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It’s not every day that we have to think about life insurance. When the time comes, however, not everyone is prepared for the overwhelming amount of information.

It is important to know that life insurance is not a one-policy-fits-all type of asset. Not to mention, it certainly doesn’t stay the same for everyone over time.

To avoid making financial mistakes, every Canadian should be knowledgeable about the life insurance options available.

Not having the right insurance policy can mean spending an excess of money that isn’t even necessary. Policies are made unique to each customer for a reason, and finding a policy that fits individual needs is critical to enjoying the benefits.

For those who are unsure what policy would be best for them, the following are some life insurance strategies in Canada:

For the Young and Healthy


Young adults tend to become more self-sufficient as they move onto post-secondary institutions or first jobs. At this time, they may also be more financially dependent.

While it would be tragic for a young adult to pass at an early age, it’s safe to assume that their death wouldn’t leave anyone in huge financial trouble.

While it would be fair to argue that insurance rates are at their lowest for young and healthy people, it might not be necessary just yet. Without any assets or family to protect, the strategy here would be patience.

One scenario that might require a young adult to buy insurance is if they have a risk of developing a medical condition.

Young Adults, University/College Grads

For young adults, it’s easy to accumulate a lot of debt and loans from school. These include tuition fees, car loans, residence fees and more.

If a young adult happened to pass, they would likely be leaving behind a lot of financial trouble for their loved ones. One strategy for a young adult would be to consider a policy, especially while they’re young and healthy.

However, some financial advisors would suggest paying off student debts before buying into insurance. Depending on the amount of debt, some young adults might be more comfortable paying off debt first.

Married Couples

Life insurance doesn’t seem to interest people until they’re older and have more responsibilities. Usually, it is around the time of a marriage or a mortgage payment that people start considering protection.

For newly married couples, it might be that one person makes the income while the other stays at home. In this situation, expenses like home and car payments can certainly add up.

Not only that but as the family grows, they will be financially dependent on the spouse bringing in the most income. If the insured should pass, the family would still require that income for a comfortable life.

For those who do not want to leave their spouse and/or children with debt and expenses, life insurance is a must. This strategy will protect loved ones long after a spouse is gone.

It’s also a good idea to add a disability policy to the strategy. This will ensure financial stability in the case that the breadwinner becomes unable to work due to injury, illness or other problem.

Young Families


When it comes to having a family, the best life insurance strategy in Canada is for both parents to have life insurance policies.

Many people assume that if one spouse stays at home most of the time, their small income doesn’t require a policy. However, it’s important to note that any kind of work the spouse is doing it worth being protected.

Things they’re doing at home, such as watching children, cleaning and cooking are all services. A spouse who works full time cannot take care of all of these things as well as work—the price of these services would need to be compensated.

A great strategy in this part of life is to utilize both life and disability insurance. Both of these policies will ensure that a family is protected in the present and in the future.


Individuals who have their own businesses will definitely need to consider a life insurance strategy. This will help to protect family members, employees, and the business itself.

Without insurance, families will be on the hook for any loans taken out and any debt the business has.

Working with the best insurance companies in Canada will ensure that both personal and professional life are taken care of.

Empty Nesters

As the children start to move out of the home, it will still be important to maintain life insurance. At this time, coverage can help to protect spouses who don’t work or even adult children who are unemployed.

Depending on the type of life insurance chosen, there may also be cash value that will continue to grow over time. By upholding a policy, insured individuals can build wealth for coming generations, retire early or donate to their favorite charities.



At this point in time, it’s common for many people to have most of their financial responsibilities behind them. Now is the time to use finances based on values and wishes as opposed to duties.

At this time, it’s ideal for individuals to consider charities they want to help, or organizations they want to support. This is a good time to make concrete decisions about asset inheritances, as well as beneficiaries of an insurance policy.


Insurance should always reflect the needs of an individual, as well as their loved ones. With that being said, our needs are always changing, and so life insurance often does as well.

When it comes to life insurance strategies in Canada, no one answer is right for everyone. There are many factors that go into the decision for a certain type of policy, and they may change numerous times throughout life.

To find the best policy, it’s ideal to speak with a variety of insurance companies. Their policies and guidelines will all differ and it’s helpful to know about all of the options available.