YOUR LIFESTYLE: If you or your partner were to unexpectedly pass away, the impact on the surviving partner could be substantial, especially if you rely on each other’s income to maintain your quality of life. In addition to day-to-day bills and shared living costs, your partner would have to cover funeral arrangements, settle your estate, and take on any outstanding debts or loans you acquired over your lifetime.

YOUR PLAN: Losing a loved one is hard enough—but having adequate Life Insurance can ease some of the burden by providing your partner with flexible, long-term protection. The exact amount they’ll get depends on how much coverage you buy, but once it’s paid, how they spend it is up to them, whether that’s on funeral expenses, rent or mortgage payments, car loans, business loans, credit cards, lines of credit, and more.

YOUR LIFESTYLE: In the event of an unexpected illness, injury, or death, your loved ones might need help making home payments. And while the Mortgage Life Insurance offered by your bank or lender may seem like a convenient option, this coverage usually leaves you paying more for less protection over time. If a claim is approved, the funds go towards your remaining mortgage balance; there’s no additional amount to be paid to your dependents or estate. Sometimes, your claim might not even be approved, leaving your family with no coverage at all.

YOUR PLAN: A traditional Life Insurance policy through an insurance company or a broker can give you more support for considerably less. Unlike the bank’s policy, the insurance proceeds go to the beneficiaries of your choice, like your partner, your children, or even your friends, who can settle your mortgage and save any extra funds for later expenses. Plus, traditional Life Insurance isn’t affected by your mortgage amount; your coverage will stay the same even if you pay down your balance, change your financial institution, or refinance your home.

YOUR LIFESTYLE: If you have children, you know how quickly costs add up. For the first two decades of life, kids are entirely dependent on their parents. While the basic necessities, like food, shelter, and healthcare, come first, there are countless other expenses on top of that, including education, childcare, extracurricular activities, and various leisure recreational activities.

YOUR PLAN: Life Insurance can act as income replacement for daily bills or even future expenses, like tuition fees and school supplies. Term Life Insurance, in particular, is well-suited for anyone that requires protection for a specific timeframe, like your prime earning years, when your kids are young, or when your mortgage is at its highest. You can adjust your coverage as your life changes and line up the policy’s end with a time when your loved ones no longer need care.

YOUR LIFESTYLE: Whether you have aging parents, a special needs child, or a partner with a critical illness or a disability, caregiving can often be a full-time job, leaving little time or energy for paid work. Depending on their condition, your loved ones may also require various medical, educational, and therapeutic services, like specialized housing, equipment, transportation, and more. These services can take a toll on your budget and aren’t usually covered by health insurance.

YOUR PLAN: Permanent Life Insurance is ideal for anyone that has lifelong financial responsibilities and provides ongoing support for a dependent. Unlike Term Life Insurance, which ends after a set period of time, this coverage has no expiry date and covers you right up until your death. Your monthly premiums might cost a little more, but your family will always be taken care of.

YOUR LIFESTYLE: A change in your professional life can also mean a change in your life and health benefits. Many employers include Term Life Insurance as part of an employee benefits program, but what happens if you decide to switch companies, go independent, or retire? You’ll lose access to the group benefits you’ve been counting on, and depending on the package your new role offers (if any), you might have to look into an individual Life & Health Insurance plan altogether.

YOUR PLAN: Instead of relying on employer benefits, investing in your own, private Life Insurance policy from the get-go can align you with stable, portable coverage that follows you regardless of your employer, employment status, or location. And while there’s no right time to sign up, keep in mind: Life Insurance premiums are calculated based on your age and health at the time your policy goes into effect. Premiums rise with age and some people may develop medical or lifestyle conditions that limit their coverage options down the line. If you insure early on, you can avoid paying a higher premium as you get older.