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Life insurance: The top five things Canadian families should know

Millions of Canadians are working hard to build a safe and financially sound life for their families. However, if you do not have life insurance, or enough of it, you risk leaving behind an unnecessary financial burden on your family if the unexpected happens to you. Life insurance helps protect families from financial worries which can be overwhelming when they are trying to cope with a loss.

To help break out the essentials, TD Insurance shares the top five things Canadian families need to know about life insurance:

  1. Figuring out what you need - and want - is essential. Consider what you would like to protect, such as the ability to pay for your children’s education and the lifestyle you have built for your family, and how much coverage you already have. Tools, such as the Life Insurance Calculator at, can help you estimate how much life insurance protection your family needs.
  2. Don’t necessarily rely on workplace group life insurance policies. Workplace coverage may not provide you with as much income as you would like. This coverage almost always terminates when you leave your employer so it is important to read group policies closely.
  3. Protecting stay-at-home parents is important. Both parents should be covered by life insurance, not just the individual in the workforce. Should something happen to the stay-at-home parent, the cost of child care can be unexpected. Quality child care is expensive and needs to be factored into a policy.
  4. Consider adding a living benefit to your life insurance. Life insurance does not typically cover you if you become terminally ill. However, if you are diagnosed with a terminal illness and your policy has a living benefits option, you can receive a percentage of your policy known as a living benefit to help cover expenses.
  5. Look for a waiver of premiums benefit. If you become seriously ill or injured, having this option in your policy will waive the premium payments when you need help the most. Read the fine print on your policy and speak to your insurance provider to find out more.

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