Term Life Insurance Calculator

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UCH Financial Insurance is an independent broker of Life Insurance in Ontario.

Life insurance is the greatest love letter you could write to your partner or child. It tells them you want them to be financially taken care of if they were to ever lose their whole world

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Don’t know everything? We know insurance is a 10+ year commitment, our team is here to help you make the best decision possible.

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Quick Quote or Detailed Analysis

Know how much of a policy and coverage you need? Great, go right to our quote page.

Don’t know what amount or type of policy coverage to get? We got you, use our handy Life Calculator tool to see what a financial planner would recommend to you.

What is Term Life?

Term life is temporary life insurance that lasts for a specific period of time (or term). The most common term lengths are 10 and 20 years, but policies can be issued for term lengths from one year to 40 years, or to a specific age, such as 65 or 100. If you have any questions, please contact us.

What does Term Life cover?

If the life insured dies during the term of the contract, the death benefit is paid out tax-free to the beneficiaries named in the policy. As long as premiums are paid, the policy cannot be cancelled by the company.

Uses of Term Insurance?

Income protection: provide your loved ones with a death benefit payout that can help to replace your income if you die

Mortgage protection: a death benefit can help your surviving spouse pay down the mortgage, or invest the proceeds and continue regular mortgage payments

Debt protection: a term policy can help to reduce or eliminate any outstanding debts at the time of your death, such as credit cards, car loans, or lines of credit

Education protection: when a parent passes away, the surviving parent may not be able to save enough to pay for their children’s education. Life insurance can provide a payout that can help ensure that your kids will be able to go to postsecondary school

Business protection: term life policies can help business owners protect against the expenses that can arise if an owner passes away

Types of Term Insurance?

Simplified/Non-Medical Term Insurance

Many companies offer this type of term insurance, that doesn’t require medical evidence of insurability.
Premiums can be higher than traditional term insurance, especially if you are in very good health.

Express Term Insurance

Applicants’ eligibility for this type of term coverage is determined with a simple questionnaire.
You can be instantly approved provided that you are in good health.

Single Life Traditional Term Insurance

One person is insured for a specific period of time.

Joint First-to-Die Term Insurance

Two people, often spouses, are insured under one contract for a specific period of time.
The death benefit pays out tax-free to the surviving life insure, and the policy is then cancelled (though there may be an option for the survivor to convert a portion of the coverage to permanent insurance).

Joint Last-to-Die Term Insurance

Two people, often spouses, are insured under one contract for a specific period of time.
The death benefit pays out to a named beneficiary (or to the estate) when the second life insured dies.
This type of policy is often used to insure against the tax liability that arises when a second spouse passes away.

Business Term Insurance

This type of term insurance can help protect against the loss of a key person in the business, or to fund a buy-sell agreement when an owner passes away, helping to ensure that the business can continue to grow and thrive.

Benefits of Term Life

Flexibility: Many different term lengths are available, and optional benefits can be added to further customize your coverage

Guaranteed Premiums and Coverage: Over the term defined in the contract, premiums are guaranteed. As long as required premiums are paid, your coverage is guaranteed over the specified term.

Affordability: Term policies generally have lower premiums than permanent policies

Renewability & Convertibility: When applying for a term life policy, you will have the option to choose a renewable term, as well as a policy that can be converted to a permanent plan in the future.

Optional Benefits and Riders

Many different supplementary benefits can be added on to a term policy, meaning that your policy can be customized to meet your specific needs.

Premium Waiver Benefit

Under this benefit, the insurance company will waive premium payments on the policy if the life insured becomes totally disabled

Accidental Death & Dismemberment Rider

Under this benefit, the insurance company will pay an additional benefit if the life insured dies as the result of an accident.
The insurance company will also pay out a specified lump sum if the life insured, as the result of an accident, loses a specific body part or body function. Generally, these benefits will only pay out if the loss or death is the result of an unexpected traumatic or violent event, and there are some other limitations

Child Rider

This rider will insure dependent children (biological, adopted, or step-children) for a specific amount. Coverage usually continues to a certain age, such as 21 or 25. These riders can generally be converted to permanent, stand-alone policies

Critical Illness Benefit

This benefit pays out in a lump sum if the life insured is diagnosed with a critical illness as defined in the contract. Adding this benefit to a life policy may be more cost-effective than purchasing a stand-alone CI policy.

Is Term Life Insurance Better Than Mortgage Insurance?

Generally, we don’t recommend traditional mortgage insurance. The main reason for this is that, while your outstanding debt decreases over time, your premiums remain level. This means that your coverage amount also decreases over time, so you’re paying the same amount for a decreasing amount of coverage.

Let’s assume that you have a $250,000 mortgage. Traditional mortgage insurance covers only the outstanding balance, so if you’ve paid off $100,000 of your mortgage before you pass away, the policy will pay out only $150,000. If you opt for a term life policy instead, the full $250,000 will pay out regardless of how much you owe on your mortgage.

Our other concern is that mortgage insurance isn’t always a guaranteed payout. There have been many cases where mortgage insurance claims have not been paid when an insured person passes away. With term life, your payout is guaranteed (with a few exclusions in the first two years of the policy).

While both traditional mortgage insurance and term life insurance can cover your outstanding mortgage when you pass away, term life is a better value for your money, has a guaranteed death benefit, and may provide your family with extra funds that they can use for your final expenses, debt, education for your children, or other expenses.

Why are people flocking to online insurance?

Choice, flexibility, and convenience. Gone are the days where one insurance company has the best of everything. Let us take care of your due diligence and find the right coverage with the right company.

Save Valuable Time

Let us search every major company in Ontario, so you don’t have to. Throw in our interactive, digital-only process, and you have more time on your hands to do you.

Best Rate

We work with over 20 insurance companies in Ontario, to ensure that you are getting the best rate on your insurance, with NO compromises. We hope you like to save money!


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Unbiased Advice

You’re not alone if you feel someone has tried to sell you insurance. We don’t need to sell because we have no ties to any company. We just want to make you happy.

In 2016, 20.3 billion in insurance premiums were paid to 91 providers. With 91 providers trying to win your business, it can be painstakingly difficult to sort through them all and find the best company. Let us make this as easy as possible for you!

Insurance On Your Terms


Expert Advice

As licensed, independent insurance brokers, we are free to choose from dozens of insurance companies. We evaluate their plans and processes, and then make the best recommendations for your needs. We can explain in plain terms all the details about whole life, term life, universal life, cash value, dividends, investment methods, tax considerations, estate planning, and so much more.

Licensed Brokers

  • Knowledgeable – Our team is made up of licensed insurance advisors that keep up-to-date with the insurance world.
  • Technology Driven – We have the tools in place to make sure your plan is foolproof. Take our insurance coverage calculator tool, for example. 
  • Confidential – All conversations with our team are strictly confidential.
  • Service For Life – Finding a policy is the first step. We want to have a lifetime relationship with you and your family to provide much needed protection.


In Canada, Life and Health Insurance rates are standard across the board, so our quote would be the same as theirs. With no financial downside to working with us, it’s hard to turn down free advice.

We provide end-to-end service, and will be with you through all life’s events. With licenced brokers and a service team, we have you covered.

Yes. Please call us if you’d like to consolidate your insurance plans with us, and receive our unbiased advice.

The best way to get information is by calling us or using our life chat feature. Please refer to our Resources and Blog areas of the site, for a ton of information on different insurances.

The answer to this question depends on the purpose of your insurance. If it’s intended to cover a mortgage debt, you may want to apply for a death benefit that will pay off your mortgage. If you are using the insurance for final expenses and income replacement for your spouse, you will want to calculate how much you expect your funeral to cost, and how many years’ income you want to provide. If you’re purchasing business insurance, you’ll need to know how much your stake in the business is worth. There are so many variables at play that there is no simple answer, so get in touch and let us help you decide.

Again, this will depend on why you’re purchasing insurance. There are different types of term, and optional supplementary benefits that you can choose from, so we can help you determine what fits your needs best.

Life insurance policies allow you to name one or more beneficiaries. When you pass away, the death benefit is paid out to them tax-free. You can name a person, a business, a charity, or your estate to be a beneficiary.

If you decide that you no longer need the life policy, you can cancel it at any time. However, there will be no refund provided when the policy is surrendered.

Life insurance business is based on risk. Unfortunately, this means that yes, if your health is poor, you may be declined. If the insurance company deems you to be too high a risk, they may choose not to approve your coverage. However, just because one company declines to insure you, that doesn’t mean that they all will. Some companies offer non-medical or guaranteed-issue policies, which will be more expensive, but which may allow you to obtain coverage that you wouldn’t ordinarily qualify for. As licensed brokers, we have access to all the top insurance companies in Canada, so we can work with you to find the right fit at the right price.

Yes, as long as required premiums are paid, the death benefit is a guaranteed payout. There are a few exclusions in the first two years of the policy, including an exclusion for suicide, and for fraudulently-completed applications.

Yes! You can reduce your coverage at any time, subject to any minimums imposed by the insurance company. You may also be able to increase coverage, but in order to do this, medical evidence of insurability will be required.gs.

Most companies offer annual or monthly payments, and some also offer quarterly or semi-annual payments. Generally, you can pay electronically via online banking, or you can send a cheque through the mail.

You have several options at the end of a term period:

  • Renew for another term at a higher premium – this will happen automatically if you do nothing
  • Convert the policy to permanent coverage
  • Re-write a new term policy
  • Cancel coverage altogethe

Yes, smokers will have to pay higher premiums than non-smokers due to the greater mortality risk. However, if you are a non-smoker at the time that you purchase the policy and then later begin smoking, your rates will not change. Additionally, if you quit smoking, you can apply for non-smoker rates after being smoke-free for one year..

Technically, coverage begins when your application is approved by the insurance company, and premiums are payable from that date forward. If you were to die before the policy is issued and delivered, any back premiums owing would be subtracted from the death benefit paid out to your named beneficiary or to your estate. 

Your policy is not considered to be officially placed until the first premium is received and the policyowner signs off that they’ve received the policy.

During the term of the policy, premiums are guaranteed to remain level. However, when a policy renews, the premiums will be based on the age of the life insured at that age, so they will increase upon renewal.

Yes, if you’re exceptionally healthy, you will likely qualify for a lower premium than someone of average health, lifestyle, and family history.

Most people can still qualify for insurance if they’re not in great health, but they will most likely have to pay a higher premium. Some people may be in poor health and may be declined regular coverage, but this doesn’t mean they’re completely uninsurable – non-medical and guaranteed-issue policies charge higher premiums, but are designed for people who are elderly or who have health problems. We can work with you to find the right coverage for you.

No, term life policies do not accumulate cash value in the same way that a permanent policy does.

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