How Much Life Insurance Do You Actually Need?
How Much Life Insurance Do You Actually Need?
If you’ve started a family, bought a home, or taken on new responsibilities, you’ve probably wondered at some point, “Do I have enough life insurance?” It’s a common question — and not always an easy one to answer.
The truth is, most families in Ontario are either underinsured or unsure if their current coverage is enough. It’s not just about having life insurance — it’s about having the right amount and the right type for your unique situation.
Why It’s So Hard to Figure Out
There’s no one-size-fits-all answer. Some families need coverage to pay off the mortgage, replace income for 20+ years, fund education, and cover final expenses. Others may only need enough to give their partner breathing room to adjust. That’s why online calculators can feel confusing or way off — they don’t know *you*.
Term vs. Permanent Insurance
Term life insurance is often the go-to for young families — it’s affordable, straightforward, and covers you for a set number of years. Permanent insurance (like whole life or universal life) costs more but can be part of a long-term wealth or estate plan. We help you understand when each makes sense.
How Much Is Enough?
A good starting point is 10–15 times your annual income, but that number shifts based on debts, dependents, lifestyle, and future goals. We walk through each of these to find your ideal number — not too much, not too little.
Choosing the Right Provider
There are dozens of insurance companies in Canada, and they all price things differently based on age, health, and coverage type. At Brewitt Financial, we shop the market for you, comparing quotes and underwriting rules to find the best fit at the best price.
Life insurance isn’t something you need to figure out alone — and it shouldn’t feel like guesswork. At Brewitt Financial, we help growing families across Ontario understand how much coverage they really need and find the product that fits their life and budget.
If you’re ready to get clarity (or finally check this off your list), let’s chat. A short conversation now can bring long-term peace of mind.