The cost of not having insurance in Canada — people focus on the premium, but rarely think about the actual cost of going without.
Here’s what “no coverage” really means if something happens to the primary income earner:
→ The mortgage doesn’t pause. Average Canadian mortgage payments are a fixed monthly obligation regardless of income loss. Without coverage, that burden falls entirely on whoever’s left.
→ Funeral and final expenses average $10,000-$15,000+ in Canada. That’s an immediate, unavoidable cost — often paid out of savings or debt if there’s no policy in place.
→ Lost income compounds over years, not months. If a primary earner making $70,000/year passes away, that’s not a one-time loss — it’s $70,000 every year, for as many years as that income was expected to continue.
→ Debts don’t disappear. Car loans, lines of credit, credit cards — these typically transfer to the estate or co-signers, not written off.
Compare that to the actual cost of a policy: a healthy 35-year-old can often get $500,000 in term coverage for $30-50/month. The math isn’t close — the “cost” of skipping insurance is almost always higher than the cost of having it.
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