π‘οΈ
Life Insurance
Protects your family if you're no longer here
β οΈ No active Life Insurance policy found in your records
π¬ What is it?
If something happens to you, life insurance pays your family a lump sum so they can cover the mortgage, bills, and daily life without financial stress. Think of it as your last gift to the people you love.
π¨π¦ Why do Canadians need it?
Provides financial security for dependants. Pays off debts, mortgage, and replaces lost income so your family doesn't have to make impossible choices.
Coverage Details
π° Typical Cost
$20β$200+/month depending on age, health, and coverage amount
π‘οΈ Coverage Range
$100,000β$5,000,000
Available Types
Term LifeWhole LifeUniversal LifeTerm-to-100
Key Factors to Compare When Shopping
- β Coverage amount (10Γ annual income is a common guideline)
- β Term length (10, 20, 30 years or permanent)
- β Level vs. increasing premiums
- β Beneficiary designation
- β Riders: critical illness, disability waiver
Top Canadian Providers
Sun Life Financial
Manulife
Canada Life
RBC Insurance
TD Insurance
Desjardins
Co-operators
Industrial Alliance
BMO Insurance
Empire Life