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Stephen Cragg

Insurance Advisor
Investment Representative
Group Benefits Broker
Banner for independent advisor associated with Canada Life

Term life insurance

Affordable coverage when you need it

Life insurance doesn’t have to be a lifelong commitment. Term life is affordable coverage for your big expenses, so your loved ones are protected when it matters most.

Budget-friendly coverage

Payments don’t change for the period you choose.

Temporary protection

Choose the period of coverage that works for you – anywhere from 5 to 50 years.

Tax-free payout

Your insurance payout goes to whomever you choose.

What is term life insurance?

It’s temporary coverage that provides the people or charities you name as beneficiaries with a tax-free payout if you die within the term you choose. The money can be used to pay bills, the mortgage, kids’ education or to keep your business running.

The payments you make, called premiums, are set for the term you choose and won’t change during that period. 

How does it work?

  • Choose the coverage amount and term length you want.
  • Customize your coverage with additional benefits.
  • Pay the monthly or annual premiums.
  • When the term is up, your policy will automatically renew each year, or you can end it or convert it to longer-term or permanent life insurance, within limits.
  • If you die while your policy is active, the people or charity you named as beneficiary receive a tax-free payout.

For answers to the questions: How much does it cost?  When do you need it? How much insurance coverage do you need? and What kind of life insurance do you need please read the original post on