Are You Contemplating Life Insurance?

Is life insurance actually worth it? It's a question most Canadians have asked themselves at some point. Yet according to PolicyMe's 2025 Life Insurance Gap Report, 42% of Canadians either don't have life insurance or aren't sure whether they're covered at all. Among those without a policy, 65% say they're unlikely to get one within the next five years.

So let's look at the facts, and you can decide whether life insurance is the right move for you.

Financial Stability and Debt Protection

If you have dependents relying on your income or debts like a large mortgage, life insurance is the ultimate safety net. In Canada, the life insurance death benefit is generally paid out tax-free. For most people, an affordable Term Life policy does the job perfectly, protecting your family in case of an accident.

Estate Liquidity

If you pass away while having a large amount of assets in your estate, your family may need to pay estate tax and a probate fee. Life insurance solves this by delivering cash to your family when they need it the most. A death benefit pays out in cash, quickly and directly to its beneficiaries or the estate. That cash can cover the tax bill and probate fee without anyone having to sell the house, the cottage, or the business.

Philanthropically Minded

For the philanthropically minded, life insurance offers additional benefits. By naming a registered charity as your beneficiary, or transferring ownership of a policy to them, you can leave a legacy while securing significant tax benefits for your estate.

Is Life Insurance Worth It?

If you have loved ones relying on your income, a business that needs protecting, or an estate that requires liquidity, the benefits of life insurance can be great. The key is making sure you choose the right tool — Term, Whole Life, or Universal Life. Unsure of which one to pick? Talk with a financial planner to figure out what works for you.

An advice-only financial planner breaks the traditional industry mold. We sell no financial products, accept no trailing commissions, and take zero referral fees. If you are ready to experience what completely un-compromised financial planning feels like, let's connect. Head over to merrickfinancial.ca to book your complimentary initial consultation, and let's start building a plan that works strictly for you.