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You don’t legally have to buy life insurance in Canada, but here’s how it works and why Canadians should consider it.
Life insurance protects survivors and dependents from financial losses and hardship when a loved one dies. In return for payments (“premiums”), the insurance company agrees to pay money (“benefits”) to the people named in the policy (“beneficiaries”).
The two main categories of life insurance are permanent life insurance (lifelong protection) and term life insurance (coverage for a specific number of years or up to a certain age).
Example: “Permanent life insurance is designed to cover permanent needs such as funeral expenses, while term life insurance covers temporary needs, like your children’s post-secondary education.”
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