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Term 10 Life Insurance

A great option for Canadians looking to cover short-term debt – from car loans to a mortgage that will be paid off in 10 years or less.

Choose Serenia Life for your 10-year term life insurance needs. Enjoy these benefits and more!

A trusted Canadian insurer for nearly 100 years, Serenia Life offers:

  • Flexible, affordable term 10 life insurance coverage – for as low as $9.00 a month (based on a female, non-smoker, age 18, with $50,000 in coverage)
  • Payments that are locked in – so prices won’t go up before your term is up
  • Financial protection for your loved ones with a guaranteed death benefit
  • The option to renew or extend your term 10 policy, or convert to permanent life insurance coverage
  • Access to licensed, Canadian-based advisors and friendly, knowledgeable guidance
  • A growing number of unique benefits exclusively available to Serenia Life members – including a free online will and a post-secondary scholarship – not available through most other life insurers.
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How much term 10 life insurance do you need? 

It can be challenging to understand how much term 10 life insurance coverage you will need, but with these three simple steps, it’s as easy as 1 – 2 – 3!

1. Take a Quiz

Let’s figure out which product is best for your needs and goals.

2. Do the Math

Next up: Calculate how much coverage you will need.

3. Get a Quote

Last but not least, get a quote sent straight to your inbox.

1. Take a Quiz

Let’s figure out which product is best for your needs and goals.

2. Do the Math

Next up: Calculate how much coverage you will need.

3. Get a Quote

Last but not least, get a quote sent straight to your inbox.

Additional Optional Benefits

When you purchase a Term 10, 20 or 30 life insurance policy at Serenia Life Financial, you have the option to further customize your plan.

Your life insurance protection remains intact if you become totally disabled, for a period of at least 6 months, and cannot earn any income. 

You can purchase additional life insurance in future without undergoing a medical evaluation, regardless of your health status at the time.

Provides your beneficiary with an additional death benefit if you were to die by accident.

You can purchase a small amount of life insurance coverage for your children and future children; this benefit can be converted between the ages of 18 and 25 with medical evidence of insurability.

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Frequently Asked Questions

Term life insurance is life insurance for temporary needs – it can help cover short-term debt or long-term debt like, mortgage payments. It can act as income replacement in the event of a wage-earner’s death.

Learn more in this article, What is term insurance, and how does it work?

Simply put, a 10-year term life insurance plan means you’ve got life insurance coverage for 10 years.

Term 10 life insurance is used to cover short-term debt, such as student loans, car loans, a mortgage of fewer than 10 years, etc. This type of coverage protects your loved ones from taking on that debt in the event of your death.

As a 10-year term life insurance policy is nearing the end of its term, the policyholder will receive a renewal notice alerting them to the fact that a new 10-year term will begin at an updated premium based on their current age.

In the event the policyholder does not want to renew, they have three options: (1) convert to a whole life insurance policy or a longer-term policy (T20 or T30), (2) do a partial conversion, where only a portion of the coverage is converted to either a permanent life insurance policy, or to a longer term policy (term 20 or term 30), or (3) cancel the policy, after which their coverage will expire. Once coverage expires, their loved ones will no longer be protected in the event of the policyholder’s death. It is always best to discuss options with an advisor to fully understand the implications of a decision.

A 10-year renewable life insurance policy gives policyholders the option to renew their coverage (at a higher premium, based on their current age) before it expires; premiums will increase based on your age. A 10-year renewable life insurance policy will automatically renew unless the policyholder requests a cancellation upon receiving the renewal notice.

When considering a 10 vs 20-year term life insurance policy, it’s best to check how many years of payments you have left on any current debt or loans. If it will take you less than 10 years to make your payments, term 10 life insurance may be your best option. If it will take you closer to 20 years to pay off, 20-year term life insurance may be the way to go. Whichever option you go with, know that you’re also locking in rates that will cover you for that term, meaning your payments won’t go up regardless of age or health status. Always speak to an advisor before making a final decision.

Want to book a no-obligation meeting to learn more about term 10 life insurance?


Great, Kathleen would be more than happy to answer your questions.

Introductory Call (15 Minutes)

A no-obligation introductory call where we can introduce ourselves and I can learn more about your goals and answer any questions you may have.

Book a 15-min Call

Discovery Call (30 Minutes)

We dive deeper into your current needs and future financial goals and determine if term 20 life insurance is a good fit for you. There is still no obligation to buy!

Book a 30-min Call

Learn more about term life insurance

You don’t want to think about it. And once you get it, you don’t have to think about it again for a while. But for now, it’s worth getting informed.