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Ask the expert: life insurance explained

Life insurance can be a sensitive topic, but it’s an important one for Canadian families. Answering some of the most common questions, Dave Minor, Vice President, TD Insurance, offers his expert insight.

Q. Why do I need to buy life insurance?

A. Life insurance acts as a safety net for your loved ones and gives you the peace of mind knowing they will be taken care of when you’re not here. It offers a guaranteed source of tax-free income to cover costs such as funeral expenses and even future expenses such as post-secondary education. Life insurance is an important part of your family’s financial tool kit. Sure, you’re planning for tomorrow with tools such as your retirement fund, registered education savings plan and more, but what if something were to happen to you today? It’s about protecting a lifestyle including your income and assets.

Q. Aren’t I covered by my workplace?

A. According to the recent TD Insurance Life Stages Poll, one-third of Canadians rely on life insurance through their workplace benefits program. Unfortunately, workplace policies often don’t provide your beneficiaries with sufficient coverage and almost always end if you switch employers. Purchasing your own policy gives you control and allows you to tailor the policy to fit your needs.

Q. Who should get life insurance?

A. If someone is relying on you, you should get life insurance. Parents, especially, should both be insured. The challenge with life insurance is that there isn’t a call to action until it’s often too late, which is why it should be a part of your financial tool kit. It helps you protect what you have, plan for the future and be prepared for the unexpected.

Q. What is term life insurance?

A. Term life insurance offers a fixed amount of insurance for a fixed period of time – such as 10 years. This simple type of coverage is great for parents with younger children who want to make sure that their loved ones are covered financially in the event the unexpected happens, often covering household debts and helping with costs such as child care.

Q. I’m overwhelmed with all of the details. Where should I start?

A. The best place to start is to answer two questions:

  • If something happens to you, what would you like your life insurance to cover?
  • And, how much have you budgeted for life insurance?

Then, do your research – either online or by phone. If you have insurance, find out exactly how much. The recent TD Insurance Life Stages Poll found one-quarter of Canadians don’t know how much life insurance coverage they have. The easiest way to get started is to speak to a professional. That’s what good insurance providers, such as TD Insurance, are there for.

For more information about life insurance, visit or call 1-877-397-4187.