One of the most uncomfortable questions for anyone to answer is: “What if…”

And with good reason. No one wants to think of the worst-case scenario when you still have your whole life ahead of you.

But even though this topic is a difficult one, taking out life insurance — especially while you’re young — can ease the financial burden on your family if something untimely ends up happening to you.

How much life insurance do you need?

The amount of life insurance you need depends on your unique situation and how you’d like to best help your family.

From covering your kids’ school and university fees to mortgage payments to wiping out debt, or even replacing your yearly income, there are several options you can choose from to support your family — when you’re not around to do so yourself.

What are the options?

There are three popular options when it comes to life insurance coverage.

Term life insurance

Term insurance is a type of life insurance that offers coverage for a predetermined period, known as the "term," that typically ranges from 10 to 30 years. If the insured individual dies during this term, the policy pays a death benefit to the designated beneficiaries. Term insurance is usually a less expensive and more flexible option.

Young families and busy professionals looking for fast and affordable insurance can easily connect with PolicyMe and get term life insurance in just a few clicks, with no medical exams or blood tests.

With PolicyMe, you can get life insurance coverage from $100,000 to $5 million, starting at around $21 per month. Couples receive 10% off in the first year. There are no hidden fees or fine print — just clear and flexible coverage you can trust.

Health and dental insurance

About 7.5 million Canadians have to pay out-of-pocket because they are uninsured. And over 35% of Canadians — around 12.9 million people — lack dental insurance, including 1.2 million children under 12, according to Statistics Canada.

Health and dental insurance is essential, especially for those without coverage through their employer or a government plan. It ensures you get the care you need — when you need it — without worrying about the unplanned expenses.

PolicyMe’s health and dental insurance helps you cut down on out-of-pocket costs for both routine and emergency care. On the dental side, coverage includes exams, X-rays, cleanings, fillings, extractions, root canals, gum treatments, major dental surgeries, and even braces.

For health-related expenses, plans can cover prescription drugs (including birth control), vision care like glasses and laser eye surgery, therapy and mental health services, registered massage therapists, chiropractors, orthotics, hearing aids, and more.

It’s a smart way to protect both your health and your wallet.

Critical illness insurance

Critical illness insurance is a type of coverage that provides a one-time, tax-free lump sum payment if you’re diagnosed with a serious illness — like cancer, heart attack or stroke — so you can focus on recovery instead of finances.

PolicyMe’s Critical Illness Insurance offers Canadians peace of mind with one of the most comprehensive plans available — protecting against 44 conditions, including 27 major illnesses and 17 early-stage diagnoses. Backed by Canadian Premier Life, the plan provides tax-free lump-sum payouts from $10,000 to $1 million, with no waiting period for most conditions. From early-stage cancers and heart disease to neurological disorders, this coverage helps fill financial gaps when government healthcare, employer benefits, or personal savings aren’t enough.

You can customize your coverage up to $1 million, cancel anytime with a pro-rated refund, and even bundle it with term life insurance. Getting covered is easy with PolicyMe — just answer four questions for an instant quote.

Peace of mind

Whether you choose critical illness insurance on its own, bundle it with term life insurance, or add it to your existing coverage, having protection in place brings lasting peace of mind.

It allows you and your family to make the most of each day — knowing that if a serious illness or unexpected loss occurs, you’ll have the financial support to stay protected, manage essential expenses, and focus on what truly matters.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.