Insurance for self-employed Canadians: What coverage do you need? + MORE Sep 4th

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A common feature of employee benefit plans in Canada is insurance coverage. The types and amounts of insurance vary, and employees should consider their personal situation to determine if they need additional coverage beyond their group plan—as they often do.  

If you are self-employed, the onus for insurance coverage is squarely on you. If you are considering self-employment or are already self-employed, consider whether the following types of insurance apply to you. 

Life insurance

If you have a spouse and/or children who rely on your income, you should probably have life insurance. It could replace that income if you were to die, protecting your family from financial hardship. 

How much life insurance do you need? 

You need enough life insurance to cover your financial obligations—such as a mortgage and personal debt—and provide sufficient care for your dependents.

Although a family’s expenses could decrease if someone died, most households have lots of fixed expenses like rent, mortgage payments, property taxes, insurance, utilities, children’s expenses, and other costs that do not change if there is one less family member…