Short answer: If anyone depends on your income, you probably do.

Life insurance helps protect your loved ones financially if you pass away. It can cover things like:

• Mortgage or rent

• Day-to-day living expenses

• Childcare or education costs

• Outstanding debts

If you’re single with no dependents, you may not need it yet. But if you have a partner, children, or shared financial responsibilities, life insurance provides peace of mind.

Term life insurance is often the most affordable option for most Canadians.

It provides coverage for a specific period (10, 20, or 30 years) and pays a tax-free benefit if you pass away during that time.

Term life insurance is ideal if you want to:

• Protect your family during working years

• Cover a mortgage or debts

• Get high coverage at a lower cost

If your needs are temporary, term life insurance usually makes the most sense.

A common guideline is 10–15× your annual income, but the right amount depends on your situation.

You should consider:

• Mortgage balance

• Family living expenses

• Childcare and education costs

• Existing savings or insurance

Many Canadians choose coverage between $250,000 and $1,000,000, but there’s no one-size-fits-all answer.

A quick quote can help estimate what works for your budget and goals.

With term life insurance, your monthly price is locked in for the entire term.

That means:

• Your rate will not increase due to age

• Your rate will not increase if your health changes

When your term ends, you can:

• Renew (at a higher rate based on age)

• Convert to permanent insurance

• Replace it with a new policy

Yes. Term life insurance is flexible.

You can:

• Cancel your policy at any time

• Increase or decrease coverage by applying for a new policy

• Convert your policy to permanent insurance (if conversion is included)

There’s no penalty for canceling - you simply stop paying premiums.

No. Once your policy is approved:

Your coverage cannot be reduced

Your premium cannot increase due to health changes

This is one of the biggest advantages of term life insurance — it protects you even if your health declines later.

Not always. Some policies offer no-medical-exam options, though rates may vary.

Yes. Life insurance payouts in Canada are generally 100% tax-free to your beneficiaries.

They do not need to report it as income, and it won’t affect government benefits.

You can get a free quote by sharing a few basic details, such as:

• Age

• Smoking status

• Coverage amount

• Term length

From there, I compare options from top Canadian insurers and walk you through the next steps — no pressure, no obligation.