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"How much money do you need to have generational wealth?
Baby boomers are in the midst of a wealth transfer to gen X and millennials, with both experiencing higher costs."

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.

Here are six reasons why most people are saving for retirement wrong and how you can avoid making the same mistakes.

"Harper and his wife both have good jobs, but the cost of having two children, combined with a rising cost of living, means that they do not find it easy to cover the cost of living while saving for retirement. As a result, the 37-year-old, who lives in Whitby, Ont., launched his side business, in the spring of 2021."

"Planning for retirement isn’t just about crunching numbers and growing your nest egg; it’s about achieving a balance between living well today and securing financial freedom for tomorrow."

There’s more than one way to optimize your income after retiring. Some strategies can boost wealth, and others may leave a bigger estate for your heirs.

The importance of contingency planning as you — and your advisers — age

Longevity risk is a big threat to your retirement, but there are several strategies to protect yourself from running out of money, no matter how long you live.

Sticking with a retirement investing plan during times of volatility. While it can be worrisome to see markets drop around 10 per cent in a matter of days, experts emphasize the importance of not making any rash moves.

Many people struggle to put away a suitable amount to live on once they stop working. However, it's typically much harder for women, who tend to shoulder more responsibilities outside of work, including raising children and caring for older family members.

For many Canadians, filing their taxes often means a refund, but for some, tax time can mean a bill that’s unexpected or more than anticipated.
If that’s you and you don’t have the cash on hand to pay the bill, tax experts say not to panic.

Here’s why you might see an RRSP deduction limit on your notice of assessment, even when you’ve already converted your account to a RRIF.

If you're single and ready to retire, the next stage of your life could look different from your married peers' lives. You may have a smaller nest egg, but you also might have more freedom to do what you want.

The costs involved in car ownership continue to rise at a rapid rate, and U.S. President Donald Trump's tariffs could create a snowball effect.

Need content to better understand the financial landscape? I have valuable resources for you.

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.

Most Canadians unaware that unused tax credits from prior years are still available.
38% of Canadians believe they may have some unused credits

Free summer fitness program helps teens across Canada build lifelong healthy habits

Some Canadian seniors enter retirement without savings or run out of money over time. Here’s how they can stay afloat financially.

Canadians aged 65 to 74 can receive up to $727.67 per month in 2025 if their net annual net world income in 2023 is less than $142,609. However, Canadians aged 75 and over can receive a maximum of $800.44 if their annual net world income in 2023 is less than $148,179.