Term life insurance in Surrey, BC, from the advisor who answers when you call.
Term life insurance is the simplest and most affordable way to protect your family during your working years. We quote your application across a broad range of the Canadian life insurance market and place it with the carrier that fits your situation best — most often RBC Insurance, Equitable Life of Canada, or Wawanesa Life, where we hold direct contracts. When a specialty carrier is the better fit, we place through MGA channels. Speak with Kul Shergill, our Senior Advisor and sole life specialist, licensed in life insurance in British Columbia since 1988.
Run your own term life quote. Live rates from across the Canadian market, in about a minute.
Enter your details below and the quoter compares premiums from major Canadian life insurance carriers instantly — no login, no obligation. When you are ready to apply, call Kul and we place the policy with the carrier whose underwriting fits your health and budget best.
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These are illustrative rates generated by Compulife from carrier pricing, preset to British Columbia and a standard (Regular) health class — so the premiums reflect typical good-health pricing here, not a best-case preferred rate you may not qualify for. Your final premium is set by full underwriting on your application. There is no charge for a quote or for our advice — we are paid by the carrier when your policy is issued.
Insurance for a fixed period of years. Pays a tax-free amount to your family if you die during the term.
Term life insurance is the simplest type of life insurance and the most common one Canadians buy. You choose the coverage amount and the length of the term — usually 10, 20, or 30 years. You pay a fixed premium each month for that period. If you die during the term, the carrier pays the death benefit to your named beneficiary, tax-free. If you outlive the term, the policy ends and no payout is made.
This is a feature, not a flaw. Term insurance is built to be cheap because it only protects you for a defined period — usually the years when your dependents need your income most. When the kids are grown, the mortgage is paid, and the savings are stacked, you do not need the same coverage anymore. The term ends, you stop paying, and the money you saved on premiums has done its job.
For most Canadian families, term life is the right starter policy. It gives you the most coverage per dollar of premium, especially when you are under 50. The Canadian Life and Health Insurance Association notes that term policies have lower premium costs than permanent policies, particularly for younger applicants, because they are pure protection with no investment or cash-value component.
10, 20, 30, or 40 years. Match the term to the financial obligation you are protecting.
The term you choose locks in your premium for that many years. Longer terms cost more today but give you more years of certainty. Shorter terms cost less today but expire sooner.
Lowest premium. Best for short remaining mortgages, supplementing existing coverage, or covering specific liabilities like business loans with shorter amortizations.
The Canadian default. Covers most working-parent scenarios — a 20-year mortgage and dependent children through to early adulthood. Premium and coverage length both reasonable.
The most common choice for young families. New mortgage, young kids, two working parents. Locks in today's lower premium for three decades.
Available through RBC YourTerm. The longest level-premium term sold in Canada. For applicants in their twenties and early thirties planning multi-generational protection.
A simple rule for choosing the term
Pick the term so that when it ends, you would have stopped needing the coverage anyway. If your youngest child will be 22 in twenty years and your mortgage will be paid off in twenty years, a 20-year term fits. If you are 28 with a newborn and a 30-year mortgage, a 30-year term fits.
If you are uncertain, default to longer. The premium difference between a 20-year and a 30-year term for a healthy applicant in their thirties is usually small — often $10 to $25 a month for typical family-sized coverage. The peace of mind from a decade of additional protection is usually worth more than the difference.
If your main reason for buying term life is to cover the mortgage, it is worth seeing how a personal policy compares with the creditor coverage your bank offers at signing. Our mortgage life insurance page walks through that comparison in detail.
Two features matter as much as the premium: convertibility and renewability.
When two policies have similar premiums, these two features are usually the tiebreaker. They are the safety nets if your health changes during the term.
Convertibility
Most term policies sold in Canada are convertible to permanent insurance — usually whole life or universal life — without a new medical exam. The deadline is typically before age 71. If you convert, the new permanent policy is priced for your age at conversion, but no new health questions are asked. This means a clean medical history is not required to lock in lifetime coverage.
Convertibility is the option you are really paying for in some cases. If you are diagnosed with a serious condition five years into your term, you may not be able to qualify for a brand-new permanent policy at any reasonable price. The conversion privilege protects you. The exact products you can convert into and the exact deadline differ by carrier and by policy. We always confirm both when we run quotes.
Renewability
Renewable term insurance lets you continue your coverage at the end of the term without a new medical, but at a much higher premium based on your age at renewal. The premium jump is significant — sometimes three or four times the original premium — because the renewal rate is calculated using mortality rates for your current age, not the age at which you originally applied.
Renewability matters if your health deteriorates during the term. If you are still in good health when the term ends, applying for a new policy almost always gives you a much lower premium than renewing the existing one. But if your health has changed and you cannot qualify for new coverage, the right to renew without a medical is a financial lifeline. Renewal is usually available up to age 75 or 80, depending on the carrier.
Premium depends on five factors. Here are realistic ranges for healthy applicants in 2025–2026.
Carriers underwrite based on age, gender, smoking status, health, and the amount of coverage. The rates below are illustrative ranges based on publicly available pricing for Canadian non-smokers in standard health applying for $500,000 of 20-year term coverage. Your actual quote depends on your specific situation and full underwriting.
| Age at application | Female | Male |
|---|---|---|
| 30 | $22 – $30 | $28 – $38 |
| 35 | $26 – $36 | $33 – $46 |
| 40 | $32 – $46 | $42 – $60 |
| 45 | $48 – $70 | $66 – $96 |
| 50 | $78 – $115 | $110 – $160 |
As one specific reference point: a 40-year-old non-smoker in good health applying for $500,000 of 20-year term coverage in 2025–2026 was quoted approximately $39 per month at a major Canadian online life insurance broker. Direct carrier quotes through us, with full underwriting, often come in slightly above or below that figure depending on your health profile and which carrier ends up being the best fit.
Why women pay less than men
Insurance carriers price life insurance based on actuarial mortality data — the statistical probability of death at each age. Canadian women on average live four to five years longer than Canadian men, so the carrier's expected payout horizon is longer for a woman, making the per-year cost lower. This is straightforward math, not discrimination — sex-based pricing is permitted in Canadian life insurance and reflects measurable mortality differences.
Why non-smokers pay roughly half what smokers pay
Smoking is the single largest mortality factor that life insurance underwriters consider. A non-smoker's premium is typically 40 to 60 per cent of what a smoker of the same age and gender pays. Most carriers define "non-smoker" as no nicotine use of any kind — cigarettes, cigars, vaping, chewing tobacco, or nicotine replacement products — for the past 12 months. If you have stopped smoking, wait the full 12 months before applying. The premium savings over a 20 or 30 year term often run into tens of thousands of dollars.
Why preferred rates exist for the very healthy
Some carriers offer preferred rate classes for applicants in exceptional health — clean lab results, healthy weight, no family history of heart disease or cancer before age 60, and so on. Preferred rates are 10 to 30 per cent below standard non-smoker rates. Not every carrier offers them and the qualification thresholds vary. We tell you upfront whether your health profile likely qualifies you for preferred pricing before you apply.
Full Canadian market quoting. Three direct carrier contracts. Your application goes to the carrier whose underwriting fits your situation.
For every term life case, we start by quoting your application across the full Canadian life insurance market through Compulife — the industry-standard quoting platform that compares every major Canadian life carrier instantly. Then we place your policy with the carrier that fits best. We hold direct contracts with three Canadian carriers where most placements land. Each has slightly different term lengths, underwriting strengths, and pricing sweet spots. We do not push one over the other — we run quotes on the relevant carriers for your situation and place the application where it fits best.
RBC Insurance
RBC's flagship term product. Term lengths from 10 to 40 years — and unlike most carriers, you can pick any specific year between 10 and 40 (e.g. a 23-year term). Convertible to permanent before age 71. Includes an exchange option allowing YourTerm 10 holders to exchange to YourTerm 15, 20, or 30 within five years.
- 10 – 40 year terms, any year
- Issue ages 18 – 70 for 10/15 year terms
- Renewable to age 100
- Simplified Term option available with no medical
Equitable Life of Canada
Canadian mutual insurer, owned by participating policyholders. Equitable's term insurance is competitively priced, particularly in the 20-year band, and offers strong conversion privileges into Equitable's Equimax participating whole life. Equitable has credited dividends every year on its participating whole life since 1936.
- 10, 20, and 30 year terms
- Coverage from $50,000 to several million
- Convertible into Equimax participating whole life
- Strong underwriting for above-standard health profiles
Wawanesa Life
The life subsidiary of Wawanesa Insurance, founded in Manitoba in 1896. Lifetime Term offers an unusually wide range of term options — from 10 years to a Term-to-100 product that functions as low-cost permanent coverage. Coverage from $10,000 to $10 million.
- 10, 15, 20, 25, 30 year terms
- Term to 80 and Term to 100 options
- Issue ages 18 – 75 depending on term
- Coverage range $10,000 – $10 million
When your situation calls for a carrier we do not hold direct — substandard underwriting, very large face amounts, simplified-issue, or specific niche products — we place through MGA (Managing General Agency) channels with additional Canadian carriers. The carrier choice always follows the case, not the other way around.
What term length and amount do families like yours usually choose?
These are illustrative scenarios — not recommendations for your specific situation, which always requires a financial-needs analysis. They give you a sense of how the numbers usually land for families we work with.
The new homeowners
Married couple in their early thirties, two young kids under age 5, just bought a townhouse with a 30-year mortgage. Two working incomes, both important to family budget. Long horizon ahead. The 30-year term locks in coverage through the kids reaching adulthood and the mortgage being paid off.
The established family
Couple in late thirties or early forties, two kids in middle or high school, mortgage about half paid down. Coverage needed for another 15 to 20 years until the kids finish university and the mortgage is gone. The 20-year term matches the remaining liability window.
The empty nesters
Couple in their fifties, kids out of the house and self-supporting, mortgage almost paid. Reduced coverage need but some protection still useful — final expenses, replacement of the surviving spouse's income for a few years. Often a 10-year term, sometimes layered with a small whole life policy for permanent needs.
The business owner
Self-employed or partner in a small business, often with a business loan or buy-sell agreement requiring life insurance. Term length matched to the loan amortization. Coverage amount matched to either the loan balance or the business valuation. Frequently combined with key-person and disability coverage.
The new immigrant
Permanent Resident or new Canadian citizen, six to twelve months in country, family back home or now joining in Canada. Carrier underwriting differs by residency duration and visa status. Once residency is established, full underwriting becomes available with normal pricing. Bring documents in and we can tell you on the spot what you qualify for.
The laddered approach
Some families carry two policies — one larger short-term policy to cover the mortgage, one smaller long-term policy for income replacement. As the mortgage is paid down, the short-term policy expires and overall premium drops. This often costs less in total than a single large 30-year policy.
Need permanent coverage instead?
Term insurance protects temporary needs. For permanent needs — estate planning, capital gains taxes at death, a lifetime dependent, or a legacy you want to leave — whole life insurance is the right tool. Many families end up with both.
Term insurance is a thirty-year commitment. You should know the advisor who placed it.
Kul Shergill
Kul has been advising Surrey families on life insurance since 1988. He has been the licensed-in-charge Senior Advisor at Prime Insurance since the family bought the office in 1994. When you call about term life insurance, you speak with Kul directly. He runs the financial-needs analysis with you, walks through carrier illustrations, explains the convertibility and renewability options, and stays your point of contact for the life of the policy.
Term insurance is a long commitment. The advisor who places it should still be reachable when you need to update beneficiaries, add coverage, or convert to permanent insurance fifteen years from now. Same family, same office, same number since 1994.
What Surrey families ask about term life.
What happens at the end of my term?
You have three options when your term ends.
Let it expire. If you no longer need the coverage — the kids are grown, the mortgage is paid, your savings are sufficient — the policy ends and no payout is made. You stop paying premiums. This is what term insurance is built for.
Renew at the carrier's renewal premium. Renewable term policies allow you to extend coverage without a new medical, but the new premium is calculated for your current age and is much higher — often three to four times your original premium. Renewal is usually available up to age 75 or 80 depending on the carrier.
Apply for a new term policy. If your health is still good, applying for fresh coverage gives you a much lower premium than the renewal rate. A new medical is required, but the savings over a 10 or 20 year term often run into tens of thousands of dollars compared to the renewal price.
For most clients in good health, applying for new coverage is the right choice. We will walk you through the math when your term is approaching its end.
How long should my term be?
Match the term length to the financial obligation you are protecting. For a 25-year mortgage, a 20 or 25 year term makes sense. For young children whose education you want secured, choose a term that runs until they finish university — 20 to 25 years for new parents. For business loans, match the term to the loan amortization.
The most common choice for young Surrey families is a 20 or 30 year term. The longer the term, the higher the premium today, but the longer your premium stays locked in. The premium difference between a 20-year and a 30-year term for a healthy applicant in their thirties is usually small — often $10 to $25 a month for typical family-sized coverage. The peace of mind from a decade of additional protection is usually worth more than the difference.
What does term life insurance cost?
Premium depends on five factors: age, gender, smoking status, health, and the amount of coverage. As a benchmark, a 40-year-old non-smoker in good health applying for $500,000 of 20-year term coverage in 2025–2026 was quoted roughly $39 per month at a major Canadian online broker.
Premiums for women are typically lower than for men of the same age. Premiums for non-smokers are roughly half of what smokers pay. The same applicant at age 30 would pay considerably less; at age 50, considerably more. Specific health factors — clean lab results, healthy weight, no family history of heart disease or cancer before age 60 — can qualify you for "preferred" rates 10 to 30 per cent below standard non-smoker rates.
We run actual quotes for your situation when you call. There is no charge for the consultation or the illustrations.
Can I convert my term policy to whole life later?
Most term policies sold in Canada are convertible to permanent insurance without a new medical, usually before age 71. The new permanent policy is priced for your age at conversion, but no new health questions are asked. This is the safety net if your health changes during the term.
The deadline to convert and the specific permanent products available vary by carrier. RBC YourTerm allows conversion before age 71 into RBC's permanent products. Equitable Term converts into Equimax participating whole life. Wawanesa Lifetime Term has its own conversion provisions. We always confirm convertibility when we run quotes so you understand the option you are buying.
Should I renew at the end of my term or apply for a new policy?
If your health is still good, applying for a new policy almost always gives you a much lower premium than renewing. Renewal premiums are calculated using mortality rates for your current age, which is why they jump dramatically — sometimes three or four times the original premium.
The exception is if your health has changed during the term. If you have developed a condition that would make new underwriting difficult, renewing your existing policy is the safer choice because no new medical is required. The renewal premium is high but the coverage continues. Renewability is the financial lifeline for clients whose health prevents them from re-applying.
Should I buy term insurance and invest the difference?
It is a strategy that works for some people and not for others. The argument is that term insurance plus disciplined investing in low-cost index funds will, over decades, give you more wealth than permanent insurance. The argument is mathematically reasonable for clients who are genuinely disciplined investors with stable incomes.
It falls apart for clients who do not actually invest the difference. It falls apart for clients who live through market downturns and abandon the plan. It falls apart for clients who have permanent insurance needs — estate planning, lifetime dependents, intergenerational wealth transfer — that term insurance cannot solve.
We help you think through which describes your situation honestly. For many families the right answer is a large term policy plus retirement investments, with a smaller whole life policy added later for permanent needs. There is no single right approach.
Can I have multiple term policies?
Yes. Many of our clients carry two or three term policies that expire at different times — a strategy called laddering or layering.
For example: a $500,000 ten-year term to cover the remaining mortgage years, plus a $500,000 thirty-year term to cover income replacement until the kids finish university. As liabilities are paid down, the shorter terms expire and you stop paying for coverage you no longer need. The longer term continues. This often costs less in total than a single $1,000,000 thirty-year policy.
Carriers generally accept this — there is no rule against holding multiple policies — but you do need to disclose existing coverage on each new application. Total coverage across all policies must be reasonable relative to your income and net worth, which is something the carrier's underwriting confirms.
Does the life insurance through my employer count as enough coverage?
Group life insurance through an employer is a useful benefit but rarely enough on its own. Two reasons.
First, the coverage is usually one to two times annual salary, which is well below the seven to ten times income that the Financial Consumer Agency of Canada recommends for the typical income-replacement scenario.
Second, the coverage ends if you change jobs or are laid off. Some employers allow conversion to a personal policy if you leave, but conversion premiums are typically high and the option must be exercised within a tight window after departure.
Group life is best treated as a supplement to a personal policy, not a replacement for one. The personal policy goes with you, is sized to actually cover your family's real needs, and continues regardless of your employment situation.
What if I want to switch carriers or replace my existing term policy?
Sometimes replacing an existing policy is genuinely better for you. Sometimes it is not. The right answer depends on your current policy's premium structure, your health today versus when you bought the original, and whether your needs have changed.
We follow British Columbia's Insurance Contracts (Life Insurance Replacement) Regulation. If replacement is on the table, we present and review the Basic Disclosure Statement Regarding Replacement of Contracts of Life Insurance with you before any new application is signed. Your existing insurer is notified per the regulation. The conversation is always about whether the new coverage is genuinely better for your situation, never about generating new business at your expense. Often the right answer is to keep what you have.
Get a real quote. Talk to a real advisor.
30 to 60 minutes in our Fleetwood office, or on the phone if that is easier. We quote your application across the full Canadian life insurance market — most often placing with RBC, Equitable, or Wawanesa where we hold direct contracts, or through MGA channels when a specialty carrier fits better. We explain what is guaranteed and what is not. We tell you which carrier likely offers the best fit before you apply. No charge to you for any of this — we are paid by the carrier when your policy is issued.
Mon–Fri 8:30am–9:00pm · Sat 8:30am–6:30pm · Sun & Stat Holidays 10:00am–5:30pm