The answer is it depends. Most employer will only cover a small amount such as $25k or 1 x your annual salary. If you have a family, or if your lifestyle is based on two income,… you will likely need a lot more. The good news is that term insurance is very inexpensive and easy to get from a licensed advisor and will be covering you even if you change job. Start by at least covering the mortgage with personal life insurance not through your bank because it won’t decrease with your mortgage and will likely be cheaper.

Here is also a video from the Globe&Mail on the subject.

Call for our infokit on Life Insurance and for a quote.  We will walk you through what make sense for your situation and your financial plan.