How much life insurance you require, or if you require any at all, depends on your personal situation. When evaluating whether you should buy life insurance, you can consider several things, such as:

• Do you have dependants and wish them to be financially secure if you were to die? As a general rule, you may want to leave your dependents enough money to cover specific expenses and maintain their current lifestyle. Your dependents should be left with enough money to pay off your debts and funeral expenses, and to pay for food, shelter, clothing and education costs, at least during the transition period.
• If you are a single parent, making or receiving support payments, how would these payments be kept up in the event of death?
• If you have a mortgage on your home, do you want it paid off in the event of your death?
• Are there charities to which you would like to leave money?
• What capital gains taxes or other financial obligations would arise at death?

For more information on life insurance, contact an insurance provider or visit canada.ca.

								
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