Life Protection
Why Canadians Need Life Insurance?
Let’s start with the facts. According to a 2025 survey by PolicyMe and Angus Reid, 42% of Canadians either don’t have life insurance or aren’t sure if they do, and nearly half of parents (49%) say they don’t plan to purchase coverage in the next five years. That’s a staggering gap—especially when you consider that 1 in 4 Canadians without coverage aren’t confident their families would be financially secure if they passed away unexpectedly.
In Canada, nearly half of adults either don’t have life insurance or aren’t sure if they do. And among those who do, many are underinsured—meaning their coverage wouldn’t come close to replacing their income or covering their family’s needs if something happened. That’s not just a statistic. That’s a risk.
Life insurance isn’t just about death—it’s about life. It’s about making sure your loved ones can stay in the home you built, continue their education, and maintain their lifestyle even if you’re no longer there to provide for them. It’s about ensuring your business survives, your debts don’t become someone else’s burden, and your children—especially those with special needs—have the support they’ll need long after you’re gone.
So how much coverage do you actually need? A common rule of thumb is 10 to 15 times your annual income. If you earn $80,000 a year, that means you should be looking at $800,000 to $1.2 million in coverage. But that’s just a starting point. A more personalized approach is the DIME method, which looks at your Debts, Income replacement, Mortgage, and Education costs. It’s a more holistic way to assess what your family would need to stay financially secure.
Now, let’s talk about what you’re actually insuring. It’s not just your salary. It’s your ability to provide. That includes:
Paying off your mortgage
Covering day-to-day living expenses
Funding your children’s education
Supporting dependents with long-term care needs
Handling final expenses like funerals and legal fees
Ensuring your business can continue without disruption
And when it comes to choosing the right type of insurance, there are two main categories:
Term Life Insurance is simple and affordable. It covers you for a set period—10, 20, or 30 years—and is ideal for young families or anyone with temporary financial obligations like a mortgage or raising children.
Permanent Life Insurance, which includes whole life and universal life, offers lifelong coverage and builds cash value over time. It’s more expensive, but it’s a powerful tool for estate planning, legacy giving, and long-term financial strategies.
In Canada, premiums increase significantly with age, and health conditions can make coverage harder to qualify for. That’s why starting early is key. Locking in coverage while you’re young and healthy not only saves you money—it gives you peace of mind.
At Bloom Coaching, we don’t just sell policies. We help you understand your needs, explore your options, and build a plan that fits your life. Because life insurance isn’t just about protecting what you have—it’s about securing what you’re building.
So let’s start that conversation. Your future deserves it.