10 year term insurance is term life insurance with premiums that are level for 10 years. At the end of 10 years the product will renew, with premiums that increase dramatically (most people find the insurance to be unaffordable at that point). It’s thus important to ensure that you purchase 10 year term life insurance if you only expect to need the term insurance for 10 years. If you expect to need the insurance for longer than 10 years then you should go with a longer term like 20 year term insurance.
10 year term is one of the more competitively priced term life insurance products in Canada; premiums have been driven down so low that 10 year term insurance in many cases is actually less expensive than 5 year term life insurance. This makes it attractive to anyone to people with shorter term needs such as mortages or debts that are roughly 10 years, or for Canadians looking for family protection with older children (who may be expected to be financially independent in under 10 years).
When purchasing 10 year term life insurance it’s important to ensure the policy has the conversion privilege.