Have you thought what you’re going to get your loved ones this Valentines day? Perhaps the gift of health by buying them a gym membership. Maybe something more immediate and delectable like chocolate covered strawberries. Or maybe you want to gift them the most selfless gift of all, a guarantee. A guarantee that says no matter what happens to me, you can keep living with the plans we made together.

A guarantee sounds romantic and virtuous, but to most Canadians, it’s just a fantasy. The  Financial Consumer Agency of Canada recommends 7 – 10 years your annual salary as sufficient coverage to protect your family in the event of your passing[1], yet 54% of Canadian with life insurance have less than two[2]. That’s not including those that have none at all. What’s even more distressing, is that in a 2019 survey, the average Canadian self-admitted that they were underinsured by over $250,000[3].

These shortfalls mean your spouse will have to reduce their standard of living or resort to other means in order to keep it. Your children will settle in farther places and drift away from your remaining family in search for affordability. Your grandchildren’s future will be more anchored by the student debt they accumulate in early adulthood.

But that does not have to happen with the sacrifice of a little premium to pay priceless dividends for your family in the future. Giving the gift of life insurance is the most powerful act of unconditional love one can purchase for your loved ones. Preparing them financially for a life without you so that they can focus on the priceless memories with you instead.

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1. Canadian Life Insurance Trends 2019 – PolicyAdvisor

2. 6.2.3 How much life insurance you need – Canada.ca (fcac-acfc.gc.ca)

3. Life insurance in Canada: key figures and trends in (2024) (hellosafe.ca)