Bills, Rent, Groceries… and Life Insurance?

Why life insurance needs to be in your budget

Life today comes with no shortage of financial responsibilities: mortgage payments, household expenses, saving for your children’s education, investing for retirement, and of course, the everyday costs of living. With the rising cost of living in Canada, it’s no surprise that 10% of Canadians say they’ve delayed securing life insurance because it feels like one more expense on an already long list.

But here’s the difference: unlike bills that simply maintain your lifestyle, life insurance protects it. It’s not just another line item in your monthly budget, it’s the foundation that ensures your family can continue the life you’ve built, no matter what happens.

Why Life Insurance Deserves a Place in Your Budget

Think about it: bills, groceries, and mortgage (or a rent) are costs you pay to keep your household running today. But life insurance is the one “bill” that looks beyond today. It protects your family’s ability to keep paying those same bills tomorrow, even if your income is no longer there.

If anyone relies on your financial contribution, whether it’s your spouse, children, or even extended family. The absence of life insurance can have life-altering consequences. Families who lose a primary income earner often face:

• Loss of the family home

• Forced relocation

• Mounting debts or even bankruptcy

• Disruption to children’s education plans

These aren’t just hypothetical risks. They’re the real challenges many families encounter when financial protection isn’t in place.

Life Insurance FAQs

1. Do I really need life insurance if I’m financially comfortable?

Yes. Even if you have strong savings and investments, life insurance provides immediate, tax-free liquidity for your family. It ensures your loved ones can cover ongoing expenses, pay off debts, and protect long-term assets; without having to sell investments or property under pressure.

2. Don’t I already have life insurance through work?

Many workplace plans provide only limited coverage, often one or two times your annual salary. That may not be enough to cover your mortgage, debts, and family’s ongoing expenses. Personal coverage fills the gap.

3. Do I really need it if I don’t have kids?

Even without children, life insurance can protect a spouse or partner, cover shared debts like a mortgage, and prevent financial strain on your loved ones. It’s about more than children, it’s about anyone who depends on you.

Making the Smartest Investment in Tomorrow

At the end of the day, the real question isn’t whether you can afford life insurance—it’s whether you can afford to leave your family without it.

Ready to take the next step? Let’s create a tailored plan that protects what you’ve built and provides peace of mind for the people who matter most. Book your private coverage review today.