Insurance Through Work

It’s not uncommon for Canadians to believe that the life insurance they have through their employee benefit plan is enough and never give it a second thought. While life insurance provided through your employer is a great benefit, often it’s only one to two times your income - most likely not enough to take care of the many expenses your surviving family could have.

When considering how much life insurance to purchase, you have to think about replacement of your lost income. The general rule of thumb is to have enough life insurance to replace income for 7 to 10 years. Also include the debt you owe - including your mortgage, loans and credit cards, future education needs for your children, and legal fees...

By purchasing an individual life insurance policy in addition to what you get from work, you can make sure you have enough coverage to protect your family’s standard of living should anything happen to you.

Plus, an individual policy ensures you have coverage if you ever find yourself without an employee benefits plan.

Life insurance can vary in amounts, with coverage starting at $50,000 and up - depending on your needs. And, it’s often more affordable than you think.

So, if you're not sure how much life insurance you need, or can afford, a licensed insurance advisor should be able to discuss the options available to you.