Insurance questions · British Columbia
A mortgage and children: where do I start with family protection?
A coverage conversation can begin with the people and expenses your income supports. Consider what would still need to be paid if your family lost that income, then look at what is already in place.
List the expenses that would continue
Mortgage or rent payments, everyday costs, education plans and other debts give a fuller picture than the mortgage balance alone. Compare them with savings and coverage you already have.
Review existing coverage
Check employer benefits and personal policies for amounts, duration, beneficiaries and limitations. Workplace coverage may change when your job changes; the policy terms govern.
Compare coverage types
Term life insurance covers a defined period. Permanent life insurance generally provides longer coverage. Costs and terms differ, so compare them against your goals and budget.
Three questions to bring to a conversation
- What are your family's continuing monthly expenses?
- How long could savings and existing coverage support your family?
- Do your current policy term and beneficiaries still fit your circumstances?
General information only. Coverage, eligibility, costs and claims depend on the insurer's policy and approval. This is not personal insurance, tax, investment or legal advice.
Sources
Financial Consumer Agency of Canada: Life insurance ↗Source checked: September 26, 2026. Review current policy details before making a decision.