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Life insurance: Dos and don’ts for Canadians

You wouldn’t drive your car without car insurance. And, when you move into a home, you wouldn’t skip out on home insurance. Why are many Canadians living without life insurance? When the accidents of life occur, life insurance is there to make sure your family is protected and can maintain the lifestyle they are accustomed to. Be proactive and get protected. TD Insurance provides its list of dos and don’ts for life insurance to help you get started.


  1. Do buy what you need. Select the options you need to create a personalized policy, such as a living benefit if you become terminally ill or a waiver of premium options if an injury or illness prevents you from working.
  2. Do speak to a professional. Insurance professionals, like those at TD Insurance, can help answer all of your questions clearly so that you can make informed decisions and get the right policy for you.
  3. Do keep it simple. Term life insurance is a simple form of insurance and, with affordable premiums, can fit into just about any budget. It provides your family with tax-free income that can cover household debts, capital gains taxes or help set up a fund for emergencies.
  4. Do live a healthier lifestyle. Calling all smokers. Now is the time to quit. Maintaining a healthy lifestyle and having a safe occupation and hobbies will make you a better candidate for insurance and help bring your premiums down.


  1. Don’t rely on group workplace insurance to cover your needs. If you leave your job, you’ll probably lose coverage, so read the fine print.
  2. Don’t forget to name a beneficiary. Naming a beneficiary means that the insurance money goes straight to the named person without any probate fees, rather than to your estate.
  3. Don’t do it alone. A good insurance company will help you when you need it most with tasks such as reviewing your policy, changing the beneficiary, helping the beneficiary file the claim in the event and more.
  4. Don’t procrastinate. Life insurance is an intangible, so it’s easy to put it off because you’re not receiving immediate value or you’re not sure what you need. It can help you protect what you have, plan for the future and be prepared for the unexpected.

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