Life insurance on a tight budget: what the latest reporting means for Ontario families

The Globe and Mail recently covered how families are budgeting for life insurance amid higher living costs, and featured insights from our own Darren Devine, CFP®, CLU. The takeaway: even with inflation, the right term life can still be affordable, and relying only on workplace coverage often leaves a gap. Here’s what to know—and how to choose coverage that fits your plan.

Key takeaways (in plain English)

• Work benefits aren’t a full plan. Employer life insurance is usually 1–2× salary—often not enough for mortgages, childcare, or retiree needs if a breadwinner dies.
• Term life has stayed competitive. Despite rising prices elsewhere, many term premiums have moved down in recent years, especially for healthy applicants.
• Applications are simpler. More cases are approved quickly with fewer medicals, thanks to improved underwriting processes.
• Flexible upgrades help families. Newer options (e.g., milestone top-ups at marriage, a new home, or a birth) make it easier to scale coverage as life changes.
• Delaying can cost more. Premiums generally rise with age and health changes—waiting often means paying more later (or facing limited options).

Source: “Helping clients budget for life insurance amid rising living costs,” The Globe and Mail, by Joel Schlesinger. (Link to the article here.)

What this means for you

• If you have only work coverage: Top up with term life sized to your debt, income-replacement needs, and children’s timelines.
• If you’re budget-sensitive: Start with meaningful protection now; you can add coverage at key milestones rather than over-insuring on day one.
• If you’re nearing retirement: Coordinate insurance with your RRSP/RRIF, TFSA, and estate plan to protect a surviving spouse’s income.

How we size the “right” coverage (fast & friendly)

1. A 10-minute fit call to understand your goals, budget, and existing coverage.
2. Side-by-side options (term lengths, amounts, riders) in plain English.
3. Streamlined application and guidance—no pressure, no jargon.
4. Annual check-ins so coverage stays right-sized as life changes.

Real-life scenarios

• Young family + mortgage: Term coverage sized to income and debt, coordinated with employer benefits.
• Self-employed or no group plan: Personal life + optional CI/DI to protect income and business continuity.
• Pre-retiree couple: Right-size life insurance and add long-term care or critical illness where it protects retirement income.

Quick FAQs

Is employer life insurance enough?
Usually not—think of it as a foundation, not the full house.

Has term life really gotten cheaper?
Many term rates have been competitive or even lower for certain risk classes; every case depends on age, health, amount, and term.

Do I need a medical?
Sometimes. Many applications can be underwritten without routine tests—depends on amount, age, and health.

 

Want to find out if you have the right coverage? talk to us today.

 

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This blog summarizes reporting by Joel Schlesinger in The Globe and Mail featuring commentary from Darren Devine, CFP®, CLU. Read the original article here.