Do you have outstanding debts that could fall to your family to pay after you’re gone?.

Do you have a mortgage? How many years are left on the mortgage?.

Do you have dependents? This could include a partner, children or even parents.

But before you write off the idea that you need it, ask yourself these questions: Not everyone needs life insurance: No dependents, no debt, no problem. Just close the tab to return to MoneySense. Life Insurance Quotes Term Life Whole Life This will open a new tab. Learn more about how life insurance works, as well as how to get the best coverage for your loved ones for a price you can afford. The life insurance industry offers Canadians the ability to customize their policies, so that payments and coverage fit your budget and your financial priorities for the future. That includes the ability to pay the mortgage, household bills, education costs and any other debt or future expenses. It is intended to help the people you leave behind continue to live the life they are accustomed to.

To be clear: Life insurance isn’t for you-it’s for your dependents. Insurance money can also be used to pay for future expenses, like your children’s post-secondary education, or to make charitable donations. Packages vary, but generally Canadians opt for enough coverage to pay for funeral expenses and any outstanding debt (think: mortgage, credit cards, car loans, etc.), as well as to replace lost income during the grieving period (if surviving loved ones miss work) and beyond (the absence of your paycheques to provide for your family members). The amount you pay for life insurance is based on many factors, such as how much coverage you need and the type of policy, or package, you select. You make monthly or annual payments (better known within the industry as “premiums”), and in return, under specific conditions-namely, death-your family or other people you name in your insurance policy will be paid an agreed-upon amount. In Canada, it is a contract between you and an insurance provider. You likely know the basics about life insurance. What is life insurance? How does it work? Frequently asked questions about life insurance.Do I really need to do a health exam to get life insurance?.

Do I need life insurance if I already have mortgage insurance from my bank?.Why should I shop for life insurance online?.

How to find the best life insurance in Canada.Life insurance “extras”: Some add-ons and riders to consider.How much does life insurance cost in Canada?.What are the different types of life insurance? How do they compare?.What is life insurance? How does it work?.

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