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You may want to think about the intended purpose of your life insurance.

The Canadian Tire Term Life Insurance Plan can be used to do a lot of different things. It can be used to provide ongoing support for dependants. Replacing your income can help your dependants maintain their standard of living, including paying the mortgage, saving for continuing education and covering day-to-day bills – without having to make undue sacrifices.

Even if you have no dependants, life insurance can be used to help pay all your final expenses or can even be left to your favourite charity. There are many options to consider.

Reviewing your life insurance needs on a regular basis can help identify gaps in the coverage you have, based on changes to your income or situation over time. The flexibility of The Canadian Tire Term Life Insurance Plan allows you to increase the amount of coverage over the life of your coverage.

How Much Life Insurance do I Need?

Your insurance needs are as unique as you are. Industry recommendation for life insurance is approximately 3 to 8 times your income however there are many factors to consider when determining the right amount of coverage. Things to consider when calculating your life insurance needs:

  • Your spouse's ability to earn an income
  • How many dependants you have
  • How much you would like to leave as an inheritance or legacy
  • How much you can afford
  • The insurance calculator is a good starting point to determine your insurance needs.
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