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
- 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
help you estimate how much life insurance protection your family
- 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.
- 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
- 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.
- 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 www.tdinsurance.com or call