(If you’re looking for a primer on available types of life insurance, please see our article on Types of Life Insurance)
Term to 100 life insurance is a uniquely Canadian insurance product. While the name includes ‘term’, Term to 100 in fact is part of the permanent insurance family of insurance products.
Term to 100 is very straightforward. Premiums are level for your entire lifetime – they never go up, they never go down. The benefits are straightforward – both the premiums and the death benefit are level and unchanging. There are no other base benefits with term to 100 – including cash values. Unlike whole life insurance, term to 100 does not have any cash surrender values should you cancel your policy.
As term to 100 does not have any cash values, premiums are typically less expensive than other permanent products that do have cash surrender values, such as whole life insurance.
Term to 100 is commonly used if you are looking for low cost insurance for the rest of your life for such needs as creating an estate or burial expenses.
You can shop term to 100 life insurance quotes using the quoter at the top of this page.