Stay informed

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.

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.

Bank of Canada holds interest rate at 2.75% again as 'uncertainty remains high'

One of the first thing Rampersad does when she works with a client looking to purchase their first home is help them register a First Home Savings Account (FHSA), which allows clients to reduce their taxation on their first home purchase.

More than half of Canadians expect to care for aging parents, but most are not prepared. The costs of caregiving – such as day-to-day expenses, healthcare, long-term care, in-home care, and home upkeep - can add significant burden to finances with most poll participants reporting at least $5,800 in out of pocket expenses annually, but as much as $25,000 for some.

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.

Ontario has tabled its 2025 budget, outlining its spending plans for the next year in an economy dominated by tariffs from the United States. The annual document gives an indication of the health of the province’s economy and includes major and minor policy announcements from the government.

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.

A new survey from TD Bank found Gen Z are the most likely Canadians to invest their tax returns once received, but also may be unclear on how some savings accounts work.

Canada’s housing market, which had consistently rebounded from previous economic shocks over the past 25 years, is now facing significant strain. According to The Globe and Mail, this time the stress comes not from domestic conditions but from the trade policies of US President Donald Trump.

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

'If people can eat 30 different diverse plant foods over the course of the week, that's very beneficial for gut health,' says Feller. 'And we know that the gut has a big role in terms of immune health and also inflammatory conditions throughout the body.'

A survey suggests Canadians’ outlook for their personal finances has brightened even as they’ve taken steps to cut their expenses amid economic turmoil.

Financial Post readers think people need a net worth of at least $5 million in order to be considered wealthy, they plan to invest about the same this year as last and their biggest regret was not starting their financial planning earlier.

🛠️ Dans le but de ralentir notre consommation, de réduire nos déchets, d’utiliser notre ingéniosité manuelle, il est possible de réparer, de récupérer et de revaloriser de la matière et d’éviter le gaspillage. Tout mérite une bonne évaluation.