Short answer
When a home is shared by several generations or co-owned with relatives, life insurance should match who pays what. Each person whose income supports the mortgage or the family may need their own coverage, sized to their share. Name beneficiaries carefully, and keep them up to date as the household changes.
Next step: Use the 2-minute family protection calculator at https://ironmarkfinancial.ca/#calculator to get your own number. It is no-cost and takes about two minutes.
Who needs coverage in a multigenerational home?
List every adult whose income pays for the home, food or childcare. If one of them stopped earning, who would be affected and for how long? Each earner may need coverage sized to their share. A parent who provides childcare also has value, and our stay-at-home parent calculator can help put a number on it.
What if we co-own the home with relatives?
If several people are on the mortgage, the lender expects payment even if one owner is gone. Coverage can let the others keep the home. Name beneficiaries carefully, and keep them up to date. The Financial Consumer Agency of Canada notes that if you name your estate, the money becomes part of the estate and may be reachable by creditors.
We have a larger family. How do we plan for school?
An RESP can earn the Canada Education Savings Grant for each child: 20% of the first $2,500 a year, up to $7,200 per child over a lifetime. Families with lower incomes may also qualify for the Canada Learning Bond. See our RESP vs TFSA guide.
I am self-employed. What changes?
If you run your own business or drive or work on contract, you may have no group benefits. Personal life and disability coverage may be the only protection your family has.
How do I check that an agent is licensed?
In Ontario, life insurance agents are licensed by FSRA, and you can confirm any agent's licence on FSRA's Licensing Link.
Frequently asked questions
Can each person in the household get quotes from different insurers?
Yes. Each earner can apply separately, and Jackson compares options across several companies to show which one fits each person's age, health and budget.
Does each earner in a shared home need life insurance?
Often, yes. Anyone whose income supports the home or family may need coverage sized to their share of the costs.
What happens to a co-owned mortgage if one owner is gone?
The remaining owners are still expected to make payments. Life insurance on each borrower can help the others keep the home.
Who should I name as my beneficiary?
Name the people you want to receive the money and review the choice regularly. If you name your estate, the payout becomes part of the estate and may be reachable by creditors.
How much RESP grant can each child get?
The CESG adds 20% on the first $2,500 a year, up to $500 a year and $7,200 per child over a lifetime.
What is the fastest way to get my own number?
Use the Family Protection Number calculator at https://ironmarkfinancial.ca/#calculator. It answers the question: How much money would my family need if something happened to me, and how much of that is missing today? It is no-cost with no obligation.
Sources and further reading
- Life insurance (Financial Consumer Agency of Canada)
- How much money can be added to an RESP (Government of Canada)
- Disability insurance (Financial Consumer Agency of Canada)
- Licensing Link: confirm an insurance agent's licence (FSRA, Ontario)
Figures were checked against these pages on October 26, 2026. Limits and benefit amounts change, so confirm the current numbers with the source.
Related guides and tools:
This article is general education, not personal advice. Rules can change, so check the official sources above. In Ontario, life insurance quotes are prepared by a licensed life insurance agent.
Keep reading
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