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    Jul 13, 2026
    Best Life Insurance in Canada: How to Choose the Right Policy

    Choosing the best life insurance policy can feel overwhelming, especially if you’re buying coverage for the first time. With several types of life insurance available in Canada, understanding the differences can help you make a confident decision that protects your family and your financial future. Whether you’re a young professional, a parent, a homeowner, or a business owner, the right life insurance policy can provide valuable peace of mind and financial security for the people who depend on you.

    What Is Life Insurance?

    Life insurance is a contract between you and an insurance company. In exchange for regular premium payments, the insurer agrees to pay a tax-free lump sum, known as a death benefit, to your beneficiaries if you pass away while the policy is active. The purpose of life insurance is to help your loved ones manage financial responsibilities such as:

    • Mortgage payments
    • Daily living expenses
    • Childcare costs
    • Education expenses
    • Outstanding debts
    • Estate planning obligations

    The amount and type of coverage you need depend on your income, debts, family situation, and long-term financial goals.

    The Main Types of Life Insurance in Canada

    There are two primary categories of life insurance available in Canada:

    Term Life Insurance

    Term life insurance provides coverage for a specific period, such as 10, 20, or 30 years. If you pass away during the policy term, your beneficiaries receive the death benefit. If the term expires and you are still living, the coverage ends unless you renew or replace the policy.

    Advantages of Term Life Insurance

    • Lower premiums compared to permanent coverage
    • Simple and easy to understand
    • Ideal for temporary financial obligations
    • Flexible term lengths

    Who Should Consider Term Life Insurance?

    Term life insurance is often the best choice for:

    • Young families
    • Homeowners with a mortgage
    • Parents with dependent children
    • Individuals looking for affordable protection

    For example, if you have 20 years remaining on your mortgage and children who will depend on your income for the next 15–20 years, a term policy can provide cost-effective protection during those critical years.

    Permanent Life Insurance

    Permanent life insurance provides lifelong coverage as long as required premiums are paid. Unlike term insurance, permanent policies generally include a cash value component that may grow over time. Coverage does not expire after a specific term.

    Benefits of Permanent Life Insurance

    • Lifetime protection
    • Guaranteed death benefit
    • Potential cash value accumulation
    • Useful for estate planning and wealth transfer

    Permanent life insurance typically costs more than term life insurance because the coverage lasts for life.

    Universal Life Insurance

    Universal life insurance is a type of permanent life insurance that combines lifelong protection with investment opportunities. Part of your premium goes toward insurance costs, while another portion can be allocated to investment options offered within the policy.

    Who Is Universal Life Insurance Best For?

    Universal life insurance may be suitable for:

    • High-income earners
    • Individuals focused on long-term wealth planning
    • Business owners
    • People comfortable with investment decisions

    Because investment performance can influence the policy’s value, it is generally best suited for individuals who understand investment risk and long-term financial planning.

    Term-to-100 Life Insurance

    Term-to-100 is a uniquely Canadian life insurance product that offers permanent coverage without the investment or cash value component found in many other permanent policies. Coverage remains in place until age 100, and premiums are often lower than traditional permanent life insurance options.

    Why Choose Term-to-100?

    • Lifetime coverage
    • Lower premiums than many permanent policies
    • Simpler structure
    • Ideal for estate planning needs

    This option can be attractive for Canadians who want lifelong protection without the complexity of investment-based policies.

    How to Choose the Best Life Insurance Policy

    The best life insurance policy depends on your individual circumstances. Consider the following questions:

    Do You Need Income Replacement?

    If your family relies on your income, term life insurance is often the most cost-effective solution.

    Do You Need Estate Planning Benefits?

    If your goal is wealth preservation, tax-efficient wealth transfer, or covering estate taxes, permanent life insurance may be more appropriate.

    How Long Will Your Dependents Need Financial Support?

    The duration of your mortgage, children’s education costs, and other financial commitments can help determine the ideal coverage period.

    What Is Your Budget?

    Term policies typically offer the highest amount of coverage for the lowest premium, while permanent coverage requires a larger financial commitment.

    best life insurance

    Joint and Family Life Insurance Plans

    Some insurers offer Joint First-to-Die (JFTD) policies that cover two people under one contract.

    Potential Advantages

    • Lower combined premiums
    • Simplified policy management
    • Suitable for couples with shared financial obligations

    However, it’s important to compare joint coverage against two separate policies. In some situations, individual policies may provide greater flexibility and potentially larger total benefits.

    Child Riders

    Many family policies allow parents to add child riders, providing limited coverage for children at a relatively low cost. In addition to helping cover unexpected expenses, child riders may allow children to obtain future coverage without additional medical underwriting.

    Check Existing Coverage Before Buying

    Before purchasing a new policy, review any life insurance protection you may already have.

    Employer Group Benefits

    Many Canadian employers provide basic life insurance through workplace benefits plans.

    Mortgage Protection Insurance

    Some homeowners have mortgage-related coverage through their lender. However, this type of insurance is designed primarily to protect the lender rather than provide flexible financial support for your family.

    Creditor Insurance

    Credit cards, personal loans, and lines of credit may include optional creditor insurance that can help pay outstanding balances in the event of death. While these forms of coverage can be helpful, many Canadians discover that they are not sufficient to fully protect their family’s financial future.

    Life Insurance for Business Owners

    Business owners often have more complex insurance needs. Life insurance can help with:

    • Business succession planning
    • Buy-sell agreements
    • Key person protection
    • Tax-efficient wealth transfer
    • Funding future business obligations

    If you own a business, working with a licensed advisor can help determine the appropriate coverage structure.

    What Happens If an Insurance Company Fails?

    Canada’s life insurance industry is highly regulated. All authorized life insurance companies must be members of Assuris, an independent not-for-profit organization that protects Canadian policyholders if a member insurance company becomes insolvent. This protection applies to many individual and group life insurance products, providing additional confidence for policyholders.

    Is Life Insurance Worth It?

    For many Canadians, life insurance is one of the most important financial protection tools available. While nobody likes to think about unexpected events, life insurance can help ensure that your loved ones are financially secure if something happens to you. The right policy can help cover major expenses, replace lost income, protect family assets, and reduce financial stress during a difficult time.

    Ultimately, the best life insurance policy is the one that aligns with your family’s needs, financial goals, and budget.

    Get a Quote

    Finding the right life insurance coverage doesn’t have to be complicated. At Bonjour Assurance, we help Canadians compare life insurance options from trusted providers and find coverage that fits their needs and budget.

    Contact our team today to receive a personalized life insurance quote and explore the best protection options for you and your family.

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    Jun 29, 2026
    Do You Need Long-Term Care Insurance in Canada?

    Planning for retirement often focuses on savings, investments, and lifestyle goals. However, one critical aspect is frequently overlooked: the cost of long-term care. As Canada’s population continues to age, more individuals are finding themselves in need of personal assistance, home care services, or long-term care facilities later in life.

    The reality is that long-term care can be expensive, and without proper planning, these costs can place a significant burden on retirees and their families. Understanding your options today can help you make informed decisions and maintain financial security in the future.

    Why Long-Term Care Planning Matters

    Canada’s population is aging rapidly. As life expectancy increases, so does the likelihood of requiring assistance with daily activities such as bathing, dressing, meal preparation, mobility, and medical care.

    Many Canadians prefer to remain in their own homes as they age rather than move into a care facility. While aging in place offers comfort and independence, it often comes with substantial costs. Home support workers, nursing services, physiotherapy, accessibility renovations, mobility equipment, and transportation assistance can quickly add up.

    Although government programs may cover certain healthcare services, they typically do not cover all long-term care expenses. This leaves many families responsible for significant out-of-pocket costs.

    What Is Long-Term Care Insurance?

    Long-term care insurance is a specialized insurance product designed to help cover the costs associated with extended care needs later in life. Policyholders pay premiums while they are healthy and working. If they eventually require long-term care due to aging, illness, or loss of independence, the policy provides financial benefits that can help pay for various support services.

    These services may include:

    • Personal care assistance
    • Home nursing care
    • Rehabilitation services
    • Physiotherapy and occupational therapy
    • Meal preparation
    • Housekeeping assistance
    • Laundry services
    • Assistance with daily living activities

    The primary goal is to provide financial support when individuals can no longer live independently without assistance.

    How Does Long-Term Care Insurance Work?

    Eligibility for benefits is typically based on an individual’s ability to perform basic activities of daily living.

    Most insurers assess whether the insured person can independently perform tasks such as:

    • Bathing
    • Dressing
    • Eating
    • Using the bathroom
    • Maintaining continence
    • Moving or transferring without assistance

    If the policyholder cannot perform a specified number of these activities, benefit payments may begin according to the terms of the policy. Depending on the insurer, benefits may be paid as weekly or monthly income and can be used to cover qualifying care expenses.

    How Much Does Long-Term Care Insurance Cost?

    The cost of long-term care insurance varies based on factors such as:

    • Age at application
    • Health condition
    • Coverage amount
    • Waiting period
    • Benefit duration

    Modern long-term care policies often include longer waiting periods before benefits become available. Because insurers assume less immediate risk, premiums may be lower than older policy designs. In many cases, annual premiums may range from approximately $1,000 to $2,000, although actual costs vary by provider and individual circumstances. Some newer policies also include return-of-premium features, allowing beneficiaries to receive certain funds back if the policyholder passes away before making a claim.

    Advantages and Disadvantages of Long-Term Care Insurance

    Pros

    • Helps cover potentially significant care expenses
    • Provides financial security for retirement
    • Reduces the burden on family members
    • Can support aging at home rather than moving to a facility
    • Some plans offer lifetime benefits

    Cons

    • Premiums can be expensive
    • Benefits may not begin immediately due to waiting periods
    • Certain policies have payout limits
    • Coverage options may be limited in Canada
    long-term care

    Using a Reverse Mortgage to Fund Long-Term Care

    For homeowners, a reverse mortgage can provide another way to finance care expenses. A reverse mortgage allows eligible homeowners aged 55 and older to borrow against the value of their home without selling it or making regular mortgage payments.

    Funds can be received as:

    • A lump-sum payment
    • Scheduled payments
    • A combination of both

    The money can then be used for:

    • In-home care services
    • Home renovations for accessibility
    • Medical equipment
    • Additional living expenses

    One advantage is that reverse mortgage proceeds generally do not affect benefits such as Old Age Security (OAS).

    Pros of a Reverse Mortgage

    • Access to home equity without selling the property
    • Flexible payment options
    • Ability to remain in your home

    Cons of a Reverse Mortgage

    • Interest accumulates over time
    • The loan must eventually be repaid
    • Home equity available to beneficiaries may be reduced

    Paying for Long-Term Care Through Personal Savings

    Many Canadians choose to self-fund future care expenses through retirement savings. Building long-term care costs into your financial plan early can provide greater flexibility and control later in life.

    Strategies may include:

    • Maximizing RRSP contributions
    • Building a Tax-Free Savings Account (TFSA)
    • Investing in diversified retirement portfolios
    • Creating a dedicated healthcare reserve fund

    For homeowners, downsizing or selling a property may also provide additional funds to help cover care costs if needed.

    Pros of Personal Savings

    • Complete control over how funds are used
    • No insurance premiums required
    • Assets remain accessible for other retirement goals

    Cons of Personal Savings

    • Savings may not be sufficient to cover extended care needs
    • Market fluctuations can impact investment values
    • Requires disciplined long-term planning

    Which Long-Term Care Funding Option Is Right for You?

    There is no one-size-fits-all solution when it comes to financing long-term care. Some Canadians prefer the protection offered by long-term care insurance, while others rely on personal savings, home equity, or a combination of multiple strategies.The best approach depends on factors such as your age, health, financial situation, retirement goals, and family circumstances.Working with an experienced insurance and financial professional can help you evaluate your options and create a plan that protects both your lifestyle and your financial future.

    Planning Today Can Protect Tomorrow

    Long-term care expenses are becoming an increasingly important part of retirement planning in Canada. Whether you choose long-term care insurance, personal savings, a reverse mortgage, or a combination of strategies, planning ahead can help ensure you receive the care you need without placing unnecessary financial stress on yourself or your loved ones.

    The earlier you begin preparing, the more options you’ll have available when the time comes.

    Get a Quote

    Looking for guidance on long-term care planning, retirement protection, or life and health insurance solutions in Canada?

    The experts at Bonjour Assurance can help you compare coverage options and build a strategy tailored to your needs and budget.

    Contact Bonjour Assurance today to receive a personalized quote and start planning for a more secure future.

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    Jun 22, 2026
    42% of Canadians Don’t Have Life Insurance: Should You Be Concerned?

    Life insurance is one of the most important financial tools available to Canadian families, yet a significant number of people still choose to go without it. Recent research suggests that approximately 42% of Canadians either do not have life insurance coverage or are unsure whether they are covered at all.

    While many people understand the general purpose of life insurance, misconceptions about cost, eligibility, and necessity continue to prevent Canadians from protecting their loved ones financially.

    If you’re among those who have delayed purchasing coverage, now may be the right time to evaluate whether your family could face financial challenges if something unexpected happened to you.

    Why So Many Canadians Remain Uninsured

    Despite growing awareness about financial planning, many Canadians still lack adequate life insurance coverage. There are several reasons why people postpone or avoid purchasing a policy altogether.

    For some, the primary concern is affordability. With rising housing costs, inflation, and everyday expenses, insurance may feel like something that can wait until later.

    Others assume they are too young to need coverage or believe that their employer-provided benefits are sufficient. In reality, many workplace life insurance plans offer limited protection that may not fully cover a family’s long-term financial needs.

    Some Canadians also worry that the application process will be complicated or require extensive medical examinations. While this may have been true in the past, many insurers now offer streamlined application processes and simplified underwriting options.

    The result is a growing protection gap that leaves many families financially vulnerable.

    What Happens If You Don’t Have Life Insurance?

    The impact of losing a family member extends far beyond emotional hardship. For many households, the loss of a primary income earner can create significant financial stress.

    Without adequate coverage, surviving family members may struggle to:

    • Continue making mortgage payments
    • Cover daily living expenses
    • Pay off outstanding debts
    • Fund children’s education
    • Maintain their current lifestyle
    • Cover final expenses and funeral costs

    These challenges can arise quickly and often when families are least prepared to manage them.

    If you’ve recently purchased a property, you may also want to read our article on Should You Buy Life Insurance After Purchasing a Home? to better understand how life insurance can help protect one of your largest financial investments.

    Who Needs Life Insurance?

    Not everyone requires the same amount of life insurance, but many Canadians can benefit from having some form of coverage.

    Life insurance is particularly important if:

    You Have Children

    Parents often rely on life insurance to ensure their children remain financially supported if something happens to them. A policy can help cover future education expenses, childcare costs, and everyday living expenses.

    You Have a Mortgage

    For many families, a home is their largest financial obligation. Life insurance can help ensure that surviving family members are not burdened with mortgage payments they may struggle to afford on a single income.

    You Support a Spouse or Partner

    If your spouse depends on your income, life insurance can provide essential financial stability during a difficult transition period.

    You Own a Business

    Business owners often use life insurance as part of their succession planning strategy. Coverage can help protect partners, employees, and family members from financial uncertainty.

    You Have Outstanding Debts

    Life insurance can help prevent your loved ones from inheriting significant financial responsibilities after your death.

    Common Myths About Life Insurance

    Many Canadians avoid purchasing coverage because of common misconceptions.

    Myth #1: Life Insurance Is Too Expensive

    One of the biggest surprises for first-time buyers is how affordable life insurance can be.

    Healthy individuals who purchase coverage at a younger age often qualify for lower premiums. Waiting until later in life usually results in higher costs and fewer options.

    Myth #2: I Don’t Need Life Insurance Because I’m Young

    Being young is actually one of the best reasons to purchase coverage.

    Insurance companies generally offer lower premiums to younger applicants because they represent lower risk. Locking in coverage early can save money over the long term.

    Myth #3: My Employer Coverage Is Enough

    Employer-sponsored life insurance can provide valuable protection, but it may not be enough to support your family’s long-term financial needs.

    In many cases, workplace coverage is limited to one or two times your annual salary. For families with mortgages, children, and ongoing expenses, that amount may be insufficient.

    Myth #4: The Application Process Is Complicated

    Modern insurance providers have significantly simplified the application process. Depending on your circumstances, you may be able to obtain coverage without a traditional medical examination.

    Term Life Insurance vs. Permanent Life Insurance

    One of the first decisions Canadians face is choosing between term life insurance and permanent life insurance.

    Term Life Insurance

    Term life insurance provides coverage for a specific period, such as 10, 20, or 30 years.

    Benefits include:

    • Lower premiums
    • Flexible coverage options
    • Ideal for families with temporary financial obligations
    • Excellent income replacement protection

    Term life insurance is often the most practical choice for young families, homeowners, and individuals seeking affordable coverage.

    Permanent Life Insurance

    Permanent life insurance provides lifelong protection and may include a cash value component.

    Benefits include:

    • Lifetime coverage
    • Potential cash value growth
    • Estate planning advantages
    • Wealth transfer opportunities

    Permanent coverage is often used as part of a broader financial strategy for individuals with long-term planning goals.

    life insurance

    How Much Life Insurance Do You Need?

    There is no universal answer to this question because every family has different financial obligations.

    When determining the right amount of coverage, consider:

    • Current household income
    • Outstanding mortgage balance
    • Personal loans and debts
    • Children’s future education costs
    • Daily living expenses
    • Existing savings and investments

    Many financial professionals recommend coverage that can replace several years of income, but the ideal amount depends on your unique situation.

    For a broader understanding of how different insurance products work together, explore our Complete Guide to Insurance in Canada.

    Why Buying Coverage Earlier Can Save You Money

    One of the most overlooked aspects of life insurance is timing.

    The younger and healthier you are when you apply, the more affordable your premiums are likely to be. Waiting until later can result in:

    • Higher monthly premiums
    • Additional underwriting requirements
    • Reduced coverage options
    • Potential exclusions related to health conditions

    By securing coverage early, you can protect your family’s future while benefiting from lower long-term costs.

    Life Insurance and Financial Confidence

    Research consistently shows that Canadians who have life insurance tend to feel more confident about their family’s financial future.

    That confidence comes from knowing that loved ones will have financial support during a difficult time.

    Life insurance cannot replace a person, but it can help reduce financial uncertainty and provide stability when families need it most.

    As Canadians continue to navigate rising living costs and economic uncertainty, having a financial protection plan in place becomes increasingly important.

    You may also find our article on New Study Reveals How Canadians Are Choosing Life Insurance in 2026 helpful for understanding current trends and how Canadian families are approaching coverage decisions today.

    Frequently Asked Questions

    Is life insurance worth it for young adults?

    Yes. Young adults often qualify for lower premiums and can secure affordable coverage before future health changes affect eligibility or pricing.

    How much life insurance do most Canadians have?

    Coverage amounts vary widely depending on income, family size, debts, and financial goals. A personalized assessment is the best way to determine your needs.

    Can I get life insurance without a medical exam?

    In many cases, yes. Several insurers offer simplified or accelerated underwriting options depending on age, health history, and coverage amount.

    What is the difference between term and permanent life insurance?

    Term life insurance provides coverage for a specific period, while permanent life insurance provides lifelong protection and may accumulate cash value over time.

    Is employer life insurance enough?

    It depends on your financial situation. Many Canadians supplement workplace benefits with individual policies to ensure adequate protection.

    Final Thoughts

    The fact that 42% of Canadians remain uninsured highlights an important financial planning challenge. While life insurance is not necessary for every individual, it can be an essential tool for protecting families, preserving financial stability, and ensuring loved ones are supported after an unexpected loss.

    Whether you’re starting a family, buying a home, growing a business, or simply planning for the future, reviewing your life insurance needs today can help you make more informed financial decisions tomorrow.

    Get a Quote

    Looking for affordable life insurance in Canada?

    At Bonjour Assurance, we help Canadians compare life insurance options from trusted insurance providers across the country. Whether you’re interested in term life insurance, permanent life insurance, or simply want to understand your options, our team is here to help.

    Get a personalized quote today and discover how easy it can be to protect your family’s financial future.

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    Jun 15, 2026
    Term vs. Permanent Life Insurance in Canada: Which One Is Right for You?

    Choosing life insurance is one of the most important financial decisions Canadians can make. Yet many people struggle to understand the difference between term life insurance and permanent life insurance.

    Both options provide financial protection for your loved ones, but they serve different purposes. The right choice depends on your family situation, financial goals, budget, and long-term plans.

    In this guide, we’ll break down the key differences between term and permanent life insurance and help you determine which option may be the best fit for your needs.

    What Is Term Life Insurance?

    Term life insurance provides coverage for a specific period, such as 10, 20, or 30 years.

    If you pass away during the policy term, your beneficiaries receive the death benefit. If the term expires and the policy is not renewed or converted, the coverage ends.

    Term life insurance is often the most affordable option because it focuses solely on providing insurance protection without building cash value.

    Common Reasons Canadians Choose Term Life Insurance

    • Income replacement for a spouse or children
    • Mortgage protection
    • Coverage during working years
    • Paying off debts
    • Protecting young families

    For many Canadians, term life insurance offers substantial coverage at a relatively low monthly cost.

    What Is Permanent Life Insurance?

    Permanent life insurance provides coverage for your entire lifetime, as long as premiums are maintained.

    Unlike term insurance, permanent policies can include a cash value component that grows over time. Depending on the policy type, this value may be accessed through withdrawals or policy loans.

    Permanent insurance is often used as part of a broader financial and estate planning strategy.

    Common Reasons Canadians Choose Permanent Life Insurance

    • Estate planning
    • Wealth transfer to heirs
    • Covering future tax liabilities
    • Leaving a financial legacy
    • Funding final expenses

    Because permanent policies provide lifelong coverage and may accumulate value over time, premiums are generally much higher than term insurance.

    Key Differences Between Term and Permanent Life Insurance

    Coverage Duration

    Term insurance covers a specific period.

    Permanent insurance provides lifelong protection.

    Cost

    Term life insurance is usually the more affordable option.

    Permanent insurance requires higher premiums due to its lifelong coverage and potential cash value growth.

    Cash Value

    Term policies do not build cash value.

    Permanent policies may accumulate cash value that can become part of a long-term financial strategy.

    Simplicity

    Term insurance is straightforward and easy to understand.

    Permanent insurance offers more features but can be more complex.

    Permanent Life Insurance

    Who Should Consider Term Life Insurance?

    Term life insurance is often suitable if you:

    • Have young children
    • Have a mortgage
    • Need income replacement protection
    • Want maximum coverage at an affordable cost
    • Are focused on protecting your family during your working years

    For many families, the primary goal is ensuring that loved ones remain financially secure if an unexpected death occurs. In these situations, term coverage is often the most practical solution.

    Who Should Consider Permanent Life Insurance?

    Permanent life insurance may be worth considering if you:

    • Have significant assets
    • Are focused on estate planning
    • Want to leave an inheritance
    • Need lifelong coverage
    • Have already built substantial retirement savings

    Higher-income individuals often use permanent insurance as part of a long-term wealth preservation strategy.

    Can You Combine Both Types of Coverage?

    Yes.

    Many Canadians choose a combination strategy.

    For example, a family may purchase:

    • A larger term policy to protect income and cover mortgage obligations.
    • A smaller permanent policy for estate planning and long-term legacy goals.

    This approach can provide affordable protection today while maintaining lifelong coverage for future needs.

    Questions to Ask Before Choosing

    Before selecting a policy, consider:

    1. How long will my family depend on my income?
    2. Do I have significant debts or a mortgage?
    3. Do I want coverage only during specific years or for life?
    4. Am I looking for estate planning benefits?
    5. How much can I comfortably budget for premiums?

    The answers to these questions can help clarify which type of coverage aligns with your financial objectives.

    Final Thoughts

    There is no universal answer when comparing term and permanent life insurance.

    Term life insurance is often the best choice for Canadians seeking affordable protection during their highest financial responsibility years. Permanent life insurance may make sense for those focused on estate planning, wealth transfer, or lifelong coverage.

    The most effective solution is the one that matches your family’s needs, financial goals, and long-term plans.

    Get a Quote Today

    Not sure which type of life insurance is right for you?

    Our advisors can help you compare coverage options, understand your financial protection needs, and find a policy that fits your budget and goals.

    Get a quote today and discover how the right life insurance plan can help protect the people who matter most.

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    May 30, 2026
    New Study Reveals How Canadians Are Choosing Life Insurance in 2026

    Canadians are becoming more strategic about life insurance coverage in 2026. A new study from MoneySense based on data from Policy Me shows that coverage choices are increasingly tied to life stage, family responsibilities, mortgages, and even changing lifestyle habits.

    The report analyzed more than 18,000 customer interactions to better understand how Canadians choose term life insurance, who they name as beneficiaries, and which health and lifestyle factors are shaping the market today.

    $500,000 Coverage Is the Most Popular Choice

    One of the biggest findings from the study is that $500,000 has become the most commonly selected term life insurance amount among Canadians. Younger adults between ages 18 and 44 are also far more likely to choose longer policy terms, especially 30-year coverage plans.

    Older Canadians, meanwhile, tend to select smaller policies and shorter coverage periods as mortgages are paid off and financial obligations decrease.

    Age GroupMost Common CoverageTypical Term Length
    18–29$500,00030 Years
    30–44$500,00030 Years
    45–59$250,00010 Years
    60+$100,00010 Years

    The trend reflects how life insurance needs evolve over time. Younger families often need larger protection because of mortgages, children, and long-term financial commitments. As retirement approaches, coverage needs usually decline.

    Mortgage Debt Continues to Drive Insurance Decisions

    According to recent research from PolicyMe, mortgages remain one of the strongest reasons Canadians purchase life insurance coverage.

    The report found that homeowners typically buy nearly 38% more coverage than non-homeowners, with many choosing policies worth $1 million or more. A long-term mortgage often aligns naturally with a 20- or 30-year term life insurance policy.

    For many families, life insurance is not only about income replacement. It is also about protecting the family home and ensuring loved ones can continue managing financial obligations if something unexpected happens.

    Men and Women Prioritize Different Beneficiaries

    The study also uncovered noticeable differences in how men and women choose beneficiaries.

    Nearly three-quarters of Canadians named a spouse or partner as their primary beneficiary. However:

    • 83% of men selected a spouse or partner
    • Only 66% of women did the same
    • Women were more than twice as likely to include children as beneficiaries

    These differences may reflect varying financial priorities and caregiving responsibilities within households.

    Health Conditions Are More Common Than Many Expect

    More than half of applicants reported at least one medical condition when applying for coverage. Mental health conditions were especially common among younger Canadians.

    The most frequently reported conditions included:

    • Allergy and immune disorders
    • Diabetes
    • Hypertension
    • Respiratory conditions
    • Mental health conditions

    Interestingly, younger generations appear more willing to disclose mental health concerns during the application process, which could influence how insurers assess risk in the future.

    life insurance

    Gen Z Drinks Less but Uses More Nicotine and Cannabis

    Lifestyle habits are also changing across generations.

    The study found that younger Canadians consume less alcohol than older generations, but nicotine and cannabis use are significantly higher among Gen Z applicants.

    Because smoking, vaping, and cannabis use can affect insurance premiums, these trends may influence pricing and underwriting decisions over the next several years.

    Why More Canadians Are Turning to Digital Insurance Providers

    Digital-first insurance companies like PolicyMe continue gaining popularity by simplifying the application process and reducing paperwork.

    According to the company, many Canadians avoid life insurance because they believe it is too expensive, too complicated, or requires lengthy medical exams. Their research suggests that 42% of Canadians either do not have life insurance or are unsure whether they do.

    Online insurers are responding by offering:

    • Faster digital applications
    • Fewer medical exams for eligible applicants
    • Flexible term coverage
    • Simplified policy comparisons
    • Lower operating costs

    This modern approach is especially appealing to younger families shopping for affordable protection.

    Protect Your Family’s Financial Future

    Life insurance is no longer just a financial product for older generations. In 2026, more young Canadians are using term life insurance to protect mortgages, children, and long-term financial goals.

    Whether you are buying your first home, starting a family, or reviewing your financial plan, comparing life insurance options early can help you secure better coverage and lower premiums.

    👉 Ready to explore your options? Visit our Life Insurance Guide to learn more about coverage types, costs, and how to choose the right policy for your needs.

    You can also compare rates directly from trusted Canadian insurers through our Get a Quote page.

    For more details about the original study, see the full report from MoneySense.

    Final Thoughts

    The Canadian life insurance market is clearly evolving. Younger Canadians are purchasing larger policies for longer periods, homeowners are prioritizing mortgage protection, and digital insurance platforms are reshaping how coverage is purchased.

    While trends can provide useful insight, the right life insurance policy still depends on personal finances, family responsibilities, and long-term goals. Choosing appropriate coverage means evaluating your own situation rather than simply following market averages.

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    May 23, 2026
    Should You Buy Life Insurance After Purchasing a Home?

    Buying a home is one of the biggest financial commitments you’ll ever make. Between mortgage payments, property taxes, and ongoing maintenance costs, homeownership comes with long-term responsibilities. That’s why many new homeowners start asking an important question: should life insurance be the next financial step?

    In many cases, the answer is yes.

    Life insurance can help protect your family from financial hardship if something unexpected happens to you. It can ensure your mortgage payments, household bills, and future financial goals remain manageable for your loved ones.

    Why Homeowners Often Need Life Insurance

    When you purchase a property, you usually take on a mortgage that may last 20 to 30 years. If the primary income earner passes away unexpectedly, surviving family members could struggle to keep up with monthly payments.

    A properly structured life insurance policy can help cover:

    • Remaining mortgage debt
    • Daily living expenses
    • Childcare and education costs
    • Outstanding loans or credit cards
    • Funeral expenses
    • Future financial security for your family

    For many Canadian families, life insurance becomes an essential part of responsible financial planning after buying a home.

    Mortgage Insurance vs. Life Insurance

    Many lenders offer mortgage insurance when you sign your mortgage documents. While this may seem convenient, it’s important to understand how it differs from traditional life insurance.

    Mortgage insurance usually pays the remaining balance directly to the lender if the policyholder dies. In contrast, life insurance provides a tax-free payout directly to your chosen beneficiaries, allowing them to decide how the funds should be used.

    This flexibility is one reason many homeowners prefer term life insurance over lender-provided mortgage coverage.

    How Much Coverage Do You Need?

    The right amount of life insurance depends on your personal financial situation. A good starting point is calculating:

    • Remaining mortgage balance
    • Household expenses for several years
    • Income replacement needs
    • Existing debts
    • Education savings goals for children

    For example, a family with a large mortgage and young children may require significantly more coverage than a single homeowner with minimal debt.

    Working with a licensed insurance advisor can help you determine an appropriate coverage amount based on your budget and long-term goals.

    Why Term Life Insurance Is Popular Among Homeowners

    Term life insurance is often the most affordable and practical option for new homeowners. It provides coverage for a specific period — commonly 10, 20, or 30 years — which can align with your mortgage term and financial obligations.

    Benefits of term life insurance include:

    • Lower monthly premiums
    • Flexible coverage amounts
    • Simple policy structure
    • Financial protection during peak earning years
    life insurance

    Many Canadians choose term coverage specifically to protect their mortgage and family during the years they are most financially vulnerable.When Should You Apply?

    The best time to apply for life insurance is typically when you are healthy. Premiums are usually lower for younger applicants and those without significant medical conditions.

    Waiting too long could result in:

    • Higher monthly costs
    • Limited coverage options
    • Possible medical complications during underwriting

    If you recently purchased a home, reviewing your insurance needs sooner rather than later can help secure better long-term rates.

    Additional Protection to Consider

    Alongside life insurance, homeowners may also want to review:

    A complete financial protection plan can help reduce risk and provide greater peace of mind for your family.

    Final Thoughts

    Buying a home is a major milestone — and protecting that investment is equally important. Life insurance can provide financial stability for your loved ones and help ensure your mortgage and household expenses remain manageable if the unexpected happens.

    Choosing the right policy depends on your family situation, budget, and long-term financial goals. Taking time to review your options now can make a significant difference in your family’s future security.

    Ready to protect your home and family? Contact Bonjour Assurance today and get a personalized life insurance quote tailored to your needs.

    Reference

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    Dec 20, 2025
    Critical Illness Insurance: Secure Your Finances

    Life is full of goals—buying a home, traveling the world, or starting a family. But a critical illness can disrupt your income and make achieving these goals difficult. Losing income due to a serious illness doesn’t just create financial stress; it can delay or derail your financial plans.

    A diagnosis of a critical illness affects more than just physical health. It also carries emotional, family, and financial challenges. Treatment costs, recovery expenses, and a temporary loss of income can strain your budget and slow your progress toward your life objectives.

    How Critical Illness Insurance Helps

    While no one can predict when illness will strike, you can prepare by taking out critical illness insurance. This coverage provides a lump sum payment upon diagnosis, allowing you to focus on recovery, maintain your lifestyle, and reduce financial stress.

    Unlike medical insurance, critical illness coverage does not pay for medical bills directly. Instead, it gives you financial flexibility to cover day-to-day expenses, pay off debts, fund uncovered care, or continue personal projects. You can also use it for unexpected needs like medical equipment, transportation, or private consultations.

    Financial Support During Tough Times

    When a critical illness interrupts daily life, loss of income can become a serious problem. Mortgage payments, rent, loans, and bills don’t stop. A lump sum payment from critical illness insurance lets you maintain your standard of living without depleting your savings or going into debt.

    This financial support can also significantly improve mental well-being. Knowing your financial obligations are covered reduces stress and allows you to focus on getting better.

    Benefits of Critical Illness Insurance

    • Benefit payments are tax-free.
    • You can use the money however you wish—no explanations required.
    • Helps cover financial commitments if your income is reduced or lost.
    • Can fund home help for you and your family, such as meal prep, housekeeping, or tutoring.
    • Payment is made regardless of employment status and does not reduce disability benefits.
    • Covers additional illness-related expenses, including medication, adaptive equipment, experimental treatments, or rehabilitation.
    • Offers financial flexibility after recovery, allowing part-time work or extended sick leave.

    Coverage Options to Fit Your Needs

    Critical illness insurance comes in two main types:

    1. Comprehensive coverage for 25 critical illnesses
    2. Affordable coverage for the 4 most common illnesses

    Coverage can be temporary (e.g., 10 or 20 years) or lifelong, and may vary based on age, medical history, and desired protection level. A financial advisor may recommend short-term basic coverage with the option to upgrade later.

    Starting Young Brings Advantages

    Purchasing coverage while young and healthy is smart: premiums are lower, the risk of exclusions is reduced, and coverage is in force long before any potential health issue arises.

    Critical illness

    Simple Application Process

    Most applications are straightforward. Simply answer a few health questions, and you may be approved quickly—usually without medical exams, blood tests, or other diagnostics.

    Factors Increasing the Need for Coverage

    Critical illness can have greater financial impact if you:

    • Lack disability insurance
    • Live far from medical centers
    • Have dependent children
    • Face a high risk of income loss
    • Are self-employed without employer benefits
    • Are the primary earner for your family

    Additional Benefits

    Second Medical Opinion: Consult specialists for confirmation of diagnosis and treatment options.

    Compassionate Care Benefit: Partial financial support even for non-life-threatening conditions, covering a portion of total coverage for select illnesses.

    Coverage for Children

    Insurance is also available for children starting at 15 days old. Coverage includes 5 additional childhood illnesses and provides financial flexibility to care for your child during serious illness. Early coverage guarantees future insurability.

    Flexibility with Other Insurance

    Critical illness insurance pairs well with term life insurance, disability coverage, or group benefits. While life insurance protects loved ones in case of death, critical illness insurance provides immediate financial support when you need it most, creating a comprehensive safety net.

    Diagno$tic Tool

    Use the Diagno$tic tool to understand your financial risk in the event of a critical illness. Just answer five simple questions for a personalized assessment to guide your decisions.

    Ready to protect your finances? Get your personalized critical illness insurance quote today and see how easy it is to secure your future. Get a Quote

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    Sep 28, 2025
    Understanding Health Insurance in Canada – A Complete Guide

    Confused about health insurance in Canada? Learn everything you need to know about public and private plans, what they cover, and how to choose the right one.

    Why Health Insurance Matters

    In Canada, while public healthcare covers many essential medical services, it doesn’t cover everything. Health insurance fills those gaps—especially for dental care, vision, prescription drugs, and private hospital rooms.

    Without additional health insurance, you might face unexpected medical costs that aren’t covered by provincial health plans. Whether you’re self-employed, a new immigrant, or a full-time employee, having proper health coverage protects your finances and ensures access to timely care.

    Types of Health Insurance in Canada

    1. Public Health Insurance (Provincial Plans)

    Each province or territory offers its own government-run health insurance, commonly called a “provincial health card.” For example:

    • Ontario offers OHIP (Ontario Health Insurance Plan)
    • British Columbia provides MSP (Medical Services Plan)
    • Alberta has AHCIP (Alberta Health Care Insurance Plan)

    These plans typically cover:

    • Family doctor visits
    • Hospital stays
    • Emergency services
    • Medical tests and surgeries

    However, they do not cover:

    • Prescription medications (outside hospitals)
    • Dental and vision care
    • Physiotherapy or chiropractic care
    • Mental health services (in some cases)

    2. Private Health Insurance

    Private plans are offered by insurance companies such as:

    • Manulife
    • Sun Life
    • Canada Life
    • Blue Cross

    These plans can be:

    • Employer-sponsored: Common in full-time jobs, partially or fully paid by your employer
    • Individual plans: Ideal for freelancers, students, or those without employer benefits

    They typically cover:

    • Prescription drugs
    • Dental care (cleanings, fillings, surgeries)
    • Vision care (glasses, contact lenses)
    • Mental health therapy
    • Travel insurance

    Paramedical services (chiropractor, physio, massage)

    read more >>

    Who Should Consider Getting Private Health Insurance?

    Private health insurance is especially useful for:

    • Self-employed individuals with no employer benefits
    • New immigrants or international students during their wait for provincial coverage
    • Families with children who need regular dental and vision checkups
    • Older adults or retirees requiring more medications or specialized treatments

    Frequent travelers who need out-of-province or international medical coverage

    health-insurance

    How to Choose the Right Health Insurance Plan

    Step 1 – Assess Your Needs

    Ask yourself:

    • Do I take regular prescription medication?
    • Do I visit the dentist or optometrist regularly?
    • Do I have dependents with specific health needs?
    • Do I travel often?

    Step 2 – Compare Plans

    Use comparison tools or work with an insurance broker to evaluate:

    • Monthly premiums
    • Coverage limits and exclusions
    • Deductibles and co-payments
    • Network of providers
    • Claims process

    Step 3 – Read the Fine Print

    Always review:

    • Waiting periods for dental or vision
    • Maximum claim amounts per year
    • Pre-existing condition clauses
    • Renewability and cancellation terms

    Health Insurance for Newcomers to Canada

    Many newcomers aren’t eligible for public healthcare right away. Most provinces have a 3-month waiting period.

    Private insurance is essential during this time. Some recommended plans for newcomers:

    • Blue Cross for newcomers
    • Manulife CoverMe Travel Insurance
    • Allianz Visitor-to-Canada insurance

    Make sure to apply for your provincial card (e.g., OHIP, MSP) as soon as you become eligible.

    Tips to Save Money on Health Insurance

    • Bundle policies (e.g., with life insurance)
    • Increase your deductible for a lower monthly premium
    • Use a Health Spending Account (HSA) if self-employed
    • Shop around annually for better deals
    • Use employer-sponsored benefits wisely

    Common Health Insurance Myths

    “I live in Canada, so everything is free.”

    False. Only core medical services are free. You still pay for drugs, dental, and more unless insured privately.

    “Young, healthy people don’t need insurance.”

    Even one emergency (e.g., wisdom tooth extraction or eye surgery) can cost hundreds to thousands of dollars.

    Final Thoughts: Health Insurance = Peace of Mind

    Health insurance in Canada is not just a “nice-to-have”—it’s a smart financial decision that protects you and your loved ones from unexpected medical bills.

    If you’re unsure which type of insurance is right for you, visit our Ultimate Guide to Insurance in Canada for a full breakdown of every major insurance type.

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