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Term Life Insurance Made Just For You

The simple, affordable way to protect today’s modern family

  • Apply over the phone in minutes.
  • Coverage starts at $15/month.

(Real quote for a 32-year-old female, non-smoker for $250,000 in coverage for a 20-year term)

Our life insurance policies are backed by top insurers in Canada.

What Is Term Life Insurance?

Term life insurance is a type of insurance policy that provides protection for a set period of time – typically 10, 20, or 30 years – and pays out a death benefit to your beneficiary if you die during that term.

  • The death benefit is received as a lump-sum amount, tax-free.
  • It can be used for anything, which may include coverage for a mortgage, college tuition, childcare costs, outstanding debts, living expenses, and final expenses such as funeral costs.
  • If you outlive your policy’s term length, your coverage expires.
    However, depending on the insurer and your contract, your term life
    insurance can be renewed and converted to permanent coverage.

Why do you need life insurance?

Life insurance is a way to ensure that your loved ones are financially taken care of if you’re no longer around.

Here are a few of the many reasons why you should have life insurance:

  1. To cover final expenses– Life insurance can ensure that your final expenses are taken care of.
  2. To pay off debts– Life insurance can help make sure that your family is not left with a heavy debt burden after your death.
  3. To replace lost income– Life insurance can help replace your lost income.
  4. To fund education costs– If you have young children, life insurance can help fund their education costs. This can be a huge financial relief for your family and ensures that your children will be able to get the education they need even if something happens to you.
  5. To cover business expenses– If you own a business, life insurance can help cover the costs of things like payroll and other business expenses if something happens to you. This can help keep your business running smoothly after your death and prevent financial hardship for your family or employees.

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How much life insurance do I need?

The amount of coverage you need depends on many factors, including your age, health, lifestyle, and financial situation.

The DIME formula is a great starting point for determining how much life insurance you need.

D = Debts and final expenses I = Income replacement M = Mortgage protection E = Education funding

To use the DIME formula, simply add up all of your debts and final expenses, then add up how much income you would need to replace if you died. Next, add the amount of your mortgage that would still need to be paid off if you passed away. Finally, estimate the cost of your children’s education. The total amount is the amount of life insurance you should carry.

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What does life insurance cover?

A term life insurance policy covers you in the event of your death due to natural causes, medical conditions, critical illness, health-related issues, or even suicide.

Suicide: Your beneficiaries receive a payout if you commit suicide. However, there are some caveats – such as the death occurring during the “contestability period,” which is typically the first two years of the policy from the date of issue – but as long as there are no other exclusions in the policy, suicide is covered. (6)

Additional benefits: Some term life insurance policies also come with additional benefits, such as critical illness or accidental death coverage. If you are diagnosed with a covered illness or die as a result of an accident, these riders pay out some benefits to you that can be used to help cover medical expenses, pay off debt, or simply help your family keep up with their everyday living expenses. However, after you die, your beneficiaries receive a smaller payout.

Your beneficiaries will receive a death benefit payout that can be used to cover expenses like funeral costs, outstanding debt or mortgage, or everyday living expenses.

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Benefits of Term Life Insurance

Tax-free Death Benefit

Your beneficiaries receive a tax-free lump sum if you pass away during your policy’s term. (1)(6)

Fast & Easy

Accelerated underwriting allows for a speedy approval process, so you can get covered within 2 to 3 days.

Flexible Term

Choose from a range of term options – 1, 10, 15, 20, 25, 30, 35, and 40 years.


Premiums start as low as $15 per month. (2)


You may be able to renew your policy for another 10 or 20 years at the end of each term period. (4)

Simple to Understand

The premiums and coverage amounts are set for your chosen term and won’t change during the term. (5)


Depending on your contract, you may convert your coverage into permanent life insurance until you’re 71 years old without having to answer any health questions or take a medical exam. (3)

No Medical Exam

Depending on the amount of coverage you apply for and your health, you may qualify for accelerated underwriting, which allows you to purchase a life insurance policy without going through a medical exam.

Types of Term Life Insurance

Level term insurance

This type of term policy is the most common and offers a death benefit that remains the same throughout the policy. The death benefit does not change, and the premiums remain stable.

Increasing term insurance

This type of term policy offers a death benefit that increases throughout the policy. With increasing term life insurance, your premiums will increase each year.

Decreasing term insurance

This type of term policy offers a death benefit that decreases according to a predetermined schedule, usually in one-year increments. With decreasing term life insurance, your premiums will decrease each year.

Yearly renewable term (YRT) plans

This type of term policy offers coverage for one year. The premiums are lower initially but increase when you renew coverage.

Why buy Term life insurance with WizLife?

Term life policies are simple and straightforward, so you won’t have to worry about any confusing fine print.

We have a wide range of coverage options, so you can find the perfect fit for your situation.

Our team is highly experienced and knowledgeable, so you can rest assured that you’re getting the best possible service.

We’re an online life insurance provider, so you can get a quote and purchase a policy entirely over the phone.

Our customer service team is available 7 days a week, so we can answer any questions you may have.

How to buy life insurance with WizLife?

  • Get a free quote: Get on a call with our licensed agents. Within a few minutes, you will be presented with a free, no-obligation quote based on your needs and budget.
  • Apply over the phone: Choose the coverage that’s right for you and your family and apply over the phone. No need to visit a physical office or meet with an agent in person.
  • Get protected: If you’re in good health, you could get approved within 24 to 72 hours with no medical exam hassle. It’s that easy! Your coverage starts right away.

Don’t wait until it’s too late.

Get a quote from WizLife today and protect your loved ones tomorrow.

Frequently asked questions

How much does term life insurance cost?

The typical monthly cost of a term life policy ranges from $15 to $120, depending on your age, gender, health, coverage amount, and the life insurance carrier.

Is this policy a good fit for me?

The typical monthly cost of a term life policy ranges from $15 to $120, depending on your age, gender, health, coverage amount, and the life insurance carrier.

What does term life insurance cover?

The typical monthly cost of a term life policy ranges from $15 to $120, depending on your age, gender, health, coverage amount, and the life insurance carrier.

What happens at the end of a term insurance policy?

The typical monthly cost of a term life policy ranges from $15 to $120, depending on your age, gender, health, coverage amount, and the life insurance carrier.