Warning to caregivers: Expect a scavenger hunt + MORE Feb 25th

3 signs you need to take control of your parents’ finances

Caring for a parent? Get a power of attorney

Before my father was diagnosed with dementia, I had a 30,000-foot awareness of my father and my mother’s financial health. I knew which banks they had accounts with, what kinds of investment accounts they held, and where their car insurance policy was kept. I had a rough idea of where they kept some of these documents. 

We set up our wills and power of attorney documents with the same lawyer in Ottawa, so I knew where to access the documents, and even where in their house their copies were (our lawyer suggested a hack whereby we keep our legal documents zip-locked in the back of the freezer, where it would be protected from fire/water damage). When the realization set in that I would have to take a much more active role in managing both my parents’ financial and health-related affairs, I realized I would now need to access not just some of their tangible documents but all of it…

If you’ve ever wondered how your choices compare to other Canadians, PolicyMe’s newly released 2026 study, Canadian Term Life Insurance: A Market Snapshot, provides some answers. The study analyzed over 18,000 customer interactions and highlighted coverage preferences, beneficiary choices, and generational health habits.

$500,000 is the sweet spot

Across age groups, $500,000 is the most commonly selected term life coverage. Younger Canadians (ages 18–44) also prefer longer terms (often 30 years), while older adults (45+) tend to select smaller coverage amounts and shorter terms.

Age of respondentsCoverageTerm length18–29$500,00030 years30–44$500,00030 years45–59$250,00010 years60+$100,00010 years

The pattern is clear: life insurance needs mirror life stages. Young adults with mortgages, car loans, or growing families lean toward larger, longer policies…