Although millions of Canadian residents have health and life insurance policies, many others lack protection because they aren’t sure what types they need, if any. Understanding each category’s advantages can help you select the best combination for you and your family.
The Canadian Life and Health Insurance Association (CLHIA) reports that Canadians pay nearly $13.5 billion annually for life insurance. When contemplating this option, decide why you need such coverage. If your goal is income replacement, a lump sum can support your surviving mate and dependent kids after you pass. But if your offspring are adults, life insurance could offset any taxes they must pay upon receiving your estate..