Life Insurance in Toronto, Brampton and Mississauga
Life insurance gives your family a tax-free payment if you pass away, so they can pay the mortgage, cover daily costs and keep their plans on track. We help you choose the right type and amount, and compare prices from several Canadian insurers.
Types of life insurance
Term life insurance
Affordable coverage for a set period, such as 10, 20 or 30 years. Ideal while you have a mortgage and young children.
Whole life insurance
Lifetime coverage with guaranteed premiums and a cash value that grows over time.
Universal life insurance
Lifetime coverage with flexible premiums and a tax-advantaged investment account.
How much life insurance do you need?
A good starting point is to add up what your family would need if your income stopped:
- Your mortgage and other debts
- Several years of your income for daily living costs
- Your children’s education
- Final expenses and any taxes on your estate
Then subtract savings and any coverage you already have through work. We can do this calculation with you for free.
Why it matters
- The payment to your beneficiaries is generally tax-free
- You lock in a lower price when you are younger and healthy
- Many plans are available without a medical exam
- Coverage through work usually ends when you leave your job
Learn more
New to life insurance? Read what is life insurance. You may also want to protect your income with critical illness and disability insurance.
Frequently asked questions
Is term or permanent life insurance better?
Term is the most affordable way to protect your family while they depend on your income. Permanent coverage (whole or universal life) lasts your whole life and can help with estate planning. Many families use a mix of both.
Do I need a medical exam?
Not always. Some plans are available without a medical exam, especially for lower coverage amounts. Plans with a medical exam often cost less.
Is the payout taxable?
In Canada, the death benefit paid to a named beneficiary is generally tax-free.
Get a free quote from Devendra Kumar, CLU, CHS
DK Insurance & Investment Inc. compares plans from several Canadian providers for families across the GTA, with offices in Vaughan, Mississauga and Brampton. Call or text +1-647-761-0517.