Many jobs include life insurance as part of a benefits plan. It is a great start. Here is what to check.
Things to look at
- How much is it? Work coverage is often set as a multiple of your salary. Look at your benefits booklet for the exact amount and compare it to what your family would need.
- Is it tied to your job? Group coverage usually belongs to the plan, not to you. If you leave, retire or lose your job, it may end.
- Who is your beneficiary? Make sure the person named is still the right one.
- Can you add more? Some plans let you buy extra coverage. Check the rules and whether a health review is needed.
Why people add their own policy
A personal policy stays with you if your job changes, and you choose the amount. Many families keep both: work coverage as a bonus, and their own policy as the base.
The Financial Consumer Agency of Canada suggests checking what coverage you already have through your employer before buying more.
Learn more from the Government of Canada
This guide is general education, not personal advice. Rules can change, so check the official sources above.