Industry rule: 10-15× your annual income. Consider debts, children's education, and income replacement for dependents.
What is the difference between term and whole life insurance?
Term provides coverage for a set period (10-30 years) at lower cost. Whole life lasts forever and builds cash value but costs significantly more.
At what age should I get life insurance?
The younger the better for locking in low rates. Premiums increase with age and health changes. Many purchase after major life events (marriage, home purchase, children).
Is life insurance taxable in Canada?
Death benefits are generally tax-free to beneficiaries. However, estate taxes may apply if the estate is the beneficiary.
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