Term life
Covers you for a set number of years. Pays out if something happens to you during that time.
Permanent life
Meant to last your whole life. Usually costs more, and some types build cash value.
Mortgage protection
Coverage meant to pay off your home. It can come from your lender (optional) or be a personal policy you own. See bank vs your own policy.
Critical illness
Pays a one-time lump sum if you are diagnosed with a serious illness listed in the policy. You can use the money however you need while you recover.
Disability
Replaces part of your income if an injury or illness stops you from working. Check how long you must wait before it pays and how long it pays for.
Work (group) coverage
Coverage through your job. Helpful, but often limited in amount and may end if you leave. See Is my work coverage enough?
Learn more from the Government of Canada
This guide is general education, not personal advice. Rules can change, so check the official sources above.