Life Insurance Advice that Saves You Money, Taxes, Time and Stress
Life Insurance Questions,
Straightforward Answers
The most-searched life insurance questions in Canada — with clear, unbiased answers from an independent broker.
Coverage amounts & needs
How much life insurance do I need in Canada?
Most people need enough coverage to replace income, pay off debts, and support dependents. A common starting point is 10–15 times your annual income, but the right amount depends on your mortgage, family size, and goals. An independent broker can help you calculate a personalized number.
How much life insurance can I qualify for?
Qualification depends on income, age, and health. Insurers typically use income-based guidelines (often up to 20–25 times income) to determine coverage limits. A broker can shop multiple carriers to maximize your approved amount.
Do I need life insurance if I have coverage at work?
Workplace group coverage is often limited (typically 1–2 times salary), not portable if you change jobs, and ends at retirement. Personal insurance gives you control, guaranteed rates, and coverage that stays with you. Many people top up group coverage with a personal policy.
Cost, value & taxes
How much does life insurance cost in Canada?
Costs vary based on age, health, and coverage amount. A healthy person in their 30s may pay $20–$40 per month for $500,000 of term insurance. Because an independent broker compares 15+ carriers, they can often find lower premiums than a single-company agent.
Is life insurance worth it in Canada?
If someone depends on your income, or would face financial hardship if you passed away (mortgage, debts, children, business obligations), life insurance provides valuable tax-free financial protection. For business owners it can also fund buy-sell agreements and cover key people.
Is life insurance taxable in Canada?
In most cases, life insurance death benefits are paid tax-free to beneficiaries in Canada. Permanent policies can also build cash value on a tax-advantaged basis, making them useful for estate planning and offsetting capital gains tax on estates.
Policy types & features
What is the difference between term and whole life insurance?
Term insurance provides coverage for a set period (e.g., 10, 20, or 30 years) and is the most affordable option. Whole life (permanent) insurance lasts your entire life, has guaranteed premiums, and can build tax-advantaged cash value. Many people layer both — term for peak-need years, permanent for lifelong estate goals.
Can I have more than one life insurance policy?
Yes. Many people layer multiple policies — for example, a term policy to cover the mortgage years and a smaller permanent policy for final expenses and legacy. An independent broker can structure layered coverage across different carriers.
Can I get life insurance with no medical exam?
Yes. Simplified issue and guaranteed issue policies are available without a medical exam, though they may cost more and have lower coverage limits. Fully underwritten policies (with a medical) usually offer the best rates and highest coverage.
Process, approval & payments
How long does it take to get life insurance approved?
Approval can be instant to a few days for simplified policies, or 2–6 weeks for fully underwritten policies that require medical underwriting. An independent broker can guide you to the fastest path for your situation.
What happens if I miss a life insurance payment?
Most policies have a grace period of about 30 days. After that, coverage may lapse if payment is not made. Your broker can help you reinstate a lapsed policy or find alternatives.
When is the best time to buy life insurance?
The best time to buy life insurance is when you are younger and healthier, because premiums are lower and lock in for the term. Major life events — buying a home, having a child, starting a business, or getting married — are common triggers to review your coverage.
Mortgage & bank insurance
What is the difference between bank mortgage insurance and personal life insurance?
Bank mortgage insurance (creditor insurance) is owned by the bank, the benefit shrinks as your mortgage balance declines, and most is underwritten at claim time (not at application) — so coverage is not guaranteed until a claim is filed. Personal life insurance is owned by you, the payout stays level, you choose the beneficiary, and it is approved up front. An independent broker can compare both.
Business owners
Can a life insurance broker help business owners?
Yes. For business owners, life insurance funds buy-sell agreements, protects against the loss of a key person, and enables tax-efficient transfer of corporate wealth. An independent broker coordinates with your accountant and lawyer to integrate insurance into your succession and estate plan.
Working with a broker
What is the best life insurance in Canada?
There is no single best policy — the best life insurance depends on your needs, budget, and health. Working with an independent broker lets you compare multiple companies (such as Canada Life, Manulife, Sun Life, RBC, Empire Life, BMO Life, and others) to find the right fit rather than being limited to one carrier.
Is there a life insurance broker licensed in Nova Scotia, Ontario, and New Brunswick?
Yes. Colin Touchie of A Better Broker is an independent life insurance broker licensed in Nova Scotia, Ontario, and New Brunswick. Based in the Halifax Regional Municipality, he offers in-person appointments in Dartmouth, Bedford, Moncton, and Saint John, plus virtual consultations across all three provinces and bilingual (English/French) service.
Why use an independent life insurance broker instead of buying direct?
An independent broker works for you, not one insurance company. They compare rates and coverage from 15+ Canadian carriers, provide unbiased advice, and handle the application and underwriting process. Because they shop the market, they can often find better coverage at a lower price than buying direct from a single insurer.