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Why Canada Life My Term is the best term choice for your clients

April 6, 2021 | Last updated on October 11, 2023
3 min read


Your clients’ needs are unique, so why should they be limited to traditional term lengths where they might pay for insurance longer than they need it?

Canada Life My Term™ is a new and flexible term insurance that helps you bring clients more choice. Its flexibility is designed to meet their specific needs by offering any term length between five and 50 years – making it one of the most extensive term ranges in the market.

Canada Life My Term also offers a yearly term renewal (YRT) structure that significantly lowers the initial renewal cost increase, helping clients keep coverage for longer if they decide they need it.

“At Canada Life, we know that everyone’s lives are different,” says Katrina-Lee-Kwen, SVP Non Par Insurance Solutions and Digital Strategies. “We hope that by eliminating the set traditional term lengths, we will help advisors put their clients in the driver’s seat of their insurance needs.”

Canada Life My Term coverage can be tailored to provide clients with the coverage length they need at the amount they can afford. If your client wants coverage until retirement or needs a specific coverage amount but has a tight monthly budget, you can easily identify the term length, coverage or premium amount based on their needs.

“Clients who choose a Canada Life My Term policy have flexibility,” says Lee-Kwen. “You can be confident knowing as your clients’ needs change over time, Canada Life has product options to help meet these needs.”

Clients can convert to a longer-term plan at least 10 years longer than the original term length. We offer term-to-term conversions until the end of the initial term for term 5, 6 and 7 and up until the seventh year for term 8 to 50 policies. With other insurers offering only a five-year term-to-term conversion period, this makes our offering the longest in the industry. Or clients can convert to permanent insurance like universal life insurance or participating life insurance without answering additional insurability questions, within limits.

Canada Life My Term lets you tailor your client’s coverage by layering two or more term policies to match their different needs for each stage of their life, with guaranteed rates for the length of time they need it. We’ve created a term layering tool to help you show your clients how these savings can work.

With this new launch, there’s no better time to refresh your term insurance knowledge. Canada Life is committed to offering you educational and development opportunities to help you and your business grow. We’re pleased to invite you to an upcoming term insurance webinar on April 14 from 1 to 2 p.m. ET. This session will feature information on why term insurance is important, which client needs it meets best and how Canada Life My Term can help to meet those client needs.

To get your clients protected with Canada Life My Term insurance faster, use SimpleProtect™. With the option to have clients sign on their own device, applications can be completed without the need for a face-to-face meeting or other authorization forms. SimpleProtect simplifies the process with significantly fewer underwriting questions, with the opportunity to get instant or same-day approvals, which means you could get paid faster too.

Canada Life and design, Canada Life My Term and SimpleProtect are trademarks of The Canada Life Assurance Company.