Short answer
In Toronto, start with your real monthly costs: mortgage or rent, condo fees, childcare and debts. Life insurance should cover the gap your family would face if something happened to you. Renters and condo owners need it as much as homeowners, and households that rely on two incomes may need a policy for each partner.
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.
Do condo owners need to count condo fees?
Yes. If you own a condo, your monthly maintenance fees continue even if the mortgage is paid off. Include them in the income your family would need, along with property tax and insurance on the unit.
Do renters need life insurance?
Renting does not remove the need. If your partner or kids rely on your income to pay rent, the coverage replaces that income. The math uses years of rent instead of a mortgage balance.
What if we rely on two incomes?
Many households here need both paycheques to cover the bills. If either income stopped, could the other cover rent or the mortgage, childcare and debts? Each partner may need their own coverage. The Financial Consumer Agency of Canada notes that joint first-to-die policies usually cost less than two single policies, but they are less flexible if you separate.
We are saving for a first home. Does that change anything?
Buying in the city comes with a Municipal Land Transfer Tax on top of Ontario's land transfer tax, so closing costs can be higher than you expect. Check the City of Toronto's calculator. Once you buy, your mortgage becomes the biggest number in your life insurance math. The FHSA can help you save for the down payment.
What if I am self-employed or on contract?
Contract and gig workers often have no group life insurance or disability coverage. That means any protection has to come from a personal policy. Look at disability coverage too, since an illness or injury can stop your income.
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 I compare prices across insurers?
Yes. Jackson compares options across several companies, so he can put term and permanent options next to each other and you can compare coverage and prices.
Do I need life insurance if I rent?
If anyone relies on your income to pay rent and bills, coverage can replace that income. Use years of rent in place of a mortgage balance when you work out your number.
Should I include condo fees in my life insurance calculation?
Yes. Condo maintenance fees continue after a mortgage is paid, so include them in the yearly costs your family would need to cover.
Does Toronto have an extra land transfer tax?
Yes. The City of Toronto charges a Municipal Land Transfer Tax in addition to Ontario's land transfer tax. The City's website has a calculator.
Should both partners have life insurance?
If your household depends on both incomes, each partner may need coverage. Compare single policies and joint policies, since they differ in cost and flexibility.
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
- Municipal Land Transfer Tax (City of Toronto)
- Life insurance (Financial Consumer Agency 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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Read guide →Is mortgage protection insurance the same as life insurance?
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