Life Insurance

A common rule is 7–10× your annual income, but the right answer depends on your mortgage balance, number of dependents, your spouse's income, and how long until your kids are financially independent. The average Canadian household holds about $442,000 in coverage. We do the calculation with you in 15 minutes — no spreadsheets required.

Yes — when paid to a named beneficiary, the CRA does not tax the death benefit. It's not reported as income. The catch: if you name your estate instead of a person, the money goes through probate (with fees and delays). Always name a person where possible.

Term life is dramatically cheaper and ideal for covering specific obligations (mortgage, kids' education, peak earning years). Permanent life is more expensive but covers you for life and builds tax-deferred cash value. Most Canadian families start with term and add permanent coverage later as wealth grows.

For most applicants under 50 with no major health issues, no medical exam is required — coverage up to $1 million can often be approved with just a health questionnaire. Larger amounts or older applicants may need a quick at-home medical visit, which we arrange for you.

Most Canadian life insurance policies have a 2-year contestability period after signing. During this window, the insurer can review your application for misrepresentation if a claim is filed. After 2 years, the policy is essentially incontestable. This is exactly why being completely honest on your application matters.