Should I Get Life Insurance Canada — Decision Checklist (2026)
“Should I get life insurance?” and “Is life insurance worth it?” depend on your situation. This checklist helps you decide in Canada: dependants, mortgage, debts, business, and when you might skip or delay. For a deeper “worth it” analysis see when life insurance is worth it and is life insurance worth it.
Updated March 16, 2026
Reasons to get life insurance
Dependants: If someone relies on your income — a spouse, kids, or aging parent — life insurance can replace that income. Mortgage or debts: Coverage can pay off the mortgage or other debts so your family isn’t burdened. Business: Key person or partnership insurance can fund buyouts or continuity. Final expenses: A small policy can cover funeral and related costs. See how much life insurance coverage and life insurance with mortgage Canada.
When you might skip or delay
No dependants and no significant debts: you may not need much or any. Already retired with enough savings and no one relying on your income: coverage may be optional. Budget is very tight: start with a small term life amount and increase later. For “is it worth it” see when life insurance is worth it.
How life insurance works (quick)
You pay a premium; if you die during the policy term, the insurer pays a tax-free death benefit to your beneficiaries. How life insurance works has more detail. Term life insurance explained covers the most common product.
FAQ
Should I get life insurance with no dependants?
Optional — consider a small policy for final expenses or debts, or skip if you have neither.
Is life insurance worth it?
For most people with dependants or a mortgage, yes. Use our checklist and compare quotes.
When should I get it?
When you have dependants, a mortgage, or debt. Sooner is usually cheaper.
Next step
Compare life insurance quotes to see cost and coverage. Also see life insurance Canada and where to buy life insurance Canada.