Life Insurance. How Much Life Insurance do I Need?

Life Insurance Canada. Learn about the different types of Life Insurance policies and how much coverage you need for your family. 

If you are like many people, you probably have no idea what Life Insurance even is. You may think that if you die your family would get some money from your employer’s health plan or something similar. That is not true. If you die, your family gets nothing. Your family does not get anything unless you have purchased Life Insurance. 

Life Insurance Ontario Kitchener

1. What is Life Insurance?

Life Insurance is a contract between you and an insurance company. In exchange for paying premiums over time, the insurance company agrees to pay out a certain amount of money to your beneficiaries upon your death. This payout can be used to help cover funeral expenses, medical bills, mortgage payments, etc.

Life Insurance can provide financial protection against any financial loss of one’s family resulting in the unforeseen death of the insured. It provides tax-free funds to those dependents, in the case of premature death, that can be useful in paying off final expenses such as credit cards, taxes, funeral expenses or mortgage payments. Further, funds can be used for continuing expenses for the needs of day to day living for a spouse and children. This guarantees financial security for the people you love the most.

Life Insurance Ontario Canada
Life Insurance Ontario Canada

In addition, Life Insurance protects your estate. Property that is willed to a person is subjected to capital gain and estate taxes which can be a burden on the beneficiary if they cannot afford these costs. This could result in the loss of property. Life Insurance pays this capital gain and or estate tax.

This is the most common one when people think of insurance, but if you don’t have dependents, it may not be the best option. Life Insurance should be considered if you have a partner and children so they are taken care of should anything happen to you. So, what other types of insurance are out there that might be useful when you are self-employed?

Call Glenn Stewart Life Insurance Broker, Advisor at 519-896-9970

2. Accidental Insurance

It protects you from the fears of the Modern Lifestyle – Death, Disability, and Disease

Your biggest fear in life? Losing a job, falling from a cliff or suffering from a disease? These things are not in one’s control. However, there are some things in life that can be used to control their adverse effects on your lifestyle.

Term Life Insurance is one type of Lifestyle Insurance to help your family live a life of dignity and comfort even when you are no longer there to protect them. Not just death but if you have a fatal accident can change your life forever. The consequences of an accident are recurring and cause serious damage to your financial and social position. Permanent disability not only results in loss of income but also damages your morale. This can be safeguarded with an income protection cover that protects you until can work normally again.

We can help you find the best Life Insurance rates in Canada. We also offer discounts on policies. 

According to statistics, more people are killed in road accidents every day than in wars put together. Data by National Crime Records Bureau shows there has been an increase of over 40 percent in accidental deaths in 2015 in comparison to the year 2005. In the world around, 82 percent were due to unnatural causes.

Gender-wise analysis reveals that females and males constitute 20.6 percent and 79.4 percent of total victims respectively. 1/9th victims of accidental deaths were children below 18 years of age, states the NCRB data.

What is alarming is that the share of deaths due to unnatural causes like traffic accidents rose by 42.9 percent, as per the latest data. With the increase in working professionals, male and female, the need for Term Life Insurance has grown manifold.

3. Do I need Life Insurance?

Insurance is no more an add-on accessory to your investment portfolio but a necessity for a secure future. Not only this, but we are slowly inviting the third devil to enter our lives. Given the stressful and unhealthy lifestyle we follow, we are likely to encounter life-threatening diseases much earlier in our lives.

There is a solution to all three Ds – Death, Disability, Disease? It can be solved with a term insurance product. That will give the benefit of lump-sum pay-out on death or diagnosis of critical illness.

If you feel that your family may not be able to handle the large amount of money received on death, you can choose the monthly pay-out option so that the family gets regular income for continued financial stability.

Then to cover disability there is Lifestyle Insurance called Income Protection Insurance. Your ability to generate an income is the most important asset you own. Just as you would insure an expensive piece of revenue-generating equipment or property, you should insure yourself against the possibility of not being able to work due to sickness or injury. Income Protection Insurance will provide you with an income if you become totally or partially disabled.

Income Protection is a monthly benefit that pays you up to 66.6% of your income and covers you for accidents, illnesses or major traumas. It pays you up until you return to work (after your waiting period). If you cannot return, it pays up until retirement age age 65. Income protection is tax deductible and is designed to ensure that you can continue to pay the mortgage, put food on the table and carry on financially until you return to work.

So, If you’re wondering whether you need Life Insurance, chances are you do. 

Call Glenn Stewart Life Insurance Broker, Advisor Now at 519-896-9970

4. What are the benefits of having Life Insurance?

From covering mortgage payments, debts, leaving a gift to a favorite cause, covering final expenses or simply knowing that your family will be provided for, having a Life Insurance Policy in place is one of the most important and lasting investments that you can make.

How much coverage you need depends on you or what you will have need to cover any outstanding debt, mortgage or expenses will require and for how long you may live.

Canada Protection Plan is a leading provider of Non-Medical & Simplified Issue Life Insurance. And, with many licensed life insurance advisors across Canada that offer their plans to cover your life insurance needs.

Have health issues? You can be protected with coverage up to $500,000. No medical exams. Get peace of mind for yourself and your family.

Your surviving spouse will need immediate to keep living by herself, finalize your estate and maybe must move.

If you wish to talk to me or just need some help just call Glenn Life Insurance Advisor in Ontario at 1-888-256-8685.

5. Critical Illness Insurance – Disability Insurance in Ontario

To cover Disease there is Lifestyle Insurance called Critical Illness Insurance.

Critical Illness Insurance Advisor in Kitchener Waterloo
Critical Illness Insurance Advisor in Kitchener Waterloo

Healthy clients think that they can beat anything that life throws at them so they don’t need critical illness protection. But life isn’t always as simple as that. Strong, healthy people get critically ill as often as less healthy people. The difference is that the healthier you are, the more likely you are to survive. And survival comes at a cost that clients might not have considered.

But it’s your healthiest clients who are most likely to qualify for CI and who will benefit from it the most because their healthy lifestyle means that they are in the best position to survive a critical illness.

Surviving a critical illness often comes at a cost that most clients don’t consider like loss of income while you recover. This is whether Critical Illness Protection is a rider on a life insurance policy or standalone product, can help. You will get the funds needed to make surviving a critical illness less financially stressful, and give you choices in how you deal with the recovery process.

It’s not about the money…it’s about what the money can do for the client.

Being diagnosed, and surviving, a critical illness can be the start of a long, exhausting journey. The financial stress can be minimized without having to make the hard choice of consuming life savings or a retirement nest egg.

The funds from a critical illness policy have been used by clients to:

  • Cover loss of income during treatment and recovery, especially for those who would not qualify for a disability insurance payout.
  • Cover out-of-pocket medical expenses not paid for by provincial healthcare or private insurance plans.
  • Pay for travel expenses if medical care is not available in their hometown.
  • Take a voluntary leave of absence from work for the diagnosed person or a caregiving loved one.
  • Pay for additional childcare while they are recovering.
  • Modify their home if their illness has left them with physical challenges.

Get your plan today to protect your loved ones from the 3Ds. This is undoubtedly the most cost-effective Lifestyle Insurance coverage for modern day families.

Call Glenn Stewart Life Insurance Broker, Advisor Now at 519-896-9970

6. Life Insurance Questions You Should Ask Your Agent 

When it comes to Life Insurance, there are a lot of things to think about. You want to make sure you have the right coverage for your needs, and that you’re getting the best deal possible. But how do you know if you’re making the right choices? 

Many people know they need Life Insurance, but they don’t know where to start. Life Insurance can be confusing, and there are so many options available. The best way to figure out what type of Life Insurance you need is to ask your agent some questions. Here are 11 questions to get you started. 

Frequently Asking Questions FAQ – Life Insurance

The amount of life insurance you need depends on a number of factors, including your age, health, lifestyle, and dependents. Your insurance broker or agent can help you calculate how much coverage you need to protect your loved ones in the event of your death. 

There are two main types of Life Insurance: Term Life Insurance and Whole Life Insurance. Term Life Insurance provides coverage for a set period of time, usually 10-30 years. Whole Life Insurance provides coverage for your entire life, as long as you pay the premiums. And is an asset to you because it has cash value too.

Term Life Insurance is typically more affordable than Whole Life Insurance because it only covers a set period of time. Whole Life Insurance is more expensive, but it builds cash value over time that you can borrow against or use to pay premiums if you ever lapse on your policy.

If you cancel your Term Life Insurance policy, you will no longer have coverage and will not be able to reinstate the policy at a later date. If you cancel your Whole Life Policy, you will forfeit the cash value that has accumulated over time. You will get the cash value at the time you cancel it. Also, the cash value can be used to pay for future premiums.

It’s a good idea to review your Life Insurance Policy every few years to make sure it still meets your needs, and that the coverage amount is still adequate given any changes in your circumstances (e.g., marriage, divorce, birth of a child). 

Only if a term policy that is guaranteeing a loan at request of loaner.

A Whole Life or Universal policy can be if there is any cash value to it.

Yes.

Only if a term policy that is guaranteeing a loan at request of loaner.

A Whole Life or Universal policy can be because it grows in tax-free cash value as you pay the premium and is considered an asset. It can be used as collateral to support a loan from a bank.

No – within the first 2 years since policy issued or a major change.


Life Insurance is an important decision that shouldn’t be taken lightly. There are many factors to consider when choosing a policy but asking your agent these 5 questions is a good place to start. Once you have a better understanding of the different types of policies available and how much coverage you need, you can make an informed decision about what’s best for you and your family.

Asking your agent these questions will help you determine what type of Life Insurance is right for you and your family. It’s also a good idea to review your policy every few years to make sure it still meets your needs and the beneficiary is correct.

Life insurance is an investment tool that allows you to protect yourself from financial ruin.
Learn more about life insurance today! 

7. Learn more about Life Insurance

Call Glenn Stewart, Life Insurance Specialist, CIP, CRM, CHS, CEA
1-888-256-8685 or glenn@glennstewartinsurance.com

Life Insurance Services available in Kitchener, Waterloo, Guelph, Milton, Mississauga, Toronto, Elora, Elmira, Listowel, Mitchell, Stratford, New Hamburg, Brantford, Hamilton, Burlington, Fergus, Oakville, and Cambridge area.

Call Glenn Stewart Life Insurance Broker, Advisor Now at 519-896-9970