Choosing the right insurance plan is one of the most important decisions you'll ever make. We're here to help.
Get Term Life Insurance on your own terms
CAA Term Life insurance provided by Securian Canada helps you find peace of mind by offering protection to your loved ones through every stage of life. With CAA Term Life insurance your are able to choose the kind of coverage that best fits your needs at a price you can afford.
CAA Members enjoy exclusive 10% discounts and other perks!**
**CAA Members enjoy CAA Member Preferred Pricing. See Terms and Conditions for details.
Backed by Securian Canada
CAA Member Perks
Choose between $100K to $5M in term life insurance coverage
Couples save an additional 10% the first year
CAA members save 10% on insurance rates
$10,000 in complimentary Child Coverage for each of your children
Free cancellation anytime, with no fees or penalties
- Choose between $100K to $5M in term life insurance coverage
- Select a coverage length between 10 to 30 years
- CAA members save 10% on insurance rates
- Couples save an additional 10% the first year
- $10,000 in complimentary Child Coverage for each of your children
- Free cancellation anytime, with no fees or penalties
- 30-day grace period for missed payments
- Backed by renowned industry partner, Securian Canada, for greater peace of mind
- 100% of any payout is given to your beneficiaries tax free
- Rates are locked in for the full term
- See if you're eligible for term life insurance and critical illness insurance in one application
The first step is the hardest...
We Make it Easy!
Commonly asked questions about term life insurance.
Once term life insurance ends, the policy expires and you will no longer have coverage. If you pass away after your term ends, your beneficiaries will not receive a payout.
However, it's essential to be aware that you do have options when your term life insurance ends. Depending on the terms of your policy, you may have the opportunity to renew your policy for another term or convert it to a permanent life insurance policy. Renewal or conversion options provide a way to continue your life insurance coverage beyond the initial term, ensuring ongoing protection for your loved ones.
With term policies, the coverage wraps up when the chosen term comes to an end. For instance, if you're 32 when you get a 30-year term policy, your coverage will end the year that you turn 62. CAA Term Life Insurance can provide term life insurance coverage until you're 85 years young, offering flexible term lengths from 10 to 30 years. This means the oldest age to apply with the shortest term is 75. You can also speak to a licensed advisor to help you find the best fit for your needs!
Term life insurance doesn't hold a cash value, as opposed to whole or universal life insurance. This means that when your coverage expires, you won't get a refund or a return on your investment. Think of term life insurance as being similar to car or home insurance; just like you don't receive a refund on your car insurance if you don't make a claim, the same principle applies to term life insurance. It's all about providing you and your family with financial protection and peace of mind.
Many employees have a baseline level of employer group life insurance coverage through workplace benefits or even through mortgage life insurance. Employer group life insurance coverage is typically between one to two times your annual salary. Depending on if you have kids and your level of financial responsibility, this may or may not be enough to cover your needs.
Individual term life insurance policies can help round out your employer group coverage to ensure you have a large enough financial safety net. And since employer group insurance coverage ends if you leave the company and can be changed by your employer at any time, an individual policy puts you in the driver's seat of your own insurance coverage.
Term life insurance can provide a financial payout to anyone you choose as a beneficiary. Typically, people opt for term life insurance to protect their family members and anyone who relies on them financially, such as their spouse, children, or elderly parents.
In the event that the policyholder passes away within the specified term, the beneficiaries receive a lump-sum payout, subject to the terms of the policy. This payout, also referred to as the death benefit, serves as a financial safety net that can be used for various needs during what can be a challenging period. The financial support can help with things like replacing lost income, covering childcare expenses, settling the mortgage, and addressing other necessities.
Yes, term life insurance can protect against accidental death and various other causes of death. However, there are two important things to know. First, term life insurance typically doesn't cover suicide in the first two years of the policy (this is an industry-standard). Second, all insurance providers have their own terms and conditions included in their policies. It's important to read your policy carefully to make sure you know exactly what's covered to eliminate any misunderstanding about your policy.
The best time to get term life insurance is when you need it. For most individuals or families, it's when you have financial dependents or larger financial obligations. For example, you have children, are getting married, or have ongoing mortgage payments.
That being said, the younger you are when you buy term life insurance, the more affordable your rates will be. As we get older, the risk of passing away or getting severe health issues becomes higher, increasing insurance rates. With CAA Term Life Insurance, we expect that the majority of applicants won't need a medical exam. But in the chance that you do, it's better to complete one when you're younger.
Never miss a payment by securely setting up pre-authorized monthly payments for your policy. Premiums can be paid using Visa, Mastercard, Amex, or Diner’s Club credit cards.
Most insurance providers in Canada require that you be either a Canadian citizen or resident in order to qualify for term life insurance. However, there are some providers that will approve applications from non-Canadians. If that's the case, it's likely that the available coverage options might be a bit more limited. For CAA Term Life insurance coverage, you must be a Canadian citizen or resident to apply. We also require that applicants sign their policy contract while in Canada and not overseas.
When applying for term life insurance, you might be asked to complete a medical exam. The exam helps to assess your overall health. Insurance companies then use this information to determine how much your policy will cost and if there might be any risks.
Whether you need a medical exam depends on things like the insurance company, how young you are, and how much coverage you're applying for. If you're under 40 and generally healthy, it's often not necessary. With CAA Term Life insurance, we expect that the majority of applicants will have no additional medical requirements for approval.
Still have questions?
Get personalized advice from a licensed, non-commissioned advisor at:
1 (866) 714-9007
Monday-Friday between 8:30am-8:00pm EST.
Securian Canada is the brand name used by Canadian Premier Life Insurance Company and Canadian Premier General Insurance Company to do business in Canada. Policies are underwritten by Canadian Premier Life Insurance Company.