👥🛡️ Group vs. Individual Life Insurance: Mind the Coverage Gaps 🇨🇦
Many Canadians rely solely on group life insurance provided by their employer—but is it really enough? 🤔
Let’s break down the key differences between group and individual life policies, and the coverage gaps you need to be aware of. 🔍👇
🔵 Group Life Insurance (Employer-Provided)
✅ Convenient, with automatic enrollment.
✅ Usually low or no cost.
✅ Basic coverage—often just 1–2x annual salary.
❌ Not portable—coverage ends when you change jobs.
❌ Limited flexibility or customization.
❌ Rarely sufficient for long-term family needs.
🟢 Individual Life Insurance
✅ Fully customizable—tailored to your life goals.
✅ Portable—stays with you, regardless of job changes.
✅ Can cover mortgage, debts, education, and more.
✅ Options for both term and permanent coverage.
❌ Requires underwriting (medical exam and health history).
💡 The Reality in Canada
Most group policies don’t provide enough protection to fully safeguard your family—especially if you have a mortgage, dependents, or long-term financial goals. 🏡👨👩👧👦
📣 Pro Tip
Use your group policy as a foundation, but consider supplementing it with an individual policy to close the coverage gap and give your loved ones the protection they truly need. 💬
Need help figuring out how much coverage is right for you? Let’s connect and walk through it together! 👥📲
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