You bought a home—should life insurance be next? + MORE May 9th

Agency says progress depends on funding and legislative approval, with timeline tied to future budget decisions

Buying a home is one of the biggest financial milestones for young Canadians, and one of the riskiest. For many households, a mortgage becomes the single largest expense they’ll ever take on, often requiring two incomes to keep it manageable.

That reality is driving more homeowners to buy life insurance soon after getting the keys. And increasingly, they’re choosing coverage that extends far beyond the remaining mortgage balance. At first glance, that might seem excessive. But a closer look suggests a shift: young Canadians may not be over-insuring, but rather finally insuring properly.

Of course, not every homeowner necessarily needs life insurance—particularly single buyers with no dependents—but for households that rely on multiple incomes, the financial stakes can be much higher.

Why buying a home changes your insurance needs

A mortgage doesn’t just add a hefty monthly payment; it introduces a new level of financial risk. If something were to happen to one partner, could the other carry the mortgage alone? Would they be forced to sell? Could they maintain the same standard of living?

These are the kinds of questions homeownership tends to surface…