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The opinions expressed in this article are of the fund company that owns this content and do not constitute professional advice or recommendation, nor do they reflect the official position of Sun Life. Please seek advice from a qualified professional, including a thorough examination of your specific legal, accounting and tax situation.

How much life insurance is the right amount? Let’s set up some time to discuss the details such as how long you need it and what kind might be right for you. You can walk out feeling more confident and educated on your options.


Script: How much life insurance is the right amount? Simply put, the amount of life insurance you need depends on your unique situation. A good place to start is to figure out how much life insurance you may need… how long you need it for… and what kind might be right for you. Let’s look at an example: Jackie is 33 years old… and has two kids. She has four goals for her life insurance: Leave money to her family to pay off her mortgage. Top up her kids’ registered education savings plans. Pay off her student loans. And, replace her income for 10 years. Based on these goals, Jackie is looking at a 1-million-dollar life insurance policy. If she died, her family could choose to use the insurance payout to: Put 300-thousand dollars toward the mortgage. Add 60-thousand dollars to the kids’ RESPs. Pay off her 40-thousand-dollar student loan. And… cover the family’s ongoing costs with the remaining 600-thousand dollars. How much do life insurance payments cost per month? In Jackie’s case, a 1-million-dollar, 30-year term policy for a non-smoking, 33-year-old woman… could cost about 80-dollars per month. For a man of the same age, it’s closer to 110-dollars per month. How long do you need your coverage to last? For a younger person… or a couple with debt and a mortgage, a 30-year policy or longer may be suitable. For someone in their forties… with little debt and a small mortgage… a 20-year policy might be the right fit. What are your options? Your employer may offer life insurance through your employee benefits. But… it may not be enough. And you can lose that coverage if you change employers. You may want to consider more life insurance. In which case, you have two types to choose from: Term life insurance. And… permanent life insurance. Any amount of life insurance can help give your loved ones some financial security when you die. Your unique situation will inform the amount and type of insurance you need. For more tips and tools, visit sunlife.ca.

Boost your knowledge with this helpful article.


The opinions expressed in this article are of the fund company that owns this content and do not constitute professional advice or recommendation, nor do they reflect the official position of Sun Life. Please seek advice from a qualified professional, including a thorough examination of your specific legal, accounting and tax situation.

Adopting a dog from a local shelter in Canada typically costs between $300 and $600. This usually includes vaccinations, spaying or neutering and a basic health check. If you’re getting a dog from a breeder, expect to pay anywhere from $1,000 to over $3,000, depending on the breed.

How should Ramona invest a critical illness insurance payout of $300,000?

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The opinions expressed in this article are of the fund company that owns this content and do not constitute professional advice or recommendation. Please seek advice from a qualified professional, including a thorough examination of your specific legal, accounting and tax situation.

Real estate investing has its merits. And certain markets have performed exceptionally well in Canada over the past generation. But sometimes, especially as you approach retirement, you should reconsider your real estate strategy.

Younger families more likely to spend more than half their discretionary budget on the kids. Over 7 in 10 (72%) mothers said caretaking responsibilities — either for children or adult relatives — impacted their ability to achieve long-term financial goals.

Improve your industry knowledge with valuable insights and strategies to help you navigate financial success.


The opinions expressed in this article are of the fund company that owns this content and do not constitute professional advice or recommendation, nor do they reflect the official position of Sun Life. Please seek advice from a qualified professional, including a thorough examination of your specific legal, accounting and tax situation.

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The opinions expressed in this article are of the fund company that owns this content and do not constitute professional advice or recommendation. Please seek advice from a qualified professional, including a thorough examination of your specific legal, accounting and tax situation.

While prices and buyer competition have declined — offering the perfect opportunity for purchasers ready to enter the market — it’s brought on by Canadian consumer confidence taking a hit, with economists warning of a modest recession given the current trade uncertainty with the U.S.

More than half (58 per cent) of Ontario employees say retirement planning should go beyond financial wellness and encompass physical and mental health and social connections, according to a new survey by the Ontario Municipal Employees Retirement System.

Have you made a mistake or need to change your tax return? Here’s how

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For nearly a third of soon-to-be-retired Canadians, living a mortgage-free retirement may not be on the cards for at least a few years, a new report says.

Should young couples invest together or go it alone?

You have a lot of financial responsibilities—and you’re managing them all on your own. But how are your investments doing? Here’s what Canadian women (and those in their lives) need to know about investing.

Should you hold equities? Fixed income? An annuity? Or all three? Financial advisors debate the options in today’s “tariffied” environment.

Christopher Liew outlines some of the expected and not-so-expected costs of divorce, to help you prepare and plan if you and your spouse decide it’s time to part ways.

Do you have the best life insurance for your life stage? Experts say young Canadians are often underinsured. Here’s how to choose the right coverage.