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Understand your family's needs

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Planning for the future is an essential part of being a parent. And because your children represent such an important responsibility, it also means preparing for the unthinkable: the death of one parent — or even both.

Buying life insurance is the most crucial purchase you can make as a parent

While many Canadians get some life insurance coverage through their employers, it is usually not enough to provide a safe future for their families. To find out how much life insurance your family might require, use our interactive needs calculator.

Even in a two-income family, the loss of either parent would have extremely serious implications. Parents depend on each other in all sorts of ways that go beyond earning an income and paying the bills. In many cases, the remaining parent would have to leave their full-time job in order to care for the children and household. In other situations, the extra childcare needed would become a very large additional expense.

Get protection

As a parent, you should consider life insurance to protect the people who depend on you.

Life Insurance

But what type of insurance is right for you? Should you buy permanent life insurance or term life insurance?

Term life insurance offers affordable premiums and flexibility. However, it's important to know that, unlike permanent life insurance, term life insurance has no additional cash value.

Term Life is a 10-year renewable term life insurance plan. If your application is approved, your premiums are guaranteed to remain the same for the initial 10-year period. You can apply to increase or decrease your coverage to suit your changing needs throughout your life. You can also renew your coverage automatically up to age 85 without answering any additional medical questions.

With Term Life insurance, you'll get peace of mind knowing you're protecting the ones you love.


Individual circumstances may vary. You may wish to contact one of Manulife’s licensed insurance advisors or your licensed insurance agent if you need advice about your insurance needs.