Canadian life insurance companies have a pre-determined age where they will no longer insure you if you have term insurance. For most companies today it is when the insured becomes 80. This is why many people will look to having some permanent coverage, so the benefits will still payout even past the age of 80.

Coverage amounts can range depending on what you need the coverage to do. The average term insurance policy has increased over the years because Canadians take on more liabilities now than they did 30 years ago. Coverage amounts under $300,000 are applied for without any medical requirements. As you increase the amount of coverage you are looking to apply for expect to have to do some sort of Medicals. Such as a saliva kit test, blood work or urine sample.

Term insurance is best for people who have an outstanding liability that they are currently paying off. For example your mortgage. For many Canadians, if one person were to unexpectedly pass away the surviving partner would not be able to afford the cost of their mortgage. Term insurance can be used to pay off the mortgage to help the surviving partner maintain their current living standards.