Term 20 Life Insurance

Why consider Term 20 Life Insurance?

  • Peace of mind knowing that your rate is guaranteed for the initial 20 year term

  • Provides lump sum tax-free payout1

  • You and your family are protected for the next 20 years

  • Apply for up to $10 million in coverage if you are a Canadian resident, 18 to 65 years of age depending on the product.

Is this coverage right for me?

Term 20 Life Insurance is great for:

Families with a new or existing mortgage

Individuals focused on more affordable coverage with future flexibility

Small and medium business owners who need to cover overhead and start-up costs

Term 20 Life Insurance options:

Solution 20Δ Term Life Insurance

- Coverage from $25,000 to $10,000,000

- Age eligibility to apply: 18-75 

- Convertible to permanent life insurance up to age 75

- 10-day money back guarantee

- Application process with an Advisor

- If approved, majority of policies issued within 5 days

- Full underwriting

Simplified 20 Term Life Insurance

- Coverage from $50,000 to $1,000,000

- Age eligibility to apply: 18-55

- 10-day money back guarantee

- Application process without the need for an advisor

- No medical exams

- If approved, policy issued instantly and electronically

- Simplified underwriting

Term Life insurance is underwritten and issued by The Empire Life Insurance Company and distributed by BNS Insurance Agency Inc.

Compare all coverages

  Term 10 Term 20 Term 25 Term 30
Solution 10 Simplified 10 Solution 20 Simplified 20 Solution 25 Solution 30
Length of Coverage 10 year renewable to age 752

Renewal Rate every 10 years is guaranteed
 10 years renewable to age 75


Renewal rate is not guaranteed until declared		 20 year renewable to age 653

Renewal Rate every 20 years is guaranteed		 20 years renewable to age 75


Renewal rate is not guaranteed until declared		 25 year initial term renewable to age 604

After year 25 renewal rate is guaranteed every year to age 85		 30 year initial term renewable to age 555

After year 30 renewal rate is guaranteed every year to age 85
Amount of Coverage Available $10,000- $10 million (depends on age) $50,000-$1,000,000 (depends on age) $25,000-$10 million $50,000-$1,000,000 (depends on age) $25,000-$10 million $25,000-$10 million
Age Eligibility to apply 18-75  18-60 18-65 18-55 18-60 18-55
Convertibility Convertible to whole Iife insurance Not convertible to whole Iife insurance Convertible to whole Iife insurance Not convertible to whole Iife insurance Convertible to whole Iife insurance Convertible to whole Iife insurance

What's not covered
Suicide is not covered during the first 2 years of coverage (or within 2 years after coverage reinstatement).

®

Scotia Insurance is a registered trademark of The Bank of Nova Scotia, used under license by BNS Insurance Agency Inc.

Term life insurance is underwritten and issued by The Empire Life Insurance Company and distributed by BNS Insurance Agency Inc.

All insurance coverage is subject to certain limitations, restrictions and exclusions outlined in the applicable Policy of Insurance.

Enrolment is currently not available in the province of Quebec and Nunavut

Δ
Registered trademark of The Empire Life Insurance Company
1
Payout is upon death of the life insured and is subject to contract terms, insurance contract must be in force at time of death.
2
After the initial term, premium increases every 10 years until the coverage anniversary following the 75th birthday and remains the same to age 100
3
After the initial term, premium increases every 20 years until the coverage anniversary following the 65th birthday and remains the same to age 100
4
Premiums are guaranteed level for the first 25 years, and then increase yearly from year 26 to age 85 at which time premiums remains the same to age 100
5
Premiums are guaranteed level for the first 30 years, and then increase yearly from year 31 to age 85 at which time premiums remains the same to age 100