Canada’s provincial healthcare plans do not cover life insurance or end-of-life care. That means that in the event of your passing, your family may have to pay out of pocket for funeral expenses, and potentially fend for themselves if you were the primary provider.
Life insurance helps your family cope financially after you pass away.
While individual life insurance plans vary, typical coverage includes costs of funeral expenses, mortgage payments, everyday living expenses, loss of income, child support, and more.
Depending on the policy you sign up for, life insurance can cover: