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Do I need a life insurance policy?

Life events create the necessity for life insurance.

If you've recently made major purchases, had a baby, or experienced other major financial changes, you'll want to make sure that you protect your family. Life insurance is important whether you're single, married, divorced or in any form of a relationship.

If you pass away, those you care about may have to cover your funeral expenses and pay off any financial responsibilities you have, such as debts or a mortgage balance. If you have a life insurance policy, your debt will not be a burden for those you leave behind.

Thus, if a loved one depends on your income for their quality of life, it's more than likely you need life insurance.

Generally, Canadians purchase life insurance coverage to help pay off their debts, provide for the costs of their children's education, make a donation to their preferred charity, cover everyday expenses for those they leave behind, cover funeral arrangements, or to protect their company or business.

What is the best Life Insurance company in Canada?

Depending on the type of insurance coverage you need, there are many answers to what is the best life insurance company in Canada. PolicyAdvisor helps Canadians find the best life insurance policy for their needs as they partner with 30 of Canada's top insurance companies – the most by any online broker. With such a wide range of partners, PolicyAdvisor can help you find the best life insurance, critical illness insurance, disability insurance, or mortgage protection for your needs.

PolicyAdvisor can help you obtain a life insurance plan from Assumption Life, BMO Insurance, Canada Life, Canada Protection Plan,Desjardins, La Capitale, Empire Life, Equitable Life, Foresters,Humania,iA Group,ivari, Manulife, RBC,Sun Life, SSQ, and Wawanesa.

These providers offer unique policies to fit every Canadian's individual coverage needs. What helps is having the choice and knowledge to pick the policy and provider that's right for your situation. PolicyAdvisor's insurance experts help you narrow down your choice from these top providers.

How much does Life Insurance cost in Canada?

For many young, healthy adults, life insurance costs are quite reasonable on a 20-year term policy. However, 80 percent of millennials overestimate the cost of life insurance (by up to five times the actual price!). The reality is, monthly life insurance rates can be as low as the cost of an extra-large pizza.

For instance, a fairly healthy 30-year old, non-smoking Ontario woman, would only pay $21 per month for a $500,000 death benefit on a 20-year policy. And the price will be even lower if she decreased that death benefit.

When you personalize your life insurance policy so that it suits your specific needs and budget, life insurance coverage can and should be affordable. To get an accurate picture of how much your life insurance options might cost for you, use our life insurance quoting tool. By answering a few questions you can get no-obligation quotes from 30 of Canada's top insurance companies.

Is there a difference between term life insurance and whole life insurance?

There is a big difference between term and whole life insurance. Term life insurance is temporary in nature and covers you for a set number of years (like 10, 20, or 30 years). Whole life insurance offers a lifelong policy and is in force as long as your policy premiums are paid.

Term life insurance is the perfect coverage for temporary needs like diminishing mortgage debts and providing for dependents; whole life (or permanent) insurance is better suited for permanent needs such as providing for final tax expenses, funeral arrangements, or leaving a tax-advantaged legacy behind for children or grandchildren.

Read more about term versus whole life insurance or other types of life insurance policies like universal life insurance and term-to-100 insurance.