Where to Buy Affordable 20-Year Level Term Life Insurance in Canada?

20-Year level term life insurance is often a “balanced” strike between shorter term length (5 or 10) and longer term length (30 to 40 or more). As with other level term life insurance, your premiums and face value for the policy will stay unchanged for the whole insured period. Another great thing about term life insurance is that a policy is usually renewable for new terms and convertible to other term lengths and permanent life insurance plans. 

With a 20-year level term life insurance policy, you can use the face amount to build up your young children’s college funds, to relieve your decades-long mortgage, or simply to pay off the remaining of student debts if you are a graduate from an expensive university. Since choosing the right policy can be intimidating, we have aggregated a list of companies offering 20-year level term life insurance in Canada to make your decision process more at ease.

Empire Life’s Solution 20 – 20 Year R&C Term for Non-Smoker at $84.15/month

Established in 1923 in Ontario, Empire Life has been consistently ranking on the list of leading insurance companies in Canada. Additionally, the company was awarded the title “Best Insurance Company” in 2013.

Solution 20 is one of the traditional term life insurance options in the Empire Life’s Solution series. The other options are Solution 10, Solution 100, and Hybrid Solution 100. Solution 20 is an R&C (renewable and convertible) policy with guaranteed fixed premiums during the term. If the insured decides to renew the policy after the expiry date, premiums will only go up by a small amount and remain affordable. It is also possible for the insured to convert their plan to another policy of the Solution series or a universal life insurance option.

Features:

• Age eligibility: 0 – 65.
• Can be used in conjunction with other Empire Life’s insurance products for reduced overall fees.
• Fully paid death benefit during the term.

SSQ Financial Group Term Plus 20 – 20 Year Term Class 3 for Non-Smoker at $88.20/month

Financial strength rated as A (excellent) by A.M. Best in 2020, SSQ Financial Group is a Canadian company that focuses on a diverse range of insurance products: investment insurance, life insurance, and group insurance. 

SSQ Financial Group’s Term Plus 20 is a term life insurance product with multiple coverage types. Whether you are looking for single-life, multi-life, or joint-first-to-die, Term Plus 20 can always meet your needs. Term Plus 20 can be renewed after expiration up to 85 years old without demanding proof of insurability.

Features:

• Age eligibility: 18 – 65.
• You can add critical illness and disability insurance as riders to this policy.
• If you’re between the age of 18 – 45 and the amount of face value you choose is under $1 million, you won’t need a medical examination before signing up for the policy.

Manulife Family Term-20 Healthstyle 3 Std for Non-smoker at $90.03/month

The third on our list is Manulife, a long-established multinational financial services company headquartered in Toronto, Canada. Apart from being the biggest insurance company by the number of customers and total assets in Canada, Manulife is also in the top 30 fund management companies.

Manulife Family Term-20 Healthstyle 3 is a registered term life insurance product designed for protecting your family’s financial wellbeing. The more people you add to the policy, the less you will have to spend on the premium. Healthstyle 3 is one of Manulife’s health ratings to refer to non-smokers. Healthstyles range from 1 to 5, increase as your health level changes.

Features:

• Age eligibility: 18 – 50
• Renewable and convertible to other term plans or permanent insurance.
• The core plan includes partial payment for terminal illnesses and funeral costs.

Canada Life 20 Year Term, Renewable and Convertible Gold for Non-Smoker at $91.80/month

Formerly known separately as Great-West Life, Canada Life, and London Life, Canada Life was the result of the merger of the above three Canadian life insurance companies in 2020. With more than 125 years of experience in life insurance, Canada Life is proud to serve its customers with several comprehensive and competitive insurance products.

Canada Life 20 Year Term is a customizable term life insurance policy that offers a tax-free payment for designated beneficiaries. The term is automatically renewed at the end of the policy. However, it is possible to change to a different term plan, ranging from 5 to 50-year term.

Features:

• Age eligibility: 20 – 65.
• No medical exam required when converting to a different insurance product.
• Other benefits (critical illness, payor waiver of premiums, etc.) can be added to the policy.

SSQ Financial Group SI Simplified Term Life 20 for Non-Smoker at $107.10/month

This is another term life insurance product from SSQ Financial Group. SI Simplified Term Life 20 for Non-Smoker is an enhanced policy that aims to fast track policy approval “in 60 minutes or less”. This product offers an online premium calculator and an application portal. Another perk of SI Simplified Term Life is that you will get a partial payout if you become disabled during the term.

Features:

• Age eligibility: 18 – 60.
• No medical exam is required.
• The entire registration process and delivery are done online.

RBC Insurance YourTerm 20-20 Year R&C Term for Non-Smoker at $75.69/month

RBC Insurance is a multi-insurance company affiliated with the Royal Bank of Canada. They are an insurance industry leader that provides a multitude of insurance products from life insurance to auto insurance.

RBC Insurance YourTerm 20 is one of the term life insurance products with the coverage amount ranging from $1 million to $25 million. Unlike other 20-Year level term life insurance products in this article, this policy requires a medical examination. Furthermore, you can cancel a policy and get the money back within ten days from the day of purchasing.

Features:

• Age eligibility: 18 – 65.
• Renewable after expiration and convertible to other term/permanent life insurance policies.
• Offers multiple rider choices: joint-first-to-die, disability/death premium waivers, etc.

We’re also working with one most reputable insurance brokers in Canada. They are more than able to give you more advice on the matter or assist you in buying the best insurance policy for you. If you’re interested working with them, contact us via this page to connect.

Below is a summary table of affordable 20-Year Level Term Life Insurance policies available in Canada introduced in this article:

Company	Type of policy	Monthly premium	Yearly premium
Empire Life	Solution 20 – 20 Year R&C Term Non-Smoker	$84.15	$935.00
SSQ Financial Group	Term Plus 20 20 Year Term Class 3 Non-Smoker	$88.20	$980.00
Manulife	Family Term-20 Healthstyle 3 Std Non-smoker	$90.03	$1,004.00
Canada Life	20 Year Term, Renewable and Convertible Gold Non Smoker	$91.80	$1,020.00
SSQ Financial Group	SI Simplified Term Life 20 Non-Smoker	$107.10	$1,190.00
RBC Insurance	YourTerm 20-20 Year R&C Term Non-Smoker	$75.69	$841.00