find a broker

Find a Broker

FR

LoginMy Account
Western Financial Group Western Financial Group
  • Personal

    Home Insurance

    Home Insurance

    Condo Insurance

    Renter's Insurance

    Seasonal Property Insurance

    Mobile Home Insurance

    Vehicle Insurance

     

    Car Insurance

    Motorcycle Insurance

    RV Insurance

    Boat Insurance

    ATV Insurance

    Snowmobile Insurance

    Vehicle Replacement Insurance

    Health & Life Insurance

    Life Insurance

    Disability Insurance

    Critical Illness Insurance

    Mortgage Life Insurance

    Financial Insurance

     

    TFSA

    GICs

    RESPs

    RRSPs

    Travel Insurance

     
  • Business

    Commercial Insurance

     

    Business Insurance

    Business Life Insurance

    General Liability Insurance

    Commercial Property Insurance

    D&O Liability Insurance

    Rental Property Insurance

    Legal Protection Insurance

    Errors & Omissions Insurance

    Cyber Liability Insurance

    TotalProtect Insurance

    Fleet Insurance

    Farm Insurance

    Product Liability Insurance

    Employee Benefits

    Employee Benefits

    TotalGuard Insurance

    Group Insurance 

     

    All Insurance Programs

    AMM Municipal Insurance Program

    CRA Insurance Program

    CVMA Insurance Program

    Crop Inputs Insurance Program

    Haven Municipal Insurance Program

    Hospitality Insurance Program

    Juno Restaurant Insurance

    BCRFA Restaurant Insurance

    Groupex Insurance Partnership

    CAM Movers Insurance

    Musical Instrument Insurance

    Independent Retail Insurance

    CAMA Insurance Program

    Biz Benefits Partnership

     

    Event Liability Insurance

     

    Charity Events or Fundraising Insurance

    Conferences and Conventions Insurance

    Corporate Events and Seminars Insurance

    Farmers’ Market Insurance

    Festival Insurance

    Hole-in-one Contest or Golf Tournaments Insurance

    Product Launches and Promotional Events Insurance

    Sporting Event Insurance

    Wedding Insurance

    Industries

    Cannabis

    Construction

    Contractors

    Daycares

    Greenhouses

    Hotels and Motels

    Manufacturing

    Municipalities

    Professional Services

    Property Management

    Retail

    Restaurants, Cafes, Delis, Fast Food

    Skilled Trades

    Technology

    Welders

  • Services

    MyWestern

    Payment Setup

    Registry Services

    Community Emergency Resources

    Personal Insurance Claims

    Commercial Insurance Claims

    Risk Management

  • About Us

    About Western

    Who We Are

    Executive Team

    Divisions

    Partners

    Western Coast Insurance

    Wyatt Dowling Insurance

    Sustainability

    Diversity, Equity and Inclusion

    Western News

    Blogs

    Careers

    Contact

    Communities Foundation

    Our Giving Programs

    About the Foundation

    Annual Giving Reports

    Annual National Walk

    Community Infrastructure Grants

    Foundation FAQs

    Sponsorship

    Western Communities Foundation

    Your donation will help improve local communities.

    Donate

1-866-860-1958

Get a Quote

Get a Quote

Main Menu

  • Personal
    • Home Insurance

      • Home Insurance

      • Condo Insurance

        Renter's Insurance

        Seasonal Property Insurance

        Mobile Home Insurance

    • Vehicle Insurance

       
      • Car Insurance

      • Motorcycle Insurance

        RV Insurance

        Boat Insurance

        ATV Insurance

        Snowmobile Insurance

        Vehicle Replacement Insurance

    • Health & Life Insurance

      • Life Insurance

        Disability Insurance

        Critical Illness Insurance

        Mortgage Life Insurance

    • Financial Insurance

       
      • TFSA

        GICs

        RESPs

        RRSPs

    • Travel Insurance

       
  • Business
    • Commercial Insurance

       
      • Business Insurance

      • Business Life Insurance

        General Liability Insurance

        Commercial Property Insurance

        D&O Liability Insurance

        Rental Property Insurance

        Legal Protection Insurance

        Errors & Omissions Insurance

        Cyber Liability Insurance

        TotalProtect Insurance

        Fleet Insurance

        Farm Insurance

        Product Liability Insurance

    • Employee Benefits

      • Employee Benefits

        TotalGuard Insurance

    • Group Insurance 

       
      • All Insurance Programs

        AMM Municipal Insurance Program

        CRA Insurance Program

        CVMA Insurance Program

        Crop Inputs Insurance Program

        Haven Municipal Insurance Program

        Hospitality Insurance Program

        Juno Restaurant Insurance

        BCRFA Restaurant Insurance

        Groupex Insurance Partnership

        CAM Movers Insurance

        Musical Instrument Insurance

        Independent Retail Insurance

        CAMA Insurance Program

        Biz Benefits Partnership

         
    • Event Liability Insurance

       
      • Charity Events or Fundraising Insurance

        Conferences and Conventions Insurance

        Corporate Events and Seminars Insurance

        Farmers’ Market Insurance

        Festival Insurance

        Hole-in-one Contest or Golf Tournaments Insurance

        Product Launches and Promotional Events Insurance

        Sporting Event Insurance

        Wedding Insurance

    • Industries

      • Cannabis

        Construction

        Contractors

        Daycares

        Greenhouses

        Hotels and Motels

        Manufacturing

        Municipalities

        Professional Services

        Property Management

        Retail

        Restaurants, Cafes, Delis, Fast Food

        Skilled Trades

        Technology

        Welders

  • Services
    • MyWestern

      Payment Setup

      Registry Services

      Community Emergency Resources

      Personal Insurance Claims

      Commercial Insurance Claims

      Risk Management

  • About Us
    • About Western

      • Who We Are

        Executive Team

        Divisions

        Partners

        Western Coast Insurance

        Wyatt Dowling Insurance

        Sustainability

        Diversity, Equity and Inclusion

        Western News

        Blogs

        Careers

        Contact

    • Communities Foundation

      • Our Giving Programs

        About the Foundation

        Annual Giving Reports

        Annual National Walk

        Community Infrastructure Grants

        Foundation FAQs

        Sponsorship

LoginMy Account

FR

1-866-860-1958

Get a Quote

Find a Broker

Do Young Families Need Life Insurance?

Do Young Families Need Life Insurance?

Your life changes when you become a parent. You have new responsibilities, especially protecting your young family.

Young families and life insurance often go hand-in-hand to provide peace of mind and a safety net.

Your Western life insurance expert can explain to you how life insurance can provide financial protection to your spouse, or partner, and your children. We would like to share our knowledge and expertise with you.

We can explain the benefits of life insurance to a young family and why it’s important to have a plan in place should the unexpected happen.

Here’s what you need to know about young families and life insurance:

Why both parents should have life insurance

You’re a team, right? Sometimes, it’s assumed that only the working parent needs life insurance because he or she is financially supporting the family. It’s recommended to double your protection with both of you getting life insurance.

If you are a stay-at-home parent, you should consider getting life insurance, too. If you were to pass away, the surviving, working parent may not able to maintain support for your children. Your life insurance could help pay for this kind of support and other bills, or debt, to help keep your family’s standard of living. Your life insurance policy could also help provide for your children’s education. If the working partner passes away, the death benefit can be used as income replacement.

It’s important to note that there is no tax on the life insurance death benefit.

Premiums are lower when you’re young

The earlier in life that you buy life insurance, the lower the premiums will be.

As young parents, it is beneficial to buy life insurance as soon as possible. The younger and healthier you are, the less expensive your life insurance premiums will be for either term insurance or permanent life insurance.

Reach out to your Western life insurance expert to learn more about the benefits of life insurance.

How much life insurance is needed?

Life insurance benefits replace any income you would have contributed to your family had you not passed away.

Here are expenses to consider when calculating how much life insurance you need:

  • Your salary
  • Your mortgage or rent
  • Any debts such as loans, car payments or credit cards
  • Your children’s education and how much you want to save for this
  • Expenses to raise your children
  • Funeral expenses

What happens with life insurance when children are minors?

If you name your children as beneficiaries and they are minors when you die, the life insurance benefit will not be paid directly to them.

You can name a custodian or set up a life insurance trust to hold the money in your child’s or children's name. If you set up a trust, you will need to appoint a trustee to manage it according to your instructions to care for your children until they reach adulthood.

For more details, speak to your Western life insurance expert.

Should I get life insurance for my children?

Life insurance can provide financial protection in the event of an untimely death of a child. It can let you take time off work to grieve without having to worry about money and it could cover funeral costs.

Premiums are lower due to children’s young age and good health.

If you lock your children into a policy now, they can often convert it into a policy as an adult that’s usually less expensive and guaranteed without a medical exam.

What’s the difference between term and permanent life insurance?

Term life insurance: It is fixed-year coverage that provides the beneficiary you choose with a tax-free payout if you die within the term you choose, such as 25 years, which would provide protection for your children until they are young adults.

That money can also be used to pay off any remaining debts such as a mortgage. The payments you make are set for the term you choose and do not change in that time period.

As long as you pay your premiums, your beneficiaries will receive the coverage amount if you die within the term.

Permanent life insurance (also called whole insurance): It is guaranteed life-long coverage. When you pass on, your beneficiary receives a tax-free payment. It is more expensive than term insurance because the policy for permanent life insurance does not expire.

Bottom line: Every family is different. You will need to figure out which type of insurance works best for your family’s needs.

Plan how life insurance can meet your family’s needs

Both of you can discuss how the money should be used before either of you passes away. Your needs as a family can change over the years. It’s a good idea to keep reassessing how your life insurance will meet your needs.

Your Western life insurance expert can speak to you about how life insurance can benefit both of you as parents.

Western Insurance has over 40 licensed LIFE INSURANCE EXPERTS across Canada. Our experts are available now in branch or on the phone to help you navigate the life insurance journey that will give you the right policy to protect yourself, your investments, and your family.

Speak to a Licensed Life Insurance Expert Now 888-594-3105

GET A QUOTE

Recent Blog Posts

Basic Boating Safety
What's Basic Boating Safety?

May 14, 2025


Common Home Insurance Claims Canada
What are Canada's Top Home Insurance Claims?

May 13, 2025


Mark Missal Farm Insurance
Western's Farm Insurance Has Roots in Our Communities

May 8, 2025


Western Financial Group

2025 Western Financial Group. All rights reserved.

Privacy / Legal | Accessibility Guidelines | Fair Treatment of Customers Policy | Terms of Use | Compensation Disclosure | Complaints Process | Media Relations | Mergers & Acquisition | Careers | Sitemap