Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Runner-up for no medical
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Best for universal life insurance
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Best for decreasing term coverage
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Best life insurance for the self-employed
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Blue Cross is a great option if you want both life and disability insurance under one policy: their tangible hybrid plan. Health insurance is their specialty, though; not life insurance.
Pros and Cons
Pros
Get up to $1M in coverage, plus the plan converts to a permanent one at age 56.
Option to add riders like health, dental and disability to your life insurance policy.
Cons
The only term lengths available are 10, 20 or 25 years.
Whole life insurance coverage only available up to $500,000 for ages 18 to 70.
No standalone critical illness insurance, it must be added as a rider to your life insurance policy.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Best for cancer survivors
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Best for credit union members
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
With preferred rates for eligible Canadians, CUMIS life insurance could be a good choice if you're a credit union member, but there are better options otherwise.
Pros and Cons
Pros
Variety of add-ons and riders available (for an extra fee).
Large variety of policy types from term, to whole, to universal, and children's coverage.
Cons
Only available through credit unions and cooperatives.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Best for participating life insurance
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Best for seniors and no medical life insurance
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Top pick for seniors, especially for those with health issues that would get them declined or charged sky-high rates elsewhere. Most plans let you skip medical exam.
Pros and Cons
Pros
No health exam for simplified issue & guaranteed acceptance plans.
Known for fast processing times, some get approved within 24 hours.
Established player in the no medical life insurance space.
Cons
More expensive than traditional term life insurance.
Some plans are deferred by 2 years, meaning no death benefit if you pass before then.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Best for short-term life insurance
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Best for whole life insurance for children
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Desjardins offers one of the most affordable whole life policies for kids. Unique offering of 5 Pay which is the ability to pay the policy in full within 5 years.
Pros and Cons
Pros
Number of riders like children’s accidental fracture and guaranteed insurability.
Strong brick-and-mortar presence in Ontario and Quebec.
Cash value options available, with a dividend scale of 6.2%.
Cons
Presence outside of Ontario and Quebec is limited.
Children’s Life Protection policy can be converted to permanent, but coverage only goes to $20K.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Best life insurance for smokers
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Best for wealth transfer to children
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Runner up for life insurance for children
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Best life/disability insurance for the hard-to-insure
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Humania's Insurance Without Medical Exam asks only 6 questions and is issued immediately. Get disability & critical illness insurance with no extra questions.
Pros and Cons
Pros
Insurance Without Medical exam includes life, critical illness, and disability insurance.
Get $5K-$300K in coverage.
Cons
Will not pay out death benefit for a pre-existing condition for 1-2 years (depends on the policy)
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Best for business owners life insurance
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Best for permanent life insurance
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Best for parents & homeowners
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Runner-up for best term life insurance
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Best for existing customers
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Best for whole life insurance with cash value
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Policies are pricier, but Sun Life has the highest dividend scale for whole life insurance in Canada. Good option for high-net-worth individuals and has perks like succession planning.
Pros and Cons
Pros
Very experienced advisors, some with 30+ years of experience.
Range of options for cash value life insurance.
Single & joint policies available.
Cons
Premiums are higher than competitors
Funds are expensive and investment options limited to their available funds.
Check their MERs (management fees) against other companies.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Best for simplified & guaranteed issue life insurance
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Known for its variety of no medical, simplified issue and guaranteed accepted life insurance products. But make sure to compare premiums with other no medical providers.
Pros and Cons
Pros
Multi-contract discount, refunds up to $100 if a referral buys UV within 1 year.
No health exam needed for up to $500,000 in term & $150,000 in permanent coverage.
Cons
Only available in Quebec, Ontario and New Brunswick
Prices for their simplified whole life policies look higher than CPP and Beneva.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Second runner-up for best term life
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Runner-up for smokers life insurance
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Laura McKay is the co-founder and COO of PolicyMe, Canada's fastest-growing digital life insurance company. In 2021, she was named one of the Women of the Year by Bay Street Bull. Laura has a Bachelor of Mathematics from the University of Waterloo. Her degree focused on Actuarial Science, which included learning about mortality risk, the basis of life insurance pricing and valuation. After her degree, she was employed by Manulife and Munich Re in Actuarial Science. Laura then worked at famed management consulting company Oliver Wyman in New York from 2013-2018. In this position, she worked with many Fortune 500 life insurance companies and helped them develop growth strategies and solve operational problems and regulatory issues.
Children’s life insurance is available as both term and whole life policies or as a rider on your own existing policy
Most families should consider contributing to registered savings accounts over getting children’s life insurance policies
In a few cases, children’s life insurance policies can help to lock in coverage for individuals who may have issues being approved later in life
Life insurance for children: how does it work?
Life insurance for children in Canada works the same as it does for adults.You put a life insurance policy in place and, if that person passes away, the beneficiaries get a death benefit in a lump sum.
The distinction lies in the fact that with child life insurance, the policyholder is the minor themselves, rather than their parents.
There are three commonly available options for life insurance for children:
Term life insurance: your child is covered for a set term and then it expires
A child rider added to the adult's existing policy
Parents will usually get life insurance for their children to:
Cover final expenses with a small payout
Lock in a rate on a whole life policy, setting them up for insurability later in life
Using the investment vehicle on a whole life policy to maximize the payout
While life insurance is generally a good idea for many Canadians, policies for your kids likely aren’t the best way to build financial security for your family or dependents.
The first step to securing your child’s financial future is getting your own life insurance policy.
* Every PolicyMe policy comes with $10,000 of free life insurance for each of your kids.
Pros and cons of children’s life insurance
Because term and whole life insurance for kids functions the same way as those for parents, there are virtually the same benefits and drawbacks as adult policies.
Here are some general pros and cons of life insurance for children in Canada.
Should I buy life insurance for my child in Canada?
In most cases, a life insurance policy for your child is not necessary. There are many other ways that you can provide financial stability to your family, including:
Adult life insurance policies
Savings and investment accounts
Paying down debts
If, however, you want to get life insurance for children, there are times when it might make sense:
If all of your other financial priorities are taken care of for your family, then life insurance for your kids might be a worthwhile investment.
This includes building up that emergency fund, savings for retirement and other things like tuition.
Ensure that you've paid off your high-interest debt or mortgage.
You should also make sure that you have adequate life insurance coverage on yourself first to protect them if you were to pass away.
If you haven’t secured all of the financial safety nets listed above, then it’s probably a better idea to focus your investment there, instead of in a children’s life insurance policy.
Not sure how much life insurance you need? We’ve got you covered:
The second scenario where life insurance for children might make sense? If your child or your family has a history of a medical condition that could affect their ability to get life insurance as an adult.
In these cases, getting your child a whole life insurance policy could guarantee coverage when they reach adulthood.
Still keen to purchase life insurance for your child? Consider adding a child rider to your own life insurance policy. These are add-ons that you can attach to your existing policy for a fee on top of your premiums.
Once your kids become adults, coverage with the rider ends and they have the option to convert it into an individual plan. This is usually cheaper than buying a life insurance policy outright.
You can buy life insurance for your child in Canada at any time. Many life insurance policies allow you to begin a policy as young as 15 days old up until age 17.
Many whole life insurance policies for kids have an investment component. So purchasing the whole life early will maximize the cash value later in life. This, of course, comes with the trade off of high premiums for whole life insurance policies.
What's the youngest age you can get life insurance?
The youngest age to get life insurance in Canada is shortly after the child is born—typically after just 15 to 60 days, but it depends on the health of the child and the type of policy.
Most insurers will allow you to purchase a child life insurance policy at any time until your dependent is the age of 18.
Types of children’s life insurance policies
Child life insurance—like the adult version—comes in a variety of types. The three most common types of children’s life insurance policies include:
Whole life insurance for children
Term life insurance for children
Child rider on an adult policy
Here’s what you need to know about each of them.
Whole life insurance for children
Whole life insurance policies for children is the most expensive and comprehensive coverage on the market.
This type of dependent life insurance pays out upon the death of the policyholder, regardless of their age. As the name suggests, it provides coverage for the policyholder’s whole life.
Whole life coverage is suitable for high-income families who have maxed out their contributions to TFSAs and RRSPs and are looking for another investment vehicle.
Because whole life insurance locks in the premium payment at the time of policy signing it’s also suitable for children or families with existing medical conditions that may prevent them from getting coverage later in life.
Term life insurance for children
Term life insurance policies for children provides coverage for a pre-defined period of time—typically 10, 20 or 30 years. These policies can be purchased and renewed as needed until the dependent turns 18. Then they’re able to purchase their own adult term policy.
Premiums for term policies are much cheaper than whole life insurance. And their payouts are more significant than child riders. So it can be a happy medium for parents.
But remember that the primary beneficiary of these policies are not your children, but you as the policyholder.
Child riders
Child riders are the ideal solution for parents that already have life insurance policies or who want to get coverage after the birth of a child.
Child riders are tacked onto your monthly life insurance premiums and provide coverage until your children are of a certain age. This is usually the cheapest way to get coverage for your child.
And covers most immediate expenses if something unthinkable were to happen. The policy pays out a set amount of money; usually between $5,000 and $30,000.
Here’s how $10,000 in child coverage compares with other top life insurance companies:
PolicyMe Free Child Coverage: $0
RBC Children’s Term Rider: +$5.40 per month
Canada Life My Term T20-Child Rider: +$5.40 per month
Sun Life Sun Term Child Benefit: +$4.95 per month
BMO Term Life Insurance T20-Child Rider: +$6.24 per month
Manulife Early Start Child Term Life: +$6.64 per month
How much life insurance can a child get?
The amount of life insurance coverage a child can get depends on the type of policy you choose, and the amount of coverage you purchase.
Term and whole life insurance policies vary depending on the insurance provider
Child riders usually provide coverage in increments of $5,000 or $30,000
No parent wants to entertain the thought of something happening to their child. But it's important to decide on the amount of coverage your family might need in that situation.
This will help to ensure that you buy the right coverage at the right price.
Alternatives to kid’s life insurance: preparing for their financial future
The first course of action is rarely getting life insurance policies on your kids when preparing for their financial future. But in some scenarios, life insurance on a child has its merits.
That said, there are many alternatives to children’s life insurance policies that are better financial moves for you and your dependents.
1. Set up a traditional savings (and investment) account
Opening a high-interest savings account on behalf of your child is one way to secure their financial future.
Not only will it yield greater returns, but it's also easy to set up and access. You can contribute as much as you want, as often as you want to this account.
You can also deposit monetary gifts they get from family and friends. When your child is older, they can use the account to buy their own life insurance policy—with some extra to spare.
2. Take advantage of government grants to save for your child's education
For parents in Canada, the Registered Education Savings Plan (RESP) lets you save and invest money for your child's post-secondary education.
In an RESP, investments grow tax-free. Your child will only be taxed for the income they receive from the RESP once they're in university, and since the income bracket of students is low, so is the tax on RESP payments.
The federal government also adds 20% of your contribution to your child's RESP with the Canadian Education Savings Grant (CESG). You can get up to $7,200 in total CESG.
And there's the Canada Learning Bond (CLB), which the government contributes to the RESP of children from low-income families.
The best part about an RESP is that even small contributions make a big difference over time.
Benefits are available at the provincial level depending on where you're located within Canada, for example:
3. Secure your own policy before buying children’s life insurance
Securing your own life insurance policy is one of the best ways to protect your children's financial future.
As a parent, you want to know your children are taken care of in case something happens to you. This is why it's more important for you and your partner to have life insurance policies. Having coverage for yourself is one of the best ways to protect your children's financial future and provide financial security.
Not only will this cover medical bills and funeral expenses in case of your death, but it also ensures your children's daycare services, education, and other expenses are paid after you're gone.
With your own life insurance policy, you can add on term riders that cover all of your children until they're adults. This is easier to get and much cheaper than a life insurance policy for a child.
4. Create emergency and rainy day funds
Build up emergency and rainy day funds for unexpected expenses, like last-minute replacements for school-related technology.
These funds give you greater control and yield greater returns when stored in a high-interest savings account.
Should money get tight in the future, you won’t get charged for cash withdrawals that reduce your benefits (like with life insurance for kids).
Next steps: should you buy children’s life insurance?
Take stock of your financial situation and what your family might need if something were to happen to you or your kids.
Most often, the best option is an adult term life insurance policy, where you can add on a child rider.
If you or your kids have conditions that put them at risk of being denied coverage later in life, consider a children’s life insurance policy.
Shop around and get quotes for a child rider or life insurance policy from a variety of companies.
Apply for the policy or rider that makes the most sense for your situation.
FAQ: life insurance for children
Yes, you can buy a life insurance policy for your adult child. But you will need to take a few steps to enroll in a life insurance policy for your adult child; this includes:
Getting your child's consent
Having your child sign the life insurance policy application
Having your child answer health-related questions
As a parent, your responsibility to your children extends beyond their childhood. It persists into their adulthood, ensuring their financial security as they navigate life's complexities. This responsibility may involve purchasing life insurance to provide tax-free financial protection for them, securing adequate coverage to safeguard against life's uncertainties.
Do children require medical exams for life insurance?
The majority of life insurance companies will not require a child to do a medical exam when you apply for a policy. You simply complete the application and answer a few questions about their existing and family medical history.
This can be helpful in the future too, as when they become adults and choose to transfer a children's life insurance policy to an adult policy, they may be able to get approval without a medical exam.
In general, no, a children's life insurance policy is not worth the cost. You can do many other more important things for your family with the planned monthly premium payments, such as start an emergency fund, save for retirement, save for college, and more. Family life insurance is important, but it's most important to get the parents covered first.
There are exceptions, though. For example, a children's life insurance plan may be worth it if your family has health issues that are likely to pass to your child. Not only do you have coverage if your child passes away due to this condition, but it also guarantees their coverage as an adult by converting the policy.
Canada, E. a. S. D. (2022, June 14). Registered Education Savings Plans. Canada.ca. https://www.canada.ca/en/services/benefits/education/education-savings/resp.html
Canada Revenue Agency. (2022, November 10). Canada Education Savings Grant (CESG). Canada.ca. https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/registered-education-savings-plans-resps/canada-education-savings-programs-cesp/canada-education-savings-grant-cesg.html
Government of Canada, Statistics Canada. (2022, January 24). Mortality rates, by age group. https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1310071001
Ministry of Education and Child Care. (2022, November 30). British Columbia Training & Education Savings Grant Information - Province of British Columbia. https://www2.gov.bc.ca/gov/content/education-training/k-12/support/scholarships/bc-training-and-education-savings-grant
Laura McKay is the co-founder and COO of PolicyMe, Canada's fastest-growing digital life insurance company. In 2021, she was named one of the Women of the Year by Bay Street Bull. Laura has a Bachelor of Mathematics from the University of Waterloo. Her degree focused on Actuarial Science, which included learning about mortality risk, the basis of life insurance pricing and valuation. After her degree, she was employed by Manulife and Munich Re in Actuarial Science. Laura then worked at famed management consulting company Oliver Wyman in New York from 2013-2018. In this position, she worked with many Fortune 500 life insurance companies and helped them develop growth strategies and solve operational problems and regulatory issues.
By clicking “Accept All Cookies”, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage and assist in our marketing efforts. More info
By clicking “Accept All Cookies”, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage and assist in our marketing efforts. More info