A semiconductor module includes an insulating substrate. A first and a second metal member are joined respectively to a side surface of the substrate. Each metal member has an opening formed therein. A first and a second conductive layer are on the upper surface of the substrate and spaced apart from each other. A first semiconductor chip is mounted on the first conductive layer. A first electrode of the first semiconductor chip is electrically connected to the first conductive layer, and a second electrode is electrically connected to the second conductive layer. A first terminal is electrically connected to the first conductive layer, and a second terminal is electrically connected to the second conductive layer. A sealing resin is disposed on the upper surface of the substrate to cover the first conductive layer, the second conductive layer, the first semiconductor chip, and portions of the first and second terminals.