Tax guides › Insurance
Life insurance protects a household if someone dies; it is not a savings account and not a substitute for a TFSA or RRSP. These guides explain the choices and include the cases where insurance may not be needed at all.
Life insurance is arranged by Parminder Singh Oberoi through Punjab Insurance Agency Inc. These guides are general information and have not yet been reviewed by the licensed provider.
Maybe. Savings and insurance do different jobs. A TFSA or RRSP is an asset that takes years to build and is worth whatever is in it on the day.
Seven decisions. Who is the successor holder of your TFSA. Who is the beneficiary of your RRSP or RRIF.
Ask five things. What would the household need to replace if one parent died, and for how many years.
Mortgage life insurance from your lender is optional. It pays the outstanding mortgage balance to the lender rather than to your family.
Ask six things. Where exactly does the tax saving come from, in the Income Tax Act.
Term life insurance pays a benefit if you die within a fixed period, such as 10 or 20 years, or before a set age.
Mortgage default insurance protects the lender if you stop paying. It is required when the down payment is under 20%.
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