Life Insurance That Actually Protects Your Family.
Most Canadians are underinsured — or have the wrong type of coverage. Let's make sure your family is never left short.
| Feature | TERM LIFE INSURANCE Pure Protection | WHOLE LIFE INSURANCE Permanent Legacy |
|---|---|---|
| Coverage period | Set term (e.g., 10, 20, 30 years) | Lifelong (permanent) |
| Premium cost | Lower initially, increases upon renewal | Higher initially, but locked in for life |
| Cash value | None | Builds tax-advantaged cash value over time |
| Complexity | Simple and straightforward | More complex, can be used for estate planning |
| Best for | Income replacement, mortgage protection, young families | Estate planning, leaving a legacy, covering final expenses |
| What happens at end of term | Coverage expires unless renewed at a higher rate | Never expires as long as premiums are paid |
| Investment component | No | Yes (dividends or cash value growth) |
Protection When Your Family Needs It Most.
Life insurance pays a tax-free lump sum to your beneficiaries when you pass away. That money can replace your income, pay off the mortgage, cover debts, fund your children's education, and give your family time to grieve without financial pressure. The right policy means your family's life doesn't have to fall apart financially when it's already falling apart emotionally.
What life insurance covers:
- Mortgage and debt payoff
- Income replacement (5-10+ years)
- Children's education funding
- Final expenses ($10,000-$15,000)
- Business obligations
- Estate planning and wealth transfer
Term vs Permanent — Which Is Right for You?
Pure protection for a set period
You pay a fixed premium for 10, 20, or 30 years. If you pass away during the term, your family receives the full death benefit tax-free. If the term expires, coverage ends — but many policies are renewable or convertible.
Lifelong protection + tax-sheltered growth
Covers you for life — no expiry. Builds tax-sheltered cash value over time that you can access through policy loans. Used by high-income Canadians as a tax-efficient wealth tool.
Most families benefit from a combination: a larger term policy for immediate income replacement and mortgage protection, plus a smaller permanent policy for lifelong coverage and tax-sheltered growth. Sarah Lovett will show you exactly what combination makes sense for your budget and goals.
The DIME Method — A Simple Starting Point
D — DEBT
Add up all debts — mortgage, car loans, credit cards, lines of credit. Your policy should cover these completely.
I — INCOME
Multiply your annual income by the number of years your family needs support. Most advisors recommend 10x annual income.
M — MORTGAGE
If not included in debt — add your full mortgage balance.
E — EDUCATION
Add estimated education costs for each child — typically $50,000-$100,000 per child.
Mistakes That Leave Families Unprotected
RELYING ON GROUP BENEFITS
Group coverage through your employer typically provides 1-2x salary — far less than the 10x most families need. And it disappears the moment you leave your job.
INSURING ONLY THE BREADWINNER
The stay-at-home parent provides childcare, household management, and emotional support worth $50,000-$100,000/year to replace. They need coverage too.
WAITING UNTIL YOU'RE OLDER
Every year you wait increases your premium and your risk of a health diagnosis that could make you uninsurable or significantly more expensive.
BUYING MORTGAGE INSURANCE FROM THE BANK
Bank mortgage insurance pays the bank — not your family. A personal life insurance policy pays your family, who can then choose to pay the mortgage or use the money differently.
What Working With Sarah Lovett Looks Like
Free 30-minute consultation — we review your situation, dependents, debts, and goals
We calculate your exact coverage needs using our Life Insurance Needs Calculator
We compare quotes from WFG and other top Canadian carriers
We submit your application and walk you through the underwriting process
Access to Canada's Top Insurance Carriers
As a licensed broker, Sarah Lovett compares multiple carriers to find the best coverage at the best price for your situation.
Frequently Asked Questions
YOUR FAMILY DESERVES TO BE PROTECTED
The right life insurance policy is the foundation of every financial plan. Book a free call and Sarah Lovett will calculate your exact needs, compare your options, and make sure your family is never left short.
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