Paper family of four under a paper cutout insurance umbrella

Canada Life Assurance Co. has launched term insurance that clients can customize to their needs, the Winnipeg-based insurer said in a release on Monday.

Canada Life My Term allows clients to pick any term length they want, between five and 50 years, up to age 85.

“Gone are the days when customers have to pick a term product based on a pre-set time period,” said Paul Orlander, executive vice-president, individual customer, with Canada Life, in the release.

Premiums for the Canada Life My Term are guaranteed not to change for the term selected. As well, the product offers customizable coverage with optional benefits, such as accidental death benefits, and the flexibility to modify existing coverage, including converting to a permanent life insurance policy.

“Whether its short-term coverage for a car loan debt or long-term coverage for mortgage protection, customers can work with their advisors to determine the solution that’s best for them,” said Orlander.

The new product replaces the Simply Preferred stand-alone term 10, 20, 30 and term-to-age-65 products.