Term covers you for a set period (10, 20, 30 years) at the lowest cost. Whole life covers you for life with guaranteed premiums and cash value. Universal life is permanent coverage with flexible premiums and investment options inside the policy.

A common starting point is enough to replace several years of income plus pay off your mortgage and debts, fund education and cover final expenses. Try our life insurance needs calculator.

No. Bank mortgage insurance usually pays the bank, and the coverage can shrink as your mortgage goes down. Personal term life insurance pays your chosen beneficiary, and the amount stays level.

Not always. Many policies offer simplified or no-medical options, depending on your age, health and the amount of coverage.

Often, yes. Different insurers view conditions differently — that’s why we compare options from several companies.

Children’s policies can lock in low premiums and guarantee future insurability, and some build cash value over time.

It pays a tax-free lump sum if you’re diagnosed with a covered illness such as cancer, heart attack or stroke and survive the waiting period. You can use the money any way you want.

It replaces part of your income if illness or injury stops you from working. It’s especially important for self-employed people and those without group benefits.

Group benefits are a great start, but coverage is often limited and usually ends when you leave the job. Personal coverage stays with you.

An investment fund offered by an insurance company. It works like a mutual fund but adds maturity and death benefit guarantees (typically 75%–100% of deposits), can bypass probate with a named beneficiary, and may offer creditor protection.

A TFSA grows tax-free and withdrawals are tax-free. An RRSP gives you a tax deduction now and grows tax-deferred until withdrawal. Higher earners often benefit more from an RRSP; a TFSA is great for flexibility. Many people use both.

The First Home Savings Account lets first-time buyers contribute up to $8,000 a year ($40,000 lifetime). Contributions are tax-deductible and qualifying withdrawals for a first home are tax-free.

Investing the same amount on a regular schedule. You automatically buy more units when prices are low and fewer when high. See the full example on our Investments page.

Earning returns on your past returns. Over long periods, it can make regular saving grow much faster — try our compound growth calculator on the Investments page.

Yes. Provincial plans cover very little outside Canada, and hospital bills abroad can reach tens of thousands of dollars.

Yes. Super Visa applicants need private medical insurance from a Canadian insurer that meets government requirements. We can help compare options.

Combining several debts into one loan or plan, usually with one monthly payment and often a lower overall interest rate. Learn more on our Debt Help page.

It depends on the option. Some options can improve your credit over time by lowering balances; others may affect it. Our partner Debt Medic explains the impact before you decide.