As a local insurance broker serving Mississauga and Toronto, I get it—life insurance can be confusing, emotional, and easy to avoid. But not asking the “awkward” questions could leave you or your loved ones financially vulnerable. Let’s break down the seven life insurance questions most clients are afraid to ask—and the answers you need to make a smart, confident choice.
1. Do I Really Need Life Insurance If I Live in Mississauga or Toronto?
Absolutely, and probably more than you think. With the GTA’s high property values (average Mississauga home price: $1.1M), a hefty mortgage, and substantial living costs, losing your income would be a major blow to your family’s financial security. If you have dependants—or even private debts—life insurance helps ensure your loved ones can stay in their home, cover debts, and afford daily living if you’re not around.
2. Is Work Benefit Life Insurance Enough?
Often, employer-provided coverage isn’t sufficient. Typical workplace plans cover one or two times your base salary—rarely enough for housing, debts, and child expenses in Mississauga or Toronto. Plus, if you leave your job, that coverage disappears. Supplement with a personal plan that stays with you wherever you go.
3. How Much Life Insurance Coverage Do I Actually Need?
A general rule: multiply your annual income by 7–10 or use online calculators offered by major insurers. In the GTA, where average debts and childcare costs run high, consider your mortgage, kids’ education, daily expenses, and funeral costs (often starting at $15,000 in the region). A typical policy in Mississauga is $200,000–$500,000, but many choose more for peace of mind.
4. Can I Get Life Insurance with Pre-Existing Health Conditions?
Yes! Many local insurers offer solutions even if you have diabetes or other common chronic conditions. You may pay higher premiums, or need to consider simplified or no-medical policies—your broker can guide you to the right GTA-based providers for your unique needs.
5. What If I Can’t Afford a Large Policy?
Start small! Term life insurance is very affordable and protects your family for a set period—great for young families or first-time buyers in Toronto and Mississauga. You can always upgrade as your income grows. Don’t let “budget anxiety” keep you uninsured.
6. Will My Premiums Go Up If I File a Claim?
No, life insurance is different from auto or home coverage. Once your policy is locked in, your premiums and coverage are secure for the duration of your contract—even if you get sick or your lifestyle changes dramatically.
7. What Happens If I Miss a Payment?
Life happens. Most insurers have a grace period (typically 30 days). Contact your broker or provider fast—missing too many payments could result in lost coverage, but proactive communication can often keep your policy active.