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TermLite Term Life Insurance review

Get fast and easy-to-understand term life insurance with no medical exam and no paperwork required.

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Details

Insurance ProductsLife Insurance
Term Lengths10, 20, 30 or 100 years
Medical Exam RequiredNo
Province AvailabilityAll of Canada

What is TermLite Term Life Insurance?

TermLite is a sister company to Specialty Life Insurance, another Canadian provider of life insurance. The goal of TermLite is to provide alternate life insurance solutions for those who want flexibility, no medical exams and a simple application processes. The minimum amount of coverage is $10,000 and the maximum is $1,000,000. Customers can choose from terms of 10, 20, 30 or 100 years. In order to be eligible, you must be between the ages of 18 and 80. If you’re interested in TermLite life insurance, you can begin your application for coverage online.

What types of life insurance does TermLite offer?

TermLite only offers life insurance products, which have various tiers of coverage:

  • Term 10 Life Insurance. This plan covers individuals for 10 years. Out of all the TermLite options, this one is the most affordable.
  • Term 20 Life Insurance. This plan covers individuals for 20 years. People with a mortgage and children will benefit from this plan.
  • Term 100 Life Insurance. This plan covers individuals for their entire life. For those planning for retirement and setting up legacies, this is the favourable plan.

How much does TermLite Insurance cost?

The pricing for TermLite insurance depends on your age, gender, level of coverage and responses to the questionnaire. You can obtain a quote online or by contacting a TermLite adviser.

Advantages of TermLite Term Life Insurance

  • Up to $1,000,000 in coverage. The maximum amount of coverage you can receive is $1,000,000.
  • Flexible terms. You can choose from a term of 10, 20, 30 or 100 years.
  • Consistent premiums. Throughout the duration of your policy, the premiums are guaranteed to stay the same. You don’t need to worry about fluctuations in price.
  • Easy renewals. At the end of your policy’s term, you can renew it with minimal extra steps.
  • No medical exam. To obtain life insurance coverage, you do not need to receive a medical exam.
  • Quick application process. The turnaround time for applications is fast, which allows you to obtain coverage almost immediately.
  • 10-day cooling period. After you receive your policy, you have 10 days to review it. If you change your mind and want to cancel it, you can do so for a full refund within the 10-day cooling period.
  • Tax-free benefits. The benefits offered under this life insurance plan are tax-free.

Disadvantages of TermLite Term Life Insurance

  • Age limitations. Individuals under the age of 18 and over the age of 80 do not qualify for TermLite Term Life Insurance.
  • No whole life insurance. TermLite doesn’t currently offer whole life insurance, so if that’s what you’re looking for, you might want to consider other options.

TermLite insurance reviews and complaints*

On Trustpilot, TermLite, under Specialty Life Insurance, has a rating of 4.5 out of 5 based on 840 reviews. At the moment, TermLite has issued just over 21,000 policies. For this reason, there aren’t many published reviews or complaints other than Trustpilot.

Specialty Life Insurance has excellent reviews and has a Better Business Bureau rating of A+. They’ve been accredited since 2016 and have had two complaints in the past year. On Google, Specialty Life Insurance has a rating of 4.3 out of 5.

Insurance Supermarket Inc., who owns the trademark of Specialty Life Insurance, also has an A+ BBB rating. They’ve been operating for 11 years. In that time, they’ve had one complaint that took place in 2020. The customer rating is slightly lower than the other companies. The majority of the issues and complaints are related to sales.

*As of December 2020

How do I apply for TermLite Term Life Insurance?

Eligibility requirements

Before beginning the application process below, make sure that you meet the following criteria.

  • Be a Canadian resident
  • Be between the ages of 18 and 80

Required documents and information

During the application process, you will be asked to provide the following details.

  • Desired amount of coverage between $10,000 and $1 million
  • Date of birth
  • Gender at birth
  • Whether you use nicotine products
  • Full name
  • Contact information, including your email, phone number and address

Application process

  1. Click the green ‘Get a quote’ button above to be securely redirected to the TermLite website.
  2. Click Get a Quote.
  3. Complete the application, which should take under a minute.
  4. Following your application, an adviser will call you and ask a few health questions. After this, they will give you a personalized quote.
  5. If you are happy with the coverage and quote, you can finalize the application on the phone with the adviser.
  6. Once you approve the policy, choose to have the policy mailed or emailed to you.

Bottom line

TermLite is an excellent option for individuals who want a simple, quick life insurance solution. In addition, those with dangerous jobs, large outstanding debts and incomes that support their families can benefit from life insurance coverage.

Frequently asked questions

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