canadian insurers to find coverage that fits your budget and needs.

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    What Is Term Life Insurance?

    Term life insurance provides coverage for a fixed period-usually 10, 20, or 30 years. If the policyholder passes away during the term, their beneficiaries receive a generally tax-free lump sum (under current Canadian tax rules). If the policy expires before a claim, coverage ends, though many plans offer renewal or conversion to permanent insurance.

    • Simple, transparent Coverage
    • Low premiums for high protection
    • Ideal for families, mortgages, and income replacement

    Term Life Insurance

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    Types of Term Life Insurance

    Icon representing Standard Term life insurance with fixed coverage period
    Standard Term

    Fixed coverage for 10, 20, or 30 years

    Icon representing Annual Renewable Term life insurance with yearly renewable coverage
    Annual Renewable Term

    Year-by-year protection, renewable each year

    Icon representing Decreasing Term life insurance where coverage reduces over time
    Decreasing Term

    Coverage amount decreases over time (often used for mortgages)

    Why Choose Term Life Insurance?

    Icon representing affordability with lower premiums for term life insurance
    Affordability

    Lower premiums compared to permanent insurance

    Icon representing flexibility to choose term and coverage amount for term life insurance
    Flexibility

    Choose the term and coverage amount that fits your needs.

    Icon representing family protection to replace lost income and cover debts
    Family Protection

    Replace lost income, cover debts, and safeguard your family's.

    Icon representing mortgage and loan coverage aligned with insurance term
    Mortgage & Loan Coverage

    Match your coverage term to your mortgage or other major debts.

    How Does Term Life Insurance Work?

    You pay regular premiums for the term you choose. If you pass away during this period, your beneficiaries receive the full benefit. There is no cash value-term life is designed for straightforward, cost-effective protection.

    How Much Does Term Life Insurance Cost?

    Premiums vary by age, health, coverage amount, and term. Get a personalized quote from a Punjab Insurance advisor for accurate pricing.

    What Does Term Life Insurance Cover?

    • Provides a death benefit for most causes of death, subject to policy terms, conditions, and exclusions
    • Financial support for dependents
    • Mortgage payoff, education costs, daily living expenses
    • Optional riders: accidental death, disability, critical illness

    FREQUENTLY ASKED QUESTIONS

    Frequently Asked Questions about
    Term Life Insurance

    How much coverage do I need?
    Consider your family's living expenses, debts, future goals, and income replacement needs. Our advisors can help you calculate the right amount.
    Does term life insurance cover accidental death?
    Yes, the death benefit is paid for most causes, including accidents. Some plans offer extra accidental death riders for additional protection.
    Does term life insurance cover disability?
    Standard term life does not, but you can add riders for disability or critical illness coverage.
    Can I renew or convert my policy?
    Many term policies allow you to renew at the end of the term or convert to permanent insurance without a medical exam.
    What happens if my policy expires?
    Coverage ends, but you can often renew or convert. It's wise to review your needs before your term ends.
    How are premiums calculated?
    Age, health, coverage amount, term length, gender, and smoking status all affect your rates. Annual payment is usually the most cost-effective.
    How do I get started?
    Get a free quote or schedule a call with a licensed Punjab Insurance advisor for personalized help.
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    Why Families & Businesses Choose Punjab Insurance

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    Protect your family's future with affordable term life coverage. Get high-value protection for a defined period, ensuring your loved ones stay financially secure during life's most important years. Smart choices today create stability for tomorrow.
    Disclaimer: Information on this page is for general guidance only and not a substitute for professional advice. Please consult a licensed Punjab Insurance advisor for personalized recommendations.