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Term Life Insurance

Term life can offer affordable, flexible protection to help close the coverage gap—evolving insurance in business and in life to better secure families’ futures.

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What is term life insurance?

Term life insurance is a simple form of life insurance to help you financially protect your family if your surviving family needed access to cash to help:

  • Cover expenses

    Make the payments or pay the outstanding balance of your mortgage and cover daily expenses

  • Financially secure their future

    Pay for final funeral costs and fund your children’s education costs

  • Replace your lost income

    Continue to maintain your family’s standard of living

  • Fulfill your wishes

    Leave money to your favourite charity

Understand what term life insurance offers

With coverage for a set number of years and as typically one of the most cost-effective options with premiums initially lower as you are only covered for the term you choose – term life insurance can be good if you are just starting out, are expanding your family or if you just took on a lot of debt like a mortgage. Browse our table below to learn more about our term life policy requirements and benefits to help you determine if term life insurance is right for you.

Term life insurance plan details

Coverage amountFrom $100,000 to $30 million
Who can buyAges 18 to 78
Assessment of your healthA medical exam may be required
This product may be right for you if:
  • You want coverage for 10, 15, 20, 25 or 30 years
  • You want options to renew & convert your policy
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How does term life insurance work?

Term life insurance provides coverage for a set number of years and then terminates. If you die during that period, the death benefit would be paid to the person or people you choose – the beneficiary. Premiums typically stay the same for the duration of the term. At the end of the term, coverage may be renewed by paying a new premium. Coverage expires at age 85.

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Complimentary loss support services for beneficiaries

As a BMO Insurance policyholder, your beneficiaries receive complimentary access to Empathy – a service that blends technology and human care to guide families through grief and estate-related tasks. Empathy offers: personalized care plans, grief support resources, custom funeral assistance and more.

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Benefits of term life insurance

How our affordable term life coverage provides options to help meet your insurance needs.

  • Terms: 10, 15, 20, 25, and 30 Year Terms with options to renew

  • Coverage: $100,000 to $30 million, depending on the coverage you need: Critical Illness Riders, Living Benefit 10 and 20, Accidental Death Benefit, Children’s Term Rider, Business Guaranteed Insurability Option, Waiver of Premium

  • Flexibility: If your needs change, exchange terms or convert your term policy to permanent life insurance

How to apply for term life insurance

Follow these steps to get term life insurance protection.

  1. Get a quote

    Use the Term life get a quote tool and speak to an insurance advisor.

  2. Choose

    Select your policy term length and additional coverage benefits.

  3. Apply

    Complete your application with your advisor to obtain coverage.

Frequently asked questions about term life insurance

  • Term insurance can be one of the most cost-effective life insurance options, but premiums vary depending on your age, the type of coverage purchased and the types of riders you want to add. With our Life Insurance Calculator, you can calculate the amount of life insurance you need to protect your family.

  • Term life covers you for a set number of years and is often the most cost-effective option, while whole (permanent) life covers you for life and can build cash value over time. Your advisor can help you choose the right fit for your goals.

  • Your premiums pay for the protection and peace of mind that coverage provides during the term. A term policy does not build cash value, but you may be able to renew or convert it at the end of the term.

  • Term life insurance does not build cash value, so it cannot be turned into cash. If you want coverage that can build cash value, you may be able to convert your term policy to a permanent one, subject to the policy terms.

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