Term, whole and universal — each does a different job. I walk you through what you actually need and compare it across Equitable Life, Canada Life, Empire Life, Manulife and Desjardins Financial Security.
Coverage for a set period — 10, 20, 30 years — at the lowest cost per dollar of coverage. The workhorse for income replacement and mortgage protection.
Permanent coverage that lasts your whole life, with premiums that never increase and a cash value that builds over time.
Permanent coverage with more flexibility on premiums and an investment component you have some control over.
| Term | Whole life | Universal life | |
|---|---|---|---|
| Coverage period | Fixed term you choose — 10, 20 or 30 years | Your entire life | Your entire life |
| Premiums | Lowest cost, level for the term | Higher, but level for life | Flexible — can be adjusted within limits |
| Cash value | None | Builds steadily, guaranteed | Builds, tied to an investment component |
| Best suited for | A specific need — mortgage, income replacement while kids are young | A lifetime need — estate planning, final expenses | A lifetime need, with more control over premiums and growth |
A rough estimate using a common income-replacement method — not a quote. I'll refine this with you based on your full picture.
The calculator on this page works from annual income multiplied by the number of years of income you want to replace, plus mortgage and other debts, plus a $15,000 estimate for final expenses, minus any existing coverage and savings. This is a starting point for a conversation, not a recommendation — actual coverage depends on your full financial picture and what's available through underwriting.
Make sure your household can cover day-to-day costs and stay on track if your income disappears.
So your family isn't forced to sell the house or inherit debt to settle what's owed.
Fund a buy-sell agreement, protect against losing a key person, or cover a business loan.
Cover funeral costs, final taxes and leave an inheritance without forcing a fire sale of assets.
A tax-free lump sum on diagnosis of a covered condition like cancer, heart attack or stroke.
Learn more →Monthly income if you can't work due to illness or injury.
Learn more →No medical exam option if you've been declined elsewhere — with a waiting period in the first couple of years.
Learn more →Coverage sized to pay off your mortgage balance if something happens to you.
Learn more →It depends on your income, debts, dependents and goals. A common starting point is 10–15 times your annual income, adjusted for outstanding debts like a mortgage and future expenses like tuition, minus any savings or existing coverage. The calculator above gives you a rough number — a full conversation gets it right.
Term covers you for a fixed period and is the lowest-cost option — well suited to a specific need like a mortgage. Permanent coverage (whole or universal) lasts your entire life, typically costs more, and builds cash value along the way.
Often, yes. Every insurer underwrites differently, so having access to multiple carriers means finding one that will offer better terms for your specific health history. For more significant conditions, guaranteed issue coverage is also an option.
It depends on your age, the coverage amount and the policy type. Many term policies today can be approved with health questions alone — no exam — up to certain coverage amounts.
Many term policies are convertible to permanent coverage without new medical underwriting. Life changes — a new mortgage, a new child, starting a business — are also a good reason to revisit your coverage.