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Term 15

Term life insurance products are simple and affordable—that's what people like most about them!

Term life insurance: affordable, simple and flexible. Term life insurance is perfect for covering short-, medium- and long-term insurance needs.
Pair it with another eligible coverage and you'll enjoy a reduced premium as part of our Multi-Coverage Discount!

This coverage is right for someone who:

  • Has a personal or business debt to pay off in a medium-term basis
  • Wants to provide financial security to their children until they reach adulthood
  • Is planning to retire in 10 to 15 years, and would like coverage until then

This product lineup is suitable for all types of clients who need term insurance, in particular:

  • Youth
  • People in their working years and young families
  • People approaching retirement
  • Business people
Issue ages (age nearest)
  • 18 - 70
Premium Fixed for the first term
Renewal After the first term, the policy is renewed and the premium is adjusted every 5 years
End of coverage
  • Individual coverage: at age of 85
  • Joint First-to-Die: at age of 85 of the oldest insured person
Insurance amounts
  • Minimum: $50,000
  • Maximum: $25,000,000*
Rate bands
  • $50,000 à $99,999
  • $100,000 à $249,999
  • $250,000 à $499,999
  • $500,000 à $999,999
  • $1,000,000 à $1,999,999
  • $2,000,000 to $9,999,999
  • $10,000,000 and more
Coverage options
  • Individual
  • Joint first-to-die (2 to 5 insured)
Underwriting risk classes
Non-smoker Smoker
P1 (non-smoker – preferred rate) R1 (smoker – preferred rate)
P2 (non-smoker – preferred rate) R2 (smoker – standard rate)
P3 (non-smoker – standard rate) -

Preferred rates People in classes P1, P2 and R1 who satisfy the following criteria can be eligible for preferred rates:
  • Ages 18 to 50: $2,000,001 and over
  • Ages 51 to 60: $500,000 and over
  • Age 61 and over: $250,000 and over
Annual policy fees
  • $40/year
  • Additional coverage(s): $20/per year, per coverage
Multi-Coverage Discount
Payment frequency
  • Annual
  • Monthly, by pre-authorized payments (0.09 x annual premium)

Flexible options
Conversion option Policyowners can convert this product into an eligible permanent product at any time until they turn 70 (based on their issue age), without having to provide new evidence of insurability. For joint coverage, the conversion can take place at any time until the oldest insured turns 70.

Products eligible for conversion
Exchange option This option allows the insureds to exchange the coverage they have for an eligible term life insurance coverage (T20, T25 or T30) during the first 7 years of the policy, without having to provide new evidence of insurability. The insured person must be age 60 or younger (based on their issue age) at the time of the exchange and be eligible for the new product.

This option is available for individual and joint first-to-die coverage.

If the coverage results from the previous exercise of an exchange option, then this option is not available.

A partial amount can be exchanged while respecting the minimum insurance amount for the products. The initial policy will keep the insurance amount that wasn't exchanged. The exchange option for this portion of the insurance can be exercised later, if needed.
Insurability options For joint coverage, the insureds can exercise the insurability option while all of them are living or upon the first death of one of the insureds.

  1. The insurability option while living allows the insured to split the joint coverage into individual permanent coverages up until the oldest insured turns 65. When exercising this option, the policyowner must decide, for each insured, whether to exercise the insurability option or whether to terminate their coverage. The available insurance amount corresponds to the current insurance amount divided by the number of insured persons.
  2. The insurability option upon the first death allows surviving insureds under the age of 65 to obtain individual permanent coverage within 90 days after the death of one of the insureds. The available insurance amount corresponds to the total current insurance amount at the time of death.
Association option This option allows an insured to exchange individual coverage for joint last-to-die permanent coverage until they turn 70 by adding another insured. Evidence of insurability is required for new insureds who don't already have a life insurance policy that provides an association option and was issued by Desjardins Insurance.

  1. If the new insured already has coverage that provide an association option and was issued by Desjardins Insurance:
    • No evidence of insurability is required
    • The sum insured available corresponds to the lowest insurance amount that is held by the insureds
  2. If the new insured doesn't already have coverage from us:
    • They must provide evidence of insurability
    • The available insurance amount corresponds to the insurance amount that is held by the current insured
If the coverage results from the previous exercise of an association option, then this option is not available.

A partial amount lower than the total insurance amount can be used, as long as the insurance minimum for the current product is met. The initial policy will keep the insurance amount that wasn’t used. The association option of this part of the coverage can be used later, if required.

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