Big Life Change? Time to Rethink Insurance.
Life events can shift your insurance needs. Let’s make sure you’re protected.
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19/06/2025
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Schedule a Meeting!Life doesn’t wait. It moves fast, from building a family to buying your first home to starting a business, you’re constantly evolving. And with every major milestone comes a new level of responsibility. We’ve seen that these life events often spark the decision to consider life insurance in Canada and for good reason. Whether you’ve thought about what term life insurance really is or you’re just starting to explore your options, this guide will walk you through the key moments that should prompt you to think seriously about protecting your loved ones.
Let’s start with the basics before we explore the life events that influence insurance choices.
Term life insurance is coverage that is valid for a set period of time, typically 10, 20, or 30 years, although most providers (including those we partner with) also provide custom options such as 15, 25, or even 33 years. If you die within that term, your beneficiaries get a tax-free lump sum amount.
Unlike whole life insurance, term policies don’t accumulate cash value. That’s also the reason why they cost a lot less. So when it comes to life insurance and term insurance, this is frequently the best place to begin for most Canadians.
The following are some of the most significant turning points where it makes good sense to think about term and life insurance:
When you get married, you tend to share financial obligations. If your income is a key factor in being able to continue your lifestyle as a couple, term life insurance is one means of ensuring your partner is covered should something occur to you.
Kids are a joy and a financial burden. Diapers to daycare, school to future weddings – it adds up quickly. Term life insurance in Canada ensures they’re covered, even when you can’t do it yourself.
We frequently assist young families in creating plans that grow with their children, stacking several term policies for protection that evolves over the years.
One of the biggest reasons people look into term life insurance quotes is mortgage protection. If you’ve just purchased a home, your policy can be designed to align with your mortgage term 25, or 30 years so that your loved ones aren’t left carrying that financial burden.
Entrepreneurs tend to overlook the fact that their business is reliant on them. If you’ve borrowed money, provided personal guarantees, or have employees, your untimely departure could jeopardize everything. We assist business owners in integrating term insurance and life insurance strategies that cover their families and businesses.
Whether you’ve recently received a promotion or taken on new financial commitments, it’s a great time to reassess your insurance needs. If your lifestyle has expanded or your financial obligations have, your coverage should reflect that.
At other times, the most painful moments are the most educational. If you lost a loved one and saw firsthand the financial consequences of being uninsured or underinsured, you understand only too well how important a good policy can be.
Whether you’re celebrating 30, 40, or 50, milestone birthdays tend to prompt self-reflection. We often work with clients who wish to secure a policy while in good health and paying lower premiums. It’s a savvy idea, particularly when weighing term against full life insurance coverage.
Before you make any choice, it’s helpful to become acquainted with the most important term life insurance definitions:
We guide you through each of these and assist you with designing your policy to meet your specific needs and life goals.
Life events can shift your insurance needs. Let’s make sure you’re protected.
Schedule A Meeting
Big Life Change? Time to Rethink Insurance.
When you compare term vs permanent life insurance, it ultimately comes down to what you want.
Term insurance is cheaper and best suited for paying for particular time-sensitive financial obligations such as raising children, paying a mortgage, or financing business loans.
Permanent insurance (also known as whole life insurance) extends throughout your lifetime and has a cash value. It’s most appropriate for long-term wealth transfer, legacy planning, or end-of-life expenses.
We assist you to contrast term insurance vs permanent life insurance so you can decide what best fits your goals today and your dreams for the future.
Life speeds by. The perfect moment to get covered is always before you require it. Whether you’ve recently achieved a new milestone or anticipate one arriving soon, term life insurance provides you with the reassurance to live life to the fullest, knowing that your loved ones are safe.
We assist you in considering your options clearly, comparing best-ranked term life insurance quotes, and tailoring a plan that suits your life perfectly. You don’t have to do this yourself, as we are always here to help you step by step.
Founder, Wiseconomy
Certified LLQP professional with years of experience helping individuals navigate Canada’s financial landscape, select bespoke insurance coverage, and create personalized investment strategies tailored to their unique goals, needs, and long-term financial well-being.
Explore frequently asked questions for quick help, common topics, and essential information.
It’s an insurance policy that insures you for a term (10, 20, 30 years, or to a specified duration). If you die within the time period, your beneficiaries get a tax-free payment.
Term is short-term and less expensive. Whole life (permanent coverage) covers you a lifetime and has cash value, but it is more expensive.
Marriage, children, homeownership, business formation, incurring debt, or hitting a milestone birthday are all times when term life insurance is appropriate.
You bet. Many clients have found a blended approach works best. We can assist you with crafting a plan that blends short-term protection with long-term planning.
Typical terms are 10, 20, or 30 years. But most insurers provide specific terms such as 11, 17, 25, or even 33 years. We guide you in deciding on the one that suits you.
You’ll lock in much lower rates, and you’re more likely to receive preferred rates. And your future needs will more than likely increase—while your health might not always remain consistent.
That’s what we’re here to assist you with. We compare leading Canadian providers’ quotes and explain every possibility in an easy-to-understand manner.
