Do I Need Life Insurance in Ontario? What Families, Homeowners & New Parents Should Know
Life insurance is for anyone whose loss would create a financial burden for others. In Ontario, that typically includes:
Parents
People who own a home together
Couples who are married or common-law
Anyone with dependants (children, aging parents, or family members they support)
Business owners who want proper buy/sell agreements in place
Anyone who wants to pass down generational wealth and leave something meaningful behind
If someone relies on you financially — even partially — life insurance is no longer optional. It becomes an essential part of protecting your family’s future.
Life Events That Should Trigger Getting Life Insurance
There are key milestones where life insurance becomes especially important:
Having a child
Buying a home (and replacing expensive, restrictive mortgage insurance)
Starting a new job
When your income increases
After hearing about a tragedy in your community
When you’ve experienced receiving little or no inheritance and want better for your children
These moments make most people stop and think about long-term protection — and that pause is often the moment when families choose to put solid coverage in place.
How Much Life Insurance Do You Need?
Life insurance isn’t one-size-fits-all. How much you need depends entirely on your situation. That’s why it’s important to speak with a licensed insurance advisor in good standing who can look at your entire picture.
During a consultation, we consider:
Your mortgage
All debts
Your income
Daycare and childcare
Extracurriculars and activities
Your family's overall lifestyle
Everything is personal and specific — because no two households live the same way or have the same financial needs.
What Most People Get Wrong at First
Some individuals and families come to me feeling unsure, and it’s not their fault. A lot of people have received advice in the past from someone who wasn’t licensed, or they’ve been given information that wasn’t fully accurate to their situation or explained clearly.
My role is to support you, understand your goals, and help you sort through the noise. I break everything down in a way that’s simple, honest, and specific to your real life. No pressure, no confusion.
People deserve clarity and confidence when making decisions that protect their family. That’s why so many of my clients feel relieved and grateful after receiving guidance from someone who is licensed, experienced, and truly looking out for their best interests.
Want vs. Need: Understanding the Difference
Some people want life insurance because they hope to:
Give back to a charity or organization
Leave a gift to siblings, parents, or close friends
But needing life insurance is different.
You need it when you have dependants whose lives would be financially harder without you. Life insurance becomes the safety net that keeps them secure, and gives you peace of mind.
The Purpose of Life Insurance, in Plain Language
When someone passes, one of three things happens financially:
Their family stays the same
Their family becomes poorer
Their family becomes richer
Life insurance is your way of saying:
“I love you, and I want you to be taken care of no matter what happens.”
Nothing can replace the loss of a loved one. But planning ahead takes away one of the biggest stressors during the hardest moments a family can face.