An overwhelming portion of Canadians do not need whole life insurance. It’s expensive, complicated, and more difficult to apply for than its more approachable peer, term life insurance.

But for those who need it, boy is it a wonderful wealth building tool!

First, Term Insurance

Term...

Life insurance is always more expensive tomorrow than it is today! You can buy your newborn an awesome policy that will change their financial stars forever for less than maxing out their RESP costs.

There is no physical; applying is easy, and it is a GREAT way to divert grandparents’...

Almost everyone needs insurance - seriously!  **Almost** anyone...

The 4 situations where insurance is not necessary are:

. 𝑵𝒐 𝒐𝒏𝒆 𝒅𝒆𝒑𝒆𝒏𝒅𝒔 𝒐𝒏 𝒚𝒐𝒖 𝒇𝒊𝒏𝒂𝒏𝒄𝒊𝒂𝒍𝒍𝒚.You do not have kids or other dependents that would have a tough time surviving financially if you were not around to help them.

...

Yes! You can buy a Tesla, a swimming pool, or a collection of lawn figurines from the '80s online, why not life insurance?

We don't sell it online, but if you are comfortable doing everything electronically, I would recommend PolicyMe (www.policyme.com). I have never bought from them, but I...

𝙏𝙝𝙚 𝙗𝙖𝙧𝙚 𝙢𝙞𝙣𝙞𝙢𝙪𝙢: enough to cover all of your current debts if you were to die.

𝙏𝙝𝙚 𝙢𝙖𝙭: all of your debts plus 7 to 10 times your gross salary. This money would create an income stream for your family to replace your paycheck.

𝙏𝙝𝙚 𝙧𝙞𝙜𝙝𝙩 𝙖𝙣𝙨𝙬𝙚𝙧: somewhere between those two that fit your...

Here's the skinny, most people do not need expensive permanent life insurance, cheap term insurance will do just fine.

If you are buying life insurance to cover your debts or replace your income, you only need term. Term insurance is ten times (or more) cheaper than a permanent life insurance...

As an (almost) 40 year-old, non-smoking male, I pay about $600 a month for my disability and critical illness policies. Madness, right?!

It hurts my soul to watch a truck payment come out of our account every month to go towards something I hope and pray I will never EVER have to use.

But...

1. You are not in the top tax bracket.

2. You have plenty of TFSA and RRSP contribution room.

3. You do not have excess cash lying around on a regular basis.

4. You are not a business owner.

5. Your risk tolerance is higher than low.

If you check most of these boxes, 𝙥𝙡𝙚𝙖𝙨𝙚 𝙙𝙤𝙣'𝙩 𝙬𝙖𝙨𝙩𝙚...