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Just like unexpected bills can throw plans off track, it’s hard to imagine what could happen if you or your partner were suddenly left to cover all of those costs alone. Life insurance can cost as little as $13 a month* but create a safety net for your children as they grow.

Life insurance is an important part of a larger discussion around family finances and ways to protect your family’s financial wellness and overall well-being. To buy life insurance, parents pay a monthly or annual cost (called a “premium”) for a set number of years (called a “term”), so loved ones can receive a lump sum of money when you pass away. How much money they receive depends on the plan you purchase — it could be anywhere from $25,000 to $25 million — but it can be enough to help your family bounce back, cover funeral costs, stay in their home, or go to university one day.

Understanding how life insurance impacts your family’s finances is the first step to putting them on the path to a more secure and stable financial future.

Why is life insurance important for parents?

Protecting your family’s future

You’d do anything to protect your family right now. What about when you’re not here? Life insurance can help you leave money for your partner and children, safeguard your family’s financial future, and try to ease any future burden on them — which can help ease your mind now. Signing up for a plan now means that you’re covered right now, and not relying on savings to build up over the long term.

The financial impact on a family if a parent passes away

Losing a parent early or unexpectedly can have a devastating impact on families. Without life insurance coverage or savings, your surviving partner and kids may find themselves unable to cover their costs at all. Some common challenges include:

  • Inability to make mortgage payments and having to move out of the family home.
  • Scrambling to cover unexpected bills, like final expenses including funeral expenses.
  • Inability to meet daily expenses, like monthly bills and car payments.
  • Unable to save for children’s education in the future, or having to cash out education funds to pay for other bills now.

Aside from covering costs, life insurance benefits can help give your family members a much-needed boost and help them achieve their dreams, like having enough money to attend the school of their choice, the funds to start their own business, have their dream wedding, or even travel.

How much life insurance do parents need?

There’s no magic number when it comes to how much life insurance coverage you need for your family. It may depend on your age, the ages of your kids, your phase of life, your family’s size, and your ongoing financial needs. When determining the amount of life insurance coverage you want for your family, it’s important to consider factors like:

  • How many dependents you have
  • If you’re the sole income or main provider
  • What your family’s debt load is
  • If your house has been paid off
  • Whether you have other investments that can cover costs for your family, such as a Registered Retirement Savings Plan (RRSP)
  • Personal goals like wanting to pay for your children’s educations or weddings in the future

As well, the more coverage you have, the higher the monthly premium payment is likely to be. If money is already tight, you may choose a coverage amount that has a lower monthly fee and meets your short-term needs.

Some other ways life insurance can help parents prepare for the unexpected include:

Paying off debts and final expenses

Many people don’t realize that some debts and loans, such as private student loans, aren’t forgiven when you pass away. Life insurance can help you cover those debts and protect your loved ones from taking on those costs after you’re gone. Not having to pay down loans and being able to pay out mortgages could lighten the load of their daily living expenses.

Covering funeral expenses and other end-of-life costs

Funerals and end-of-life expenses, such as legal fees and taxes, can cost thousands and can catch families by surprise. Life insurance can help cover these costs and help pay for the funeral you want.

Providing for your children’s education

School is expensive. It can cost many thousands to put kids — or multiple kids — through college and university. Life insurance can help ensure your family doesn’t have to make tough choices down the road. Both term life insurance and permanent life insurance death benefits can be used to cover education costs if you pass away. As well, some permanent life insurance plans have the option to cash out the money you’ve invested so far while you’re alive and help your kids out along the way.

Estate Planning

Life insurance can help reduce or even eliminate the government tax paid on your assets when they get transferred to your family, to ensure a smoother transition. Some permanent life insurance plans are tax-sheltered investment opportunities, which means you can add money and grow your investments along the way, knowing your family won’t have to pay taxes for receiving it.

Supporting a spouse or surviving partner

When a spouse or partner passes away, the surviving partner is suddenly responsible for all of the bills — the mortgage, the groceries, daycare and other bills can pile up quickly. Life insurance is one way to help keep taking care of your partner long-term, so they can keep living the lifestyle they’re used to. As well, some life insurance plans offer joint coverage options or options for insuring all family members.

Life insurance as a long-term investment

Life insurance can act as an investment vehicle. Depending on the specific plan, permanent life insurance may be a way to invest and grow your wealth while protecting your family’s financial future. Some choose it for its flexibility over other investment plans, like Registered Retirement Savings Plans (RRSPs) and Registered Education Savings Plans (RESPs) which have defined purposes (paying for retirement and education costs). You and your loved ones can use the money for whatever you want. It could also help your family with daily living expenses, purchasing a car, paying off debts, putting a down payment on a home, or taking the dream trip you always talked about — anything they choose.

 

Life insurance plans for as little as $13/month

Choosing the right life insurance policy for your family

The different types of life insurance policies available

Term life insurance: Term life insurance plans are an option for young families who prioritize affordability and short-term protection or are prioritizing paying off debts and paying into other plans, like an RESP. Term plans are more affordable than permanent plans in the short term and fees stay the same throughout, so you can predict your expenses. You pay a small amount over a set period of time (called a term), usually between 10 and 40 years, and are covered as long as you’re making those payments within that term. Coverage expires when your term runs out or you stop paying (however, there may be options to convert it to a permanent plan down the road).

Permanent life insurance: Permanent coverage is more expensive than term coverage upfront but it covers you for life, even when you’ve finished your payment term. There are several types of permanent life insurance plans, like Whole life insurance, Universal life insurance, and T100 life insurance.

Whole life insurance fees won’t change over time. You will still be insured for life, even when your payments end. Some people who like to take a “set it and forget it” approach to their finances and investments may choose this hands-off option.

Universal life insurance plans are more flexible types of permanent plans, allowing you to update your policy premiums and benefits in the future, so you can adapt to your changing life. Some people may choose this option because they love being hands-on with investments and enjoy managing investment risks for the possibility of more growth.

T100 life insurance, also known as Term 100 life insurance, is a simpler permanent plan. It offers lifetime coverage like other plans but without investment perks. You pay a set fee each month or year for the rest of your lifetime, or until you reach age 100.

How to choose a policy that meets your family’s needs

Choosing a life insurance plan now can help you set your family up for success later and protect your family’s financial future.

How much life insurance coverage does my family need?

There are many different factors that determine how much coverage you may need. Consider things like your annual salary, how long you want to cover your family, how many children or dependents you have, and how much debt you carry, like your mortgage balance.

Can I add beneficiaries later, like if I have more children?

Of course! You can change and add beneficiaries at any time, including dependents like children, grandchildren, parents, or partners over the years.

What is the best age for parents to buy life insurance?

There is no ideal age to buy life insurance. Parents may choose to buy plans before they have kids or wait until later in life. However, because older people tend to have more health issues, signing up for life insurance at a younger age can make it easier to qualify and help you if health issues arise in the future.

Can I insure individual members of my family?

Depending on your life insurance plan, you can insure yourself, sign up for joint coverage for you and your spouse, get coverage for future spouses, and even insure your children.

Are death benefits taxed?

A death benefit is the lump sum of money paid out to your loved ones or beneficiaries when you die. It’s tax-free, so your family can avoid being caught off guard by unexpected fees or deductions.

Can I receive money for a critical illness?

Death benefits are only paid out when you pass away, but some permanent life insurance plans have options to cash out the value you’ve paid into the plan while you’re still alive. This can be a way to help cover expenses of an unexpected critical illness, or another unexpected major cost.

Parents have different reasons for wanting life insurance at different life stages. A licensed insurance advisor can help you ask the right questions and develop a personalized plan that will ensure you make the right choice for you and your family.

Speak with an RBC Insurance Advisor by calling 1-888-925-0946 or Have an Advisor Call Me. Want to speak with an advisor in person? Find an Advisor or Store.

*Rate based on a $100,000, Term 10 policy for a male, age 37, non-smoker.

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*Home and auto insurance products are distributed by RBC Insurance Agency Ltd. and underwritten by Aviva General Insurance Company. In Quebec, RBC Insurance Agency Ltd. Is registered as a damage insurance agency. As a result of government-run auto insurance plans, auto insurance is not available through RBC Insurance in Manitoba, Saskatchewan and British Columbia.

This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.

1. Rate based on a $100,000, Term 10 policy for a male, age 37, non-smoker. This does not constitute advice. Please speak with a licensed insurance advisor for more information on what coverage is suitable for your needs. Subject to policy exclusions. Underwritten by RBC Life Insurance Company. The information within this site is not intended to provide tax advice. You should seek independent tax advice from a tax professional or advisor.

The improper use of fireworks can result in serious injury and damage to property. A safe way to enjoy the spectacle is to attend public fireworks shows handled by professionals. However, if you’re planning on doing your own fireworks this holiday, ensure you take some safety precautions that may help protect yourself, your audience and the surrounding area. 

Fireworks safety tips that may help prevent injuries and damage to property

Enjoy your fireworks display safely with these tips to help mitigate a potential accident:

  • Review the restrictions your province or municipality may have on where and when fireworks may be enjoyed. 

  • Purchase consumer-grade fireworks from a licensed retailer and be cautious when purchasing from roadside “pop-up” retailers. It’s not recommended to purchase fireworks from individuals who may have obtained their fireworks from an unlicensed vendor, as fireworks safety conditions from unlicensed sellers cannot be determined or assessed.

  • Always store fireworks out of children’s reach and in a safe place away from any flammable material. Fireworks should also be kept away from property, such as cars or buildings, as well as away from dry grass and hazardous conditions.

  • Ensure there is a bucket of water, hose, or fire extinguisher nearby to extinguish any flames that may occur as a result of the fireworks. Be sure that any fire extinguisher has been inspected, is functional, and has not expired. 

  • Avoid the use of drugs or alcohol including smoking and wear safety glasses and keep your hands protected when lighting fireworks. 

  • Set fireworks off in an open space away from buildings, homes, dry fields, wooded areas or parks, while adhering to the manufacturer’s instructions and recommendations to ensure the safety of anyone nearby. 

  • Use a sturdy firing base such as a fire-resistant pail with sand/earth, or another non-flammable surface. Never light a firework while it is in your hand. It’s also recommended that you ignite your fireworks behind a sturdy, non-flammable barrier to contain the blast and to shield onlookers from sparks or flames from tipped-over fireworks.

  • Anyone who is not igniting fireworks should stand a minimum of twenty-five feet away, while maintaining awareness in case of misfire, flying sparks, or if the firework tips over. Keep a first-aid kit handy in case of medical emergencies.

  • Never attempt to reignite fireworks – even if they haven’t gone off. Wait several minutes before approaching fireworks that have failed to go off. Douse the failed firework with water and dispose of it properly and immediately.

  • Immerse fireworks in water or sand before disposing to ensure that any burning material is completely extinguished and cannot ignite and cause damage.

More fireworks safety tips can be found on Natural Resources Canada and the Canada Safety Council.

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*Home and auto insurance products are distributed by RBC Insurance Agency Ltd. and underwritten by Aviva General Insurance Company. In Quebec, RBC Insurance Agency Ltd. Is registered as a damage insurance agency. As a result of government-run auto insurance plans, auto insurance is not available through RBC Insurance in Manitoba, Saskatchewan and British Columbia.

This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.

While an accident can be overwhelming, it’s important to know how to protect yourself in the aftermath because post-accident scams are on the rise. Being aware of this type of fraud is the first step in protecting yourself against them. 

But what does a post-accident scam look like?

It could mean getting towed to a repair shop that holds your car hostage until you pay an outrageous fee or even transfer ownership. In such an instance, fraudsters will intentionally cause an accident, and then demand that the vehicle be taken to a particular repair shop. They do so because it means the auto repair business is able to invoice all the repair work to a victim’s insurer. If you feel like this is about to occur, be sure to call your insurance provider to let them know what happened and how to proceed, including steps to arrange for tow truck service (if needed).

In some auto collision frauds, perpetrators may even claim for non-existent injuries after a collision. In short, if there is a way to get financial gain from a car accident where a fraudster looks like a victim, they will try to do so. That’s why it is so crucial to be vigilant to this type of crime and to know how to avoid insurance fraud. If at the scene of the accident, someone claims to be experiencing an injury be sure to call both the police and an ambulance right away for assistance. If the injury is real, then it’s best to have properly trained medical staff on hand, but if it’s part of an insurance scam, then having law enforcement at the scene of the accident can act as a deterrent to the fraudsters perpetuating their scam. 

Insurers have seen customers fall victim to these fraudulent scams. Fortunately, these steps may help you avoid potential post-accident fraud:

  1. Call your insurance provider right away once everyone’s safe. They’ll help you through the claims process smoothly.

  2. Record details of the accident. Note the vehicles involved and the people or companies you interact with.

  3. Don’t sign any blank forms or anything you don’t understand. Take time to read the fine print and ask questions.

  4. Reach out to your insurer to discuss what options are available for repair shops and rental cars.

  5. Finally, if you have suspicions of fraud, report it to your insurer.

By keeping to these steps, you may help keep yourself and your loved ones well-informed and protected against post-collision insurance scams. 

Car accidents can be high-stress situations, but it’s still important to keep a level head during the post-collision process, so you can know when someone may be trying to pull a fast one on you. And remember, if you ever feel uncomfortable during your interactions with the other driver, you can always call the police to act as a neutral third party. Often, just their presence alone will be enough to deter any would be insurance scam artists. 

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*Home and auto insurance products are distributed by RBC Insurance Agency Ltd. and underwritten by Aviva General Insurance Company. In Quebec, RBC Insurance Agency Ltd. Is registered as a damage insurance agency. As a result of government-run auto insurance plans, auto insurance is not available through RBC Insurance in Manitoba, Saskatchewan and British Columbia.

This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.

This is why it is important to always be prepared. Part of being prepared involves having an emergency kit.

Having an emergency kit in your car can be very helpful when you are in a bind. While some people overlook the importance of emergency kits because they rely on road side assistance, the reality is that you never know how long it will take for help to arrive. 

What items should you include in your emergency kit?

While there is no limit to what items you can include in your emergency kit, there are a number of items that you may need to have. These items include:

  • A cell phone (if you don’t carry one with you)

  • First aid kit

  • Bottled water and snacks

  • A blanket, gloves, and additional warm clothing for the winter months

  • Flashlight and batteries

  • Tire gauge and Jumper cables

  • Small tool kit

Your emergency kit should have these items at a minimum, and depending on your specific situation, you may include other items. These additional items will be based on your driving frequency and the climate where you drive.

Regardless of how often and where you drive, having an emergency kit is common sense. If you don’t have one already, investing in one is not only important, it could be a lifesaver.  This article is for general informational purposes only.

Get Your Free Car Insurance Quote

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*Home and auto insurance products are distributed by RBC Insurance Agency Ltd. and underwritten by Aviva General Insurance Company. In Quebec, RBC Insurance Agency Ltd. Is registered as a damage insurance agency. As a result of government-run auto insurance plans, auto insurance is not available through RBC Insurance in Manitoba, Saskatchewan and British Columbia.

This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.

Remember to include the exterior of your home in that spring cleaning as well. Spring home cleaning is a tradition that serves a very useful purpose to tidy up your home and property of the build-up that has occurred during the cold weather.

The winter season brings a lot more headaches than cold weather and snow. Cold weather can damage the exterior of your house, cause water damage, and other home maintenance problems. Many of the effects of winter are noticed in the spring, and it’s important to take care of those home maintenance problems before they lead to serious exterior home and property damage.

Home maintenance checklist to prepare your house exterior for summer weather

When you start your spring cleaning, it is helpful to have a spring home maintenance checklist to help you know where to start and what home maintenance issues to look for.

Spring home maintenance tips

Here are four simple spring cleaning and home maintenance tips to help make exterior spring cleaning a breeze this year:

  • Inspect your house and property: Frozen ground can cause shifts in your landscaping and patios, which, if left unattended, can result in costly home repairs and injuries. Be sure to inspect your exterior walkways and driveways for cracks.

  • Remove debris from your gutters: Ensure that leaves and dirt are removed from your home gutters to prevent water blockage.

  • Repair damage to your roof:  Replace missing or damaged shingles to prevent water from leaking through the roofs. Roof renovation may be necessary if there is extensive water damage.

  • Examine fences around your property: Ensure fences are still sturdy and lock properly to prevent injury and to help keep intruders from entering your yard, especially if you have a pool or water features.

Completing your spring home maintenance and exterior inspection

Make sure you follow proper safety standards and precautions in your community for any home maintenance work that is required. Where available and permitted, consider hiring an experienced local contractor to help with your spring home maintenance such as gutter cleaning and roof repairs.

By following these helpful tips and spring home maintenance checklist, you can identify potential risks to your home in advance and take action to help prevent more serious weather, water, and other damage to your home exterior.

Great Rates and Expert Advice on Home Insurance

Get a free online quote* for coverage to protect you, your property, and your belongings from the unexpected.

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*Home and auto insurance products are distributed by RBC Insurance Agency Ltd. and underwritten by Aviva General Insurance Company. In Quebec, RBC Insurance Agency Ltd. Is registered as a damage insurance agency. As a result of government-run auto insurance plans, auto insurance is not available through RBC Insurance in Manitoba, Saskatchewan and British Columbia.

This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.

A summer’s day can one minute be hot and sunny and with a blink of an eye, a storm can roll up with 45mph winds ripping through neighbourhoods or golf ball size hail, pounding down onto homes and vehicles causing physical damage to property.

Severe weather brings storm chasers and scammers who try to make an extra buck off your damaged property.

What are Property Damage Storm Chasers?

Storm chasers and scammers pose as legitimate property damage contractors, who often give false promises to repair property damage. Roof repair scams are an easy target when storms rip through neighbourhoods. It’s as easy as having a property contractor knock on your door, with a shingle in their hand, stating that they are doing work in the neighbourhood and noticed shingles missing off your roof.

Be aware and don’t be an easy target and fall for their claims!

How to Recognize Property Damage Storm Chasers

Here are some RED FLAGS to be aware of when identifying property repair scammers:

Exaggerating Damages – the dishonest property repair contractor will magnify the damages and lie to homeowners stating that the roof has an abundance of missing shingles. They will also often scare homeowners by stating that repairs need to be done ASAP or further damages, like water seeping into their homes, will occur on their property.

Contingent Agreements And Contracts – some cheating property repair contractors will promise the world to homeowners by advising they will be able to repair or replace full roofs. They will go as far as embellishing the truth to get homeowners to trust them into thinking they can help negotiate insurance claims. The contractor will provide a smooth-talking representative to persuade homeowners to sign documents and pressure them into using their business to repair the damage.

Upfront Payments – some corrupt property repair contractors will demand upfront cash payments and once the homeowner pays, the contractor disappears without finishing, or even starting the home repair.

Special Deals – some property repair scammers will offer deals or provide lower quotes. Cheaper doesn’t always mean better — remember the saying, “you get what you pay for.” Some contractors will low ball the property repair quote to get the job and once the work is done, homeowners are stuck with poor repairs and substandard materials.

Tips on how NOT to get scammed when having your property repaired:

  • Contact your insurance company. Your insurance company will be able to send a qualified contractor to assess damages and provide a reliable quote to have your property repaired.

  • Do your research — research the contractor and business online and ask for references.

  • Do not sign any documents until you have read the entire document thoroughly, including the fine print.

  • Check how long the contractor has been in business for and confirm their warranty.

  • Obtain more than one repair estimate.

  • Work with property repair contractors who are licensed and insured.

Great Rates and Expert Advice on Home Insurance

Get a free online quote* for coverage to protect you, your property, and your belongings from the unexpected.

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*Home and auto insurance products are distributed by RBC Insurance Agency Ltd. and underwritten by Aviva General Insurance Company. In Quebec, RBC Insurance Agency Ltd. Is registered as a damage insurance agency. As a result of government-run auto insurance plans, auto insurance is not available through RBC Insurance in Manitoba, Saskatchewan and British Columbia.

This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.

We hear all the time that life insurance is important and should be considered when planning our family’s financial future but, how do we know how much is enough? Understanding the different types of life insurance and itemizing what’s important to your family will help determine what coverage would be best for your needs. Here’s what you need to know.

Life Insurance Basics

A life insurance policy pays a tax-free, lump-sum death benefit to your beneficiaries when you pass away. It is a way to help provide for your family financially if you are no longer around to do so.

You can arrange life insurance through an agent or broker, or in some cases through a group plan available through your employer or other organization.

Life insurance comes in several forms:

  1. Term Life Insurance offers a simple insurance solution that protects your family for a set period of time. If you pass away during this time, your insurance policy pays your beneficiaries, tax-free.
  2. Permanent Life Insurance gives you coverage for life and typically provides a death benefit with a savings/investment component. Two primary types of permanent life insurance are Universal Life Insurance and Whole Life Insurance.
  3. Personal Accident Insurance is an affordable form of life insurance that protects your family if you pass away from an injury due to a sudden accident.

When you’re trying to figure out which type of life insurance you need, consider your current and future financial obligations. If you’re single with no children, your financial obligations might look quite different than a married couple with a mortgage, car payments and two small children.

How Much Life Insurance Do I Need?

There are many rules of thumb about how much life insurance is the right amount, but generally the amount depends on what you want it to cover. Putting pen to paper or using a handy tool can help you calculate how much life insurance you will need. Some helpful things to consider can include:

  • Providing for dependents until they’re finished post-secondary education.
  • Paying for your children’s post-secondary education. (Average tuition for an undergraduate program in 2021/2022 is $6,693).
  • Paying for a loved one’s nursing home expenses. These costs vary by province and can range anywhere from $1,475 to $6,000 per month.
  • Providing financial support for a spouse who is a home maker or stay at home parent.
  • Paying off your mortgage or other outstanding loans or debts.
  • Paying for funeral and burial costs which typically range from $7,000 – $15,000.

Once you’ve decided what items your life insurance policy should cover, think about your current annual income. If something were to happen to you, how many years of your current salary would your loved ones require to safely provide for their needs? That totaled amount should equal or be close to the amount you calculated that your life insurance policy should cover.

Do I Have Enough Life Insurance?

Once you’ve uncovered how much insurance your family will need, you’ll need to validate how much coverage you have already through work or a group plan to see if there are any gaps.

Make note of the type and amount of coverage you have through your employer provided group life insurance. A group life term insurance policy might cover just two or three times your annual salary. Depending on your goals, you might want to invest in additional life insurance of your own if the existing amount is not sufficient for your needs. Check the fine print in your employment benefits package, or contact your human resources department to help you find how much life insurance you have through work. If you switch jobs, your group policy will most likely end, so always stay up to date with your coverage. Consider taking out your own personal policy outside of your employer’s coverage to avoid ever being left without a policy.

Forecasting the future costs of providing for your family can be difficult on your own, but understanding these key points can help you feel more confident. If you need help estimating how much life insurance you might need, meet with an RBC Life Insurance Advisor or call us 1-866-223-7113 1-866-223-7113.

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*Home and auto insurance products are distributed by RBC Insurance Agency Ltd. and underwritten by Aviva General Insurance Company. In Quebec, RBC Insurance Agency Ltd. Is registered as a damage insurance agency. As a result of government-run auto insurance plans, auto insurance is not available through RBC Insurance in Manitoba, Saskatchewan and British Columbia.

This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.

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