The best life insurance in Canada: your complete guide + MORE Dec 30th

Wondering how to get the best life insurance in Canada for you and your family? You’re not alone. The pandemic has shown Canadians that we are not invincible. In fact, 44% of us now plan to buy life insurance because of the effects of COVID-19, but not everyone is confident in understanding what life insurance is, the cost and other details. That’s why we’re breaking it all down here.

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This guide will show you:

What is life insurance? How does it work?
Do you need life insurance?
How much life insurance do you need?
What are the different types of life insurance? Which one is the best?
How much does life insurance cost in Canada?
Life insurance extras: Some other things to consider
Buy the life insurance: How Canadians can prepare
Is life insurance taxable?
When should I get life insurance?
How do I know how much life insurance I need?
Why should I shop for life insurance online?
Do I need life insurance if I already have mortgage insurance from my bank?
Do I really need to do a health exam to get life insurance?

Get personalized quotes from Canada’s top life insurance providers…

In my experience, most people leave their entire estate to their children. But you can name other people to receive a dollar amount, a specific asset, or a percentage of your estate, including extended family, friends and charities. If you name your grandchildren as beneficiaries, there are several considerations. 

How old they are can make a difference

If your grandchildren are over the age of majority and are responsible enough to receive an inheritance directly, they can be named as beneficiaries on a registered plan or of an insurance policy, or as beneficiaries in your will. (The best life insurance in Canada: your complete guide.)

If they are under the age of 18 or there are reasons that they should not receive their inheritance directly like a disability, substance abuse problems, or other concerns, their inheritance can be held in trust.

You can name a trustee in your will to hold assets in trust for your beneficiaries. An ideal trustee for a grandchild’s trust may be their parents and if you have grandchildren from multiple families, you could name different trustees for the different trusts…