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35-Year Term Life Insurance Policies in Canada

35-Year Term Life Insurance Policies in Canada
35-Year Term Life Insurance Policies in Canada

Considering a 35-year term life insurance policy? It’s the longest term available from most Canadian insurers. With Canadians living longer, longer-term life insurance can offer essential financial protection for your loved ones.

This guide provides a detailed exploration of 35-year term life insurance policies available in Canada, covering all the essential information you need to know.

What is 35-Year Term Life Insurance?

35-year term life insurance is a policy with a coverage period or “term” of 35 years. It is the longest-term policy currently available from the majority of insurers in Canada today.

Like other term life insurance, 35-year term life pays out a tax-free death benefit to the policyholder’s designated beneficiaries if they pass away at any point during the 35 years of coverage. The death benefit provides financial support to cover end-of-life expenses, such as funeral costs and outstanding debts, as well as to assist with daily living expenses and to provide for the future needs of dependents.

If the insured person outlives their 35-year term, the policy expires without any payout. 35-year term life insurance has no cash value accumulation or investment components. Its sole purpose is to provide affordable life insurance protection over an extensive period.

Average 35-Year Term Life Insurance Policy in Canada:

  • Face value: $250,000
  • Annual premium: $480

Types of 35-Year Term Life Insurance Policies

Types of 35-Year Term Life Insurance Policies
Types of 35-Year Term Life Insurance Policies

In Canada, most insurers offer 35-year term life insurance in two main forms:

Level Premium 35-Year Term Life

With level premium policies, the insured’s premium payments remain exactly the same over the entire 35-year term. Premiums are based on the policyholder’s age and health status when the policy first takes effect. Level premium policies allow the insured to lock in a fixed premium rate for the full 35 years, providing certainty over the long term. The premium will not increase with age.

Decreasing Premium 35-Year Term Life

For decreasing premium policies, premiums are higher at the start of the 35-year term but decrease incrementally over time. The insured’s annual payments gradually go down over the duration of the policy term. Decreasing premiums can match reduced insurance needs later in life as mortgages are paid off and financial obligations lessen.

Alternatives to 35-Year Term Life Insurance

While 35-year term life insurance offers extensive temporary coverage, some Canadians may find other policy options better suited to their needs:

Shorter Term Lengths

Many insurers offer term life insurance with shorter 5, 10, 15, 20 or 30-year coverage terms. The advantage is lower premium costs, but the disadvantage is less extensive coverage. Shorter terms may suit young adults just starting out or seniors needing coverage into retirement years. Check out these informative guides to gain more insights into Term 10 Life Insurance, Term 15 Life Insurance, Term 20 Life InsuranceTerm 25 Life Insurance, Term 30 Life Insurance.

There are also longer options for you to consider, such as Term 40 Life Insurance, Term to Age 65 Life Insurance, and Term 100 life insurance. Discover the differences in policy lengths, costs, and best uses for coverage.

Permanent Life Insurance

Permanent life insurance options like whole life and universal life provide lifetime protection as long as premiums are paid, making them the most optimal alternative to 35-year Term Life Insurance. They also build cash value that can be borrowed against or withdrawn.

The main downside is that permanent life insurance premiums are significantly higher than those of term insurance. But it does offer permanent death benefit coverage.

Mortgage Life Insurance

Mortgage life insurance is a type of decreasing term policy where the death benefit amount decreases over time to match the outstanding mortgage balance. This can fully pay off a mortgage if the homeowner passes away before it’s paid off.

Mortgage life insurance only covers the mortgage – it does not provide income replacement or other benefits beyond the home loan balance.

How 35-Year Term Life Insurance Works in Canada

35-year term life insurance policies work much like other types of term insurance in Canada:

Application & Underwriting

The applicant must complete an application providing personal, medical, and lifestyle details so the insurer can assess their mortality risk. A medical exam is usually required to verify health status.

Premium Payment

Once approved, the policyholder must pay regular premiums to keep the 35-year term policy active. Missing payments can risk the policy lapsing.

Death Benefit Payout

During the 35-year term, if the person who is insured passes away, the insurance company will provide a tax-free lump sum as a death benefit to the individuals who have been designated as beneficiaries..

End of Term

If the individual who is insured lives beyond the 35-year policy term, the insurance coverage comes to an end, and there will be no payout. However, it’s worth noting that certain insurance companies may offer the option to renew the policy at the conclusion of the term..

When You Need 35-Year Term Life Insurance

35-year term life insurance can make sense for certain Canadians due to its long coverage duration:

Young Families

Parents with infants or young children often buy 35-year term insurance to ensure their dependents will be financially secure even if the unthinkable occurs.

Mortgage Protection

A 35-year term policy can cover the mortgage into retirement years for peace of mind. The death benefit can pay off the outstanding home loan if the insured passes away.

High-Income Earners

Primary household breadwinners may want 35 years of income replacement insurance in case they unexpectedly pass away during their working careers.

Business Owners

Entrepreneurs may need life insurance to protect partners in case of untimely death. A 35-year term policy can be a cost-effective solution.

Pros and Cons of 35-Year Term Life Insurance

35-year term life insurance offers some advantages but also has some potential limitations to consider:


  • Long-duration coverage with fixed premiums
  • Guaranteed death benefit payout if insured dies during term
  • Affordable premiums compared to permanent insurance
  • Option to convert to a permanent policy later


  • No payout if the insured outlives the 35-year term
  • Premiums increase as the insured ages
  • No cash value, unlike whole life insurance
  • Higher cost than shorter ten or 20-year terms

Overall, 35-year term life insurance offers extensive temporary coverage for younger, healthy policyholders who want security knowing their family will be taken care of financially if the unforeseen occurs.

Read more: Family Life Insurance

Cost of 35-Year Term Life Insurance in Canada

Cost of 35-Year Term Life Insurance in Canada
life buzz quote in canada new 8 1
Cost of 35-Year Term Life Insurance in Canada

Premiums for 35-year term life insurance depend on a variety of personal factors:

Age – Premiums increase as you age due to higher mortality risk. Buying early offers lower locked-in rates.

Health – Poor health or pre-existing conditions result in higher premiums.

Lifestyle – Risky hobbies and smoking increase premium costs.

Coverage Amount – More coverage means higher premiums.

Here are sample monthly costs for a 35-year-old non-smoker with $250,000 in coverage.

AgeAverage Monthly Premium

On average, 35-year term life insurance costs around $480 per year in annual premiums for Canadians.

Comparing 35-Year Term Life Insurance Policies

Comparing 35-Year Term Life Insurance Policies
Comparing 35-Year Term Life Insurance Policies

When buying 35-year term life insurance, it’s always smart to compare options from the top life insurance providers in Canada.

Key factors to consider when comparing policies:

  • Premium rates for your age and risk class
  • Ability to renew the policy after year 35
  • Conversion options to permanent life insurance
  • Included riders for disabilities or critical illness
  • Premium discounts for healthy lifestyles

Here is an overview of 35-year term life insurance policies from leading insurers in Canada:

CompanyProduct NameHighlights
Sun LifeBest Term 35Convertible to permanent coverage
ivariTerm 35Includes critical illness rider
RBC InsuranceTerm 35Renewable after year 35
ManulifeVitalTerm 35Living benefits for terminal illness
Canada LifeTerm 35Lower rates for active lifestyles

Shopping around helps ensure you get the best policy, rates and features for your specific needs and budget.

Who Needs 35-Year Term Life Insurance?

Based on its long-duration coverage, 35-year term life insurance policies are best suited to:

Young Families – Parents with newborns or young children who want to guarantee their dependents will be provided for financially if the unthinkable occurs.

Mortgage Holders – Homeowners who want to cover their mortgage into their retirement years for added peace of mind.

High Earners – Primary household income earners who need extensive income replacement insurance in case of premature death.

Business Owners – Entrepreneurs who need an affordable way to protect partners in case of an untimely death.

35-year term life insurance provides less value for seniors or those looking for short-duration coverage.

Tips for Purchasing 35-Year Term Life Insurance

Follow these tips when shopping for a 35-year term life insurance policy:

  • Compare quotes from at least three providers to find the best rates
  • Consider adding disability insurance to waive premiums if disabled
  • Bundle policies to save on total insurance costs
  • Be honest about your application and medical history
  • Select a highly-rated insurer with strong financial stability
  • Review policy exclusions and limitations carefully
  • Notify your beneficiaries and keep contact details updated
  • Maintain a healthy lifestyle to potentially qualify for discounts

Purchasing 35-Year Term Life Insurance

Here is the step-by-step process for purchasing a 35-year term life insurance policy:

1. Compare Quotes

Get quotes from multiple insurers online or via an independent broker to compare costs. Narrow down your options.

2. Apply & Get Approved

Complete the insurer’s application and medical exam. The insurer will review and make an approval decision.

3. Select Beneficiaries

Choose one or more beneficiaries to receive a death benefit payout if you pass away during the policy term.

4. Make First Premium Payment

Activating coverage requires making the first monthly, quarterly or annual premium payment.

5. Pay Ongoing Premiums

Make premium payments on time going forward to keep your 35-year term policy active and avoid lapse.

6. Store Documents

Keep your policy documents, beneficiary information, and insurer contact details handy for easy access.

Making a Claim on 35-Year Term Life Insurance

If the insured passes away during the 35-year term, beneficiaries can make a claim by:

Notifying the Insurer – Promptly contact the insurer to start the claims process after the death occurs.

Submitting Paperwork – Provide the completed claim forms and required documents like the death certificate.

Proving Eligibility – Supply documentation confirming your status as the rightful beneficiary.

Payment – If approved, the insurer issues payment of the tax-free death benefit, usually within 1-2 weeks.

Is 35-Year Term Life Right for You?

35-year term life insurance offers an extensive coverage period at affordable rates compared to permanent insurance. Rest assured that your loved ones will be financially taken care of in the event of the unexpected, providing you with peace of mind.

When shopping for coverage, be sure to compare policy options and premiums from at least 3 top Canadian insurers. Work with an independent broker or advisor to select the right policy, coverage amount and features for your specific needs and budget.


35-year term life insurance can provide extensive coverage for Canadians wanting protection into their retirement years. While premiums are lower than permanent life insurance, there is no payout if you outlive the 35-year term.

The best way to find the right 35-year term life policy is to compare quotes from top Canadian insurers. This allows you to get competitive rates and find the features that match your specific needs.

Get a Free Quote for 35-Year Term Life Insurance

Finding the most affordable 35-year term life insurance starts with getting a free customized quote.

At, our advisors can provide you with no-obligation quotes from Canada’s leading insurers. We’ll help you compare costs, policy features, and find the best rate for your situation.

When looking for the right 35-year term life insurance policy, the most effective way to save money is by comparing quotes from multiple insurers. So contact Life Buzz today to receive your free quote!

35-Year Term Life Insurance FAQs

How old do I have to be to get 35-year term life insurance in Canada?

Most insurers only offer 35-year term life insurance to applicants under age 50. Older ages are deemed too high-risk for this long policy term.

What health conditions can disqualify you from 35-year term life insurance?

Health conditions such as cancer, heart disease, and diabetes may result in increased insurance premiums or ineligibility for coverage, while minor health issues are typically considered acceptable.

Can smokers get approved for 35-year term life insurance in Canada?

Yes, but smokers pay significantly higher premiums than non-smokers due to the increased health risks. Some insurers may decline smokers.

What is the payment schedule for 35-year term life insurance policies?

Most insurers allow you to pay premiums monthly, quarterly, semi-annually or annually. Paying annually usually results in a small discount.

Can you renew a 35-year term life insurance policy for another term?

Some insurers allow policy renewal at the end of the 35 years. Others require you to re-apply and undergo new medical underwriting.

What happens if you can't make premium payments on a 35-year term policy?

The policy will lapse if you fail to pay premiums on time. The insurer will notify you before cancelling coverage due to non-payment.

Can you convert a 35-year term policy to permanent life insurance?

Many 35-year term life policies allow you to convert to permanent insurance like whole life or universal life without new underwriting.

How do you determine the right amount of 35-year term life insurance to buy?

Factors in income replacement include debts, final expenses, education costs for kids, and other financial obligations your family would face.

What is the difference between level and decreasing 35-year term life premiums?

Level premiums stay the same while decreasing premiums start higher and incrementally decrease over the policy term.

How long does it take to get approved for 35-year term life insurance?

Approval can take 2 to 6 weeks. It depends on how fast you complete the application and exams and how quickly the insurer evaluates your information.

Can you adjust the coverage amount on a 35-year term life policy?

Yes, most insurers allow you to increase or decrease your coverage after initial purchase, subject to providing new evidence of insurability.

What is the tax treatment of 35-year term life insurance death benefit payouts?

The death benefit payout to beneficiaries is generally not considered taxable income. It is paid tax-free.

Is the death benefit on a 35-year term life policy guaranteed?

The death benefit remains fixed and guaranteed as long as you pay your premiums on time and don't decrease the coverage amount.

What happens if you die right after your 35-year term life policy expires?

If the insured dies after the 35-year term expires, the insurer will not pay out any death benefit to the beneficiaries.

Can you assign a 35-year term life policy to someone else?

Yes, policies may be legally assigned or transferred to another person or entity by completing the right forms. This transfers ownership.

Can you have multiple beneficiaries on a 35-year term life insurance policy?

You have the flexibility to designate multiple primary and contingent beneficiaries for your policy. Additionally, you can specify the exact percentage of the death benefit that each beneficiary should receive.

Is 35-year term life insurance cheaper than whole life insurance?

Yes, 35-year term life insurance is significantly cheaper than permanent forms of life insurance like whole life or universal life.

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Written by Ben Nguyen

Ben Nguyen is an award-winning insurance expert and industry veteran with over 20 years of experience. He is the chairman and director of IDC Insurance Direct Canada Inc., one of Canada's leading online insurance brokerages.

Ben is renowned for his extensive knowledge of life, health, disability, and travel insurance products. He is the prolific author of over 1,000 educational articles published on LifeBuzz, BestInsuranceOnline, and InsuranceDirectCanada. His articles provide Canadians with advice on making smart insurance decisions.

With a Bachelor's degree in Actuarial Science and a Fellow of the Canadian Institute of Actuaries (FCIA) designation, Ben is frequently interviewed by media as an insurance industry spokesperson.

He has received numerous honors including the Insurance Council of Canada’s Pivotal Leadership Award, the Canadian Insurance Hall of Fame induction, and the President’s Medal from the Canadian Institute of Actuaries.

Ben continues to shape the vision and strategy of IDC Insurance Direct as chairman. He is dedicated to advancing the insurance industry through his insightful leadership.

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