Life insurance tends to fall into that “I’ll deal with it later” category for many Canadians — and a big reason for that is misinformation. From cost concerns to assumptions about who qualifies, there are plenty of myths floating around that can stop people from getting the protection they need.
Let’s clear the air. Here are the top 5 myths about life insurance in Canada — and the real facts behind them.
🧠 Myth #1: Life insurance is too expensive.
Reality: For many people, life insurance is actually more affordable than their monthly streaming bill. A healthy 30-year-old non-smoker can get $500,000 of term life insurance for as little as $20/month.
The cost depends on your age, health, and type of policy — but the earlier you apply, the cheaper it usually is. And with term policies, you’re only paying for what you need, for as long as you need it.
Tip: Start with a quote — you might be surprised how low it actually is.
👵 Myth #2: I’m young and healthy, so I don’t need it yet.
Reality: That’s exactly why it’s the perfect time. The younger and healthier you are, the lower your premiums — and you lock them in for the length of your term. Waiting until you’re older or develop health issues will almost certainly make insurance more expensive (or harder to get).
Plus: Life changes fast — kids, mortgages, businesses, etc. Life insurance is future-proofing.
💼 Myth #3: I’m covered through work, so I don’t need more.
Reality: Employer life insurance is a great perk — but it often isn’t enough. Most group plans only offer coverage equal to one or two times your annual salary, which may not go very far in protecting your family.
And if you leave your job? That coverage usually doesn’t follow you.
Tip: Use workplace insurance as a supplement, not a replacement. A personal policy gives you control and continuity.
💔 Myth #4: If I have no dependents, I don’t need life insurance.
Reality: Life insurance isn’t just about raising kids or supporting a spouse. It can cover:
- Final expenses
- Student debt or co-signed loans
- Charitable giving
- Estate planning and taxes
- Business obligations
And again, it’s cheaper to get while you’re young and healthy — even if you don’t yet have people depending on you.
📄 Myth #5: It’s complicated and takes forever to apply.
Reality: Not anymore! Many Canadian insurers now offer no-medical or simplified issue policies you can apply for entirely online — sometimes in under 15 minutes.
If you want more coverage or have a complex situation, a broker or advisor can walk you through the options without pressure. It’s simpler than ever to find something that fits your life.
Final Thought: Don’t Let Myths Steer Your Future
Life insurance is one of those things that’s easy to put off — but incredibly valuable once it’s in place. Whether you’re starting out, building a family, or preparing for retirement, the right policy brings peace of mind and financial security.
So next time you hear someone say “I don’t need life insurance,” you can bust that myth with confidence. 💡
If you would like for a licensed professional to help you explore your options, fill in a quick form below to get connected to a Canadian Insurance Broker.
