Life insurance provides essential peace of mind by helping to:

• Replace lost income for surviving family members

• Cover day-to-day expenses like groceries, utilities, and transportation

• Fund debts and liabilities, including mortgages and loans

• Support childcare and future education costs

• Safeguard long-term goals such as home ownership and college planning

Unfortunately, coverage gaps are common—especially among single-parent households where financial risk is concentrated. That’s why personalizing your coverage is critical.

A quick rule of thumb: Multiply your annual income by 5–10×. Refine this estimate using a proven approach like the DIME method:

• Debt: Outstanding loans and credit cards

• Income: Number of years of replacement needed

• Mortgage: Balance left on your home

• Education: Projected costs for each child

Don’t forget to add expenses like childcare, eldercare, and funeral costs. Then subtract existing assets, group plans, and government survivor benefits—this ensures you don’t over- or under-insure.

• Laddering Term Policies: Buy multiple terms to align with milestone needs—saving on premiums and improving flexibility.

• Joint Policies: “First-to-die” provides income replacement if one parent passes; “last-to-die” is tailored for estate and tax planning.

• Important Riders: Add-ons can greatly enhance your policy. Consider a child term rider, coverage for disability or critical illness, accidental death, and a guaranteed insurability option.

• Trustees for Minors: Name a trustee for any life insurance payout to minor children. In Quebec, be aware of spousal irrevocable beneficiary rules unless marked as revocable.

• Tax Advantages: Most death benefits are tax-free to named beneficiaries and can bypass probate with the proper setup.

Your age, health, family history, nicotine/cannabis use, job, and lifestyle all factor into premiums. Choices range from comprehensive underwriting (usually lowest cost) to simplified no-medical policies for faster approvals. Applying early locks in lower rates and future insurability while you’re healthy.

Most Canadian workplace group plans offer coverage worth 1–2× salary—but these are often not portable and may disappear if you leave your job. That’s why personal, individually-owned coverage is so important for growing families.

1. Define your priorities: Income replacement, mortgage balance, education funding, and childcare.

2. Review resources: Savings, RESPs, group benefits, and CPP survivor benefits.

3. Choose coverage: Pick your term length(s), permanent needs, beneficiary and trustee arrangements, and optional riders.

4. Review regularly: Life changes—like the birth of a child, home purchase, job switch, separation, or taking on new debt—are a cue to review your coverage.

Online calculators make initial estimates easy—but talk to a licensed insurance advisor at MS Insurance Inc. for tailored policy solutions that fit your family’s evolving needs and budget. With the right advice, you’ll be confident your family is protected now and for whatever comes next.