{"id":37727,"date":"2026-05-20T11:48:35","date_gmt":"2026-05-20T15:48:35","guid":{"rendered":"https:\/\/www.rbcinsurance.com\/en-ca\/?p=37727"},"modified":"2026-05-20T14:50:42","modified_gmt":"2026-05-20T18:50:42","slug":"common-life-insurance-myths-canada","status":"publish","type":"post","link":"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/life-insurance\/common-life-insurance-myths-canada","title":{"rendered":"Nine Common Life Insurance Myths in Canada"},"content":{"rendered":"\n<div class=\"wp-block-rbc-template-selector templateSelector template__article articleSingle\" data-template=\"article\">\n<div class=\"wp-block-group articleSingle__container tabListStickyWrapper is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group articleSingle__container__hero is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group articleSingle__container__hero__inner is-layout-flow wp-block-group-is-layout-flow\">\n<span class=\"rbc-yoast-breadcrum-span\"><span><a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/\">Home<\/a><\/span><\/span>\n\n\n\n<div class=\"wp-block-group articleSingle__featuredImage__group is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group articleSingle__title__group is-layout-flow wp-block-group-is-layout-flow\"><h1 class=\"wp-block-post-title\">Nine Common Life Insurance Myths in Canada<\/h1>\n\n\n<div class=\"wp-block-group articleSingle__date__group is-layout-flow wp-block-group-is-layout-flow\"><div class=\"wp-block-post-date\"><time datetime=\"2026-05-20T11:48:35-04:00\">May 20, 2026<\/time><\/div>\n\n\n<span class=\"wp-block-rbc-html-element articleSingle__readTime\">10 Min Read<\/span>\n<\/div>\n\n\n\n<div class=\"wp-block-group articleSingle__author__group is-layout-flow wp-block-group-is-layout-flow\">\n<img decoding=\"async\" src=\"https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/06\/Corrina-Allen.webp?quality=80&w=363\" alt=\"Corrina Allen\">\n\n\n\n<div class=\"wp-block-group articleSingle__author__details is-layout-flow wp-block-group-is-layout-flow\">\n<span class=\"wp-block-rbc-html-element articleSingle__author__name\">Corrina Allen<\/span>\n\n\n\n<span class=\"wp-block-rbc-html-element articleSingle__author__designation\">Insurance Writer<\/span>\n<\/div>\n<\/div>\n<\/div>\n\n\n<figure class=\"articleSingle__featuredImage wp-block-post-featured-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/06\/Common-Life-Insurance-Myths.webp?quality=80&amp;w=1024\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Common life insurance myths\" style=\"object-fit:cover;\" srcset=\"https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/06\/Common-Life-Insurance-Myths.webp 1024w, https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/06\/Common-Life-Insurance-Myths.webp?resize=300,200 300w, https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/06\/Common-Life-Insurance-Myths.webp?resize=768,512 768w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group articleSingle__container__main is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group articleSingle__container__page__nav is-layout-flow wp-block-group-is-layout-flow\">\t\t<div class=\"socials-block\">\n\t\t\t\t\t\t<p class=\"socials-block-title\">\n\t\t\tShare this article\t\t<\/p>\n\t\t<div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n\t\t\t\t\t<a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=Nine Common Life Insurance Myths in Canada &#038;body=Hi, I thought you might be interested in this article from RBC Insurance: https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/life-insurance\/common-life-insurance-myths-canada\" aria-label=\"Email\">\n\t\t\t\t<img decoding=\"async\" src=\"https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n\t\t\t\talt=\"envelope icon\">\n\t\t\t\t<span>\n\t\t\t\tEmail\t\t\t\t<\/span>\n\t\t\t<\/a>\n\t\t<div class=\"social-button-wrapper sharing-copy-wrapper\">\n\t\t\t<button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/life-insurance\/common-life-insurance-myths-canada\" aria-label=\"Copy URL\">\n\t\t\t<img\n\t\t\t\tsrc=\"https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n\t\t\t\talt=\"copy icon\">\n\t\t\t<span id=\"sharing-copyUrl-Label\">\n\t\t\t\tCopy URL\t\t\t<\/span>\n\t\t\t<\/button>\n\t\t\t<input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n\t\t<\/div>\n\t<\/div>\n  \t\t<\/div>\t\n\t\t\n\n\n<div class=\"wp-block-rbc-tabs-list tabsList\" data-switch=\"lgBp\" data-target-heading=\"h2\"><p class=\"tabsList__heading\">On this page<\/p><div class=\"tabsList__wrapper\"><button class=\"selectDropdown__button\" aria-haspopup=\"listbox\" aria-expanded=\"false\"><span class=\"selectDropdown__title\">Myth 1. I\u2019m too young for life insurance<\/span><span class=\"selectDropdown__chevron\"><\/span><\/button><ul class=\"tabsList__items selectDropdown__list\"><li class=\"selectDropdown__list__item tabsList__item selected\"><a href=\"#h-myth-1-i-m-too-young-for-life-insurance\">Myth 1. I\u2019m too young for life insurance<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-myth-2-life-insurance-through-your-employer-is-enough\">Myth 2. Life insurance through your employer is enough<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-myth-3-life-insurance-is-too-expensive\">Myth 3. Life insurance is too expensive<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-myth-4-i-don-t-need-life-insurance-because-i-m-single\">Myth 4. I don\u2019t need life insurance because I\u2019m single<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-myth-5-you-only-need-life-insurance-to-cover-funeral-costs\">Myth 5. You only need life insurance to cover funeral costs<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-myth-6-i-can-t-get-life-insurance-if-i-have-health-issues\">Myth 6. I can\u2019t get life insurance if I have health issues<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-myth-7-stay-at-home-parents-don-t-need-life-insurance\">Myth 7. Stay-at-home parents don\u2019t need life insurance<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-myth-8-life-insurance-only-covers-me-if-i-die\">Myth 8. Life insurance only covers me if I die<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-myth-9-applying-for-life-insurance-is-complicated\">Myth 9. Applying for life insurance is complicated<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-how-much-life-insurance-do-canadians-typically-need\">How much life insurance do Canadians typically need?<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-rbc-life-insurance\">RBC Life Insurance<\/a><\/li><\/ul><\/div><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group articleSingle__content__main tabListHeadings is-layout-flow wp-block-group-is-layout-flow\">\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<p>We\u2019re all occasionally guilty of procrastination. We put off going to the dentist or dealing with the check engine light on our dashboard. Researching and selecting the right <a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/life-insurance\/\" data-dig-id=\"LP-LifeInsurance-37727-3c342ac9\" data-dig-category=\"LP-LifeInsurance\" data-dig-action=\"link click\" data-dig-label=\"life insurance\" class=\"rbc-link-format\">life insurance<\/a> plan can feel the same.<\/p>\n\n\n\n<p>While life insurance \u2013 especially if you\u2019re young and single \u2013 might seem like something you can put off purchasing until later on in life, it\u2019s actually an important financial safety net that all Canadians should consider sooner rather than later.<\/p>\n\n\n\n<p>\u201cI\u2019m too young for life insurance\u201d is just one of the all-too common misconceptions that get in the way of protecting yourself and your loved ones in the event of an <a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/life-insurance\/personal-accident-insurance\/\" data-dig-id=\"LP-LifeInsurance-37727-3c342ac9\" data-dig-category=\"LP-LifeInsurance\" data-dig-action=\"link click\" data-dig-label=\"unexpected accident\" class=\"rbc-link-format\">unexpected accident<\/a> or loss. And that\u2019s not the only misconception out there.<\/p>\n\n\n\n<p>We\u2019ve rounded up nine beliefs people have about life insurance and explain why protecting yourself with dependable life insurance can be a smart move. <\/p>\n\n\n\n<div class=\"wp-block-rbc-callout-card calloutCard calloutCard__article\">\n<h3 class=\"wp-block-heading calloutCard__article__heading\" id=\"h-key-takeaways\">Key takeaways<\/h3>\n\n\n\n<div class=\"wp-block-group calloutCard__article__content is-layout-flow wp-block-group-is-layout-flow\">\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>It\u2019s possible to find an affordable life insurance policy in Canada.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Life insurance coverage isn\u2019t only for Canadians with dependents or a mortgage \u2013 every adult can benefit from having a life insurance plan in place.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Life insurance can be more than an income replacement tool, should you pass away. Some plans also come with tax-deferred investing options.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Applying for and obtaining coverage is simple and can often be done online<\/p>\n<\/li>\n<\/ul>\n<\/div>\n<\/div>\n\n\n\n<p id=\"h-\"><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-myth-1-i-m-too-young-for-life-insurance\">Myth 1. I\u2019m too young for life insurance<\/h2>\n\n\n\n<p>You\u2019re not alone if you think life insurance is for older people, or you\u2019re too young to think about covering your expenses, should you die. However, <a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/life-insurance\/should-i-buy-life-insurance-in-my-20s-or-30s\/\" data-dig-id=\"LP-LifeInsurance-37727-3c342ac9\" data-dig-category=\"LP-LifeInsurance\" data-dig-action=\"link click\" data-dig-label=\"even younger Canadians can benefit from the protection life insurance provides\" class=\"rbc-link-format\">even younger Canadians can benefit from the protection life insurance provides<\/a>.<\/p>\n\n\n\n<p>Planning for the future now means there\u2019s money aside should you loved ones need it. While you may not yet have a mortgage or significant other to consider, you may still have other expenses like student loans or credit card debt. With life insurance, this means your parents or other family members won\u2019t be left carrying a financial burden.<\/p>\n\n\n\n<p>The one reason to get life insurance early, when you\u2019re young and healthy is compelling: Life insurance is <a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/life-insurance\/what-affects-your-life-insurance-premiums\/\" data-dig-id=\"LP-LifeInsurance-37727-3c342ac9\" data-dig-category=\"LP-LifeInsurance\" data-dig-action=\"link click\" data-dig-label=\"typically more affordable and you\u2019ll pay lower premiums\" class=\"rbc-link-format\">typically more affordable and you\u2019ll pay lower premiums<\/a> over the long-term.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-myth-2-life-insurance-through-your-employer-is-enough\">Myth 2. Life insurance through your employer is enough<\/h2>\n\n\n\n<p>Employee health insurance is a big job perk for many Canadians. As well as covering out-of-pocket health and dental expenses, it also probably includes life insurance. However, look carefully and you\u2019ll likely find the coverage is the equivalent of one or two years of your income. Will that be enough? Does the amount cover your mortgage, your child\u2019s education, or buy enough time off your family for your loved ones to grieve?<\/p>\n\n\n\n<p>Another concern with group life insurance is its portability \u2013 coverage usually ends if you move to another company, retire, or are laid off.<\/p>\n\n\n\n<p>A quick way to check if you\u2019re sufficiently covered is using a free <a href=\"https:\/\/www.rbcinsurance.com\/life-insurance\/life-insurance-calculator\/index.html\" data-dig-id=\"LP-LifeInsurance-37727-3c342ac9\" data-dig-category=\"LP-LifeInsurance\" data-dig-action=\"link click\" data-dig-label=\"life insurance calculator\" class=\"rbc-link-format\">life insurance calculator<\/a>. It can recommend a coverage amount based on your personal circumstances. Even with group life insurance, you can still complement it with a <a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/life-insurance\/term-life-insurance\/\" data-dig-id=\"LP-LifeInsurance-37727-3c342ac9\" data-dig-category=\"LP-LifeInsurance\" data-dig-action=\"link click\" data-dig-label=\"term life insurance\" class=\"rbc-link-format\">term life insurance<\/a> policy of your own. Then, if circumstances change, you\u2019re still protected.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-myth-3-life-insurance-is-too-expensive\">Myth 3. Life insurance is too expensive<\/h2>\n\n\n\n<p>When it comes to life insurance, wondering \u201cHow will I afford it?\u201d is a common concern. While there\u2019s a misconception that life insurance is too expensive for the average Canadian, it actually doesn\u2019t have to be.<\/p>\n\n\n\n<p>Purchasing a plan when you\u2019re young and healthy is one way to save money long-term by locking in at a low premium. Another is by choosing the right type of life insurance and coverage for you. Term life insurance is an affordable solution. Coverage ranges from 10 years and up, meaning you\u2019re protected for the season of your life when you most need it.<\/p>\n\n\n\n<p>For example, a 40-year-old woman would pay $32.63 per month for <em>Simplified\u00ae<\/em>&nbsp;Term Life Insurance, while a man the same age would pay $44.10 per month. And, if you choose term life coverage now, you can typically convert it to a permanent life insurance plan in the future.<\/p>\n\n\n\n<p>Still wondering whether or not you can fit life insurance into your budget? Use the <a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/life-insurance\/life-insurance-quote\/\" data-dig-id=\"LP-LifeInsurance-37727-3c342ac9\" data-dig-category=\"LP-LifeInsurance\" data-dig-action=\"link click\" data-dig-label=\"RBC Insurance term life insurance quote tool\" class=\"rbc-link-format\">RBC Insurance term life insurance quote tool<\/a> to see how much you could expect to pay each month. &nbsp;<\/p>\n\n\n\n<p><strong>Learn more: <a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/life-insurance\/how-much-does-term-life-insurance-cost-canada\/\" data-dig-id=\"LP-LifeInsurance-37727-3c342ac9\" data-dig-category=\"LP-LifeInsurance\" data-dig-action=\"link click\" data-dig-label=\"How much does term life insurance cost in Canada?\" class=\"rbc-link-format\">How much does term life insurance cost in Canada?<\/a><\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-myth-4-i-don-t-need-life-insurance-because-i-m-single\">Myth 4. I don\u2019t need life insurance because I\u2019m single<\/h2>\n\n\n\n<p>Major life events like marriage or having children are often triggers for considering life insurance. If you\u2019re single with no dependents, that doesn\u2019t necessarily mean you\u2019re free from financial responsibilities. You may be a car loan, personal debt, or be a first-time home-owner with mortgage payments to maintain. If something were to happen to you, life insurance protects your parents or family members from shouldering these responsibilities.<\/p>\n\n\n\n<p>Life insurance can be a benefit, regardless of your relationship status. If something were to happen to you, life insurance protects your parents or family members from shouldering any debt or leave money behind to cover funeral costs.<\/p>\n\n\n\n<p>As life unfolds, your family may grow, and alongside it, the amount or length of life insurance coverage you need. If and when this happens, you\u2019ll already be insured and can convert or layer your plan to suit your changing lifestyle.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-myth-5-you-only-need-life-insurance-to-cover-funeral-costs\">Myth 5. You only need life insurance to cover funeral costs<\/h2>\n\n\n\n<p>Funerals in Canada can be expensive \u2013 ranging anywhere from $5,000 to $10,000 or more \u2013 and having a life insurance policy that covers your final expenses is important. However, life insurance can cover more than funeral costs. There can be other expenses, such as loans or mortgage, as well as leaving money to support kids&#8217; school fees or a partner.<\/p>\n\n\n\n<p>A life insurance policy can act as a financial safety net for the people you love, leaving them money tax-free, after you\u2019ve gone.<\/p>\n\n\n\n<p><strong>Read more: <a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/life-insurance\/funeral-insurance-vs-life-insurance\/\" data-dig-id=\"LP-LifeInsurance-37727-3c342ac9\" data-dig-category=\"LP-LifeInsurance\" data-dig-action=\"link click\" data-dig-label=\"Funeral insurance vs life insurance: Which one do you need?\" class=\"rbc-link-format\">Funeral insurance vs life insurance: Which one do you need?<\/a><\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-myth-6-i-can-t-get-life-insurance-if-i-have-health-issues\">Myth 6. I can\u2019t get life insurance if I have health issues<\/h2>\n\n\n\n<p>For people with health issues, life insurance coverage sometimes feels unobtainable. In reality there are coverage options available to Canadians with a pre-existing health condition. Your health is just one of many factors that will determine your eligibility.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/life-insurance\/term-life-insurance\/\" data-dig-id=\"LP-LifeInsurance-37727-3c342ac9\" data-dig-label=\"Simplified term life\" data-dig-action=\"link click\" data-dig-category=\"LP-LifeInsurance\" class=\"rbc-link-format\">Simplified term life<\/a> insurance is one product for Canadians with stable medical conditions. It often requires no medical exam. Another option is <a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/life-insurance\/guaranteed-life-insurance\/\" data-dig-id=\"LP-LifeInsurance-37727-3c342ac9\" data-dig-category=\"LP-LifeInsurance\" data-dig-action=\"link click\" data-dig-label=\"guaranteed acceptance life insurance\" class=\"rbc-link-format\">guaranteed acceptance life insurance<\/a>. Coverage is for life and there\u2019s no medical exam or health questionnaire.<\/p>\n\n\n\n<p>If you have health issues and are concerns about qualifying for life insurance, speak to a licenced insurance advisor. They can offer you personalized guidance.&nbsp;<\/p>\n\n\n\n<p><strong>One important thing to note:<\/strong> if you do have a pre-existing health condition and you don\u2019t disclose, your life insurance payout may be declined \u2013 meaning your family won\u2019t receive a lump-sum payout. Learn more about <a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/life-insurance\/what-disqualifies-life-insurance-payout-common-reasons\/\" data-dig-id=\"LP-LifeInsurance-37727-3c342ac9\" data-dig-label=\"what disqualifies a life insurance payout\" data-dig-action=\"link click\" data-dig-category=\"LP-LifeInsurance\" class=\"rbc-link-format\">what disqualifies a life insurance payout<\/a>.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-myth-7-stay-at-home-parents-don-t-need-life-insurance\">Myth 7. Stay-at-home parents don\u2019t need life insurance<\/h2>\n\n\n\n<p>If you\u2019re a stay-at-home parent, you might not think about the financial impact their passing would have on their family. But while many people view life insurance as an income replacement tool for a primary earner in a family, it&#8217;s more than that.<\/p>\n\n\n\n<p>Stay-at-home parents are an important part of a family\u2019s economic and emotional wellbeing. Replacing their contribution in the home would come at a high cost.<\/p>\n\n\n\n<p>The surviving single parent would likely need to pay for childcare and support with the household or take additional time off work to grieve and care for their family.&nbsp;<\/p>\n\n\n\n<p>Whether your family is a single or dual-income household, adequate life insurance coverage is essential for both parents to ease the financial stress and additional emotional strain that would arise should an unexpected tragedy occur.&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-myth-8-life-insurance-only-covers-me-if-i-die\">Myth 8. Life insurance only covers me if I die<\/h2>\n\n\n\n<p>Knowing that your beneficiary will receive a lump-sum payout should you die is the central reason why people purchase life insurance \u2013 but it certainly isn\u2019t the only reason. In fact, there are other benefits to taking out life insurance, which Canadians may not be aware of.<\/p>\n\n\n\n<p>Life insurance can also offer financial security over the course of your life through policy add-ons like critical illness riders or long-term care riders. For instance, additional coverage for critical illness means you\u2019d receive a tax-free, lump-sum payout if you were diagnosed with common conditions such as heart attack, stroke, or cancer.<\/p>\n\n\n\n<p>If you opt for permanent or whole life insurance, your policy can also act as an investment vehicle, <a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/life-insurance\/cash-value-life-insurance-how-it-works\/\" data-dig-id=\"LP-LifeInsurance-37727-3c342ac9\" data-dig-category=\"LP-LifeInsurance\" data-dig-action=\"link click\" data-dig-label=\"growing the cash value component\" class=\"rbc-link-format\">growing the cash value component<\/a> for future use or reinvestment. The investment component of <a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/life-insurance\/do-you-need-life-insurance-if-you-are-wealthy\/\" data-dig-id=\"LP-LifeInsurance-37727-3c342ac9\" data-dig-category=\"LP-LifeInsurance\" data-dig-action=\"link click\" data-dig-label=\"your policy comes with tax advantages\" class=\"rbc-link-format\">your policy comes with tax advantages<\/a> and can be managed to supplement your retirement or leave behind a legacy to your chosen beneficiaries.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-myth-9-applying-for-life-insurance-is-complicated\">Myth 9. Applying for life insurance is complicated<\/h2>\n\n\n\n<p>The misnomer that applying for life insurance is a complicated process may have at one time been true. However, today, Canadians can <a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/life-insurance\/compare-life-insurance\/\" data-dig-id=\"LP-LifeInsurance-37727-3c342ac9\" data-dig-category=\"LP-LifeInsurance\" data-dig-action=\"link click\" data-dig-label=\"compare and apply for coverage online\" class=\"rbc-link-format\">compare and apply for coverage online<\/a> in as little as 15 minutes or have a licenced insurance advisor call to walk you through your options.<\/p>\n\n\n\n<p>With simplified plans such as RBC Simplified Term Life Insurance, applications can be approved quickly \u2014 sometimes even the same day. In other cases, there may be a short period of review. With guaranteed acceptance life insurance, there is no underwriting required at all.<\/p>\n\n\n\n<p>Insurance underwriters are responsible for reviewing your information and depending on your age and the type of insurance product you choose, you may need to complete a medical exam. Even then, applications usually require a short review.<\/p>\n\n\n\n<p><strong>Learn more about the process: <a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/life-insurance\/what-is-underwriting\/\" data-dig-id=\"LP-LifeInsurance-37727-3c342ac9\" data-dig-category=\"LP-LifeInsurance\" data-dig-action=\"link click\" data-dig-label=\"What is insurance underwriting and how does it work?\" class=\"rbc-link-format\">What is insurance underwriting and how does it work?<\/a><\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-much-life-insurance-do-canadians-typically-need\">How much life insurance do Canadians typically need?<\/h2>\n\n\n\n<p>Typically, insurance experts recommend that Canadians purchase insurance equal to seven to 10 times their annual income. And on average, Canadians have over <a href=\"http:\/\/clhia.uberflip.com\/i\/1508207-canadian-life-and-health-insurance-facts-2023-edition\/11?\" target=\"_blank\" data-dig-id=\"LP-LifeInsurance-37727-3c342ac9\" data-dig-category=\"LP-LifeInsurance\" data-dig-action=\"link click\" data-dig-label=\"$450,000 worth of life insurance coverage\" class=\"rbc-link-format externalsite-link\" data-icon-class=\"externalsite-link\" rel=\"noreferrer noopener\">$450,000 worth of life insurance coverage<\/a> per household. But the amount of life insurance you need will be unique to you.<\/p>\n\n\n\n<p>Begin by asking yourself what you want life insurance to do for you. Consider these four categories:<\/p>\n\n\n\n<div class=\"wp-block-rbc-callout-card calloutCard calloutCard__article  is-style-list list\">\n<div class=\"wp-block-group calloutCard__article__content is-layout-flow wp-block-group-is-layout-flow\">\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Debt: <\/strong>such as car loans, student loans, credit card debt<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Income replacement: <\/strong>consider how many years annual income your family need<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Mortgage protection:<\/strong> include the balance of your mortgage<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Education expenses:<\/strong> factor in the cost of post-secondary education for your child(ren).<\/p>\n<\/li>\n<\/ul>\n<\/div>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<p>The RBC Insurance calculator tool provides a window into how much coverage you may need. Try it <a href=\"https:\/\/www.rbcinsurance.com\/life-insurance\/life-insurance-calculator\/index.html\" data-dig-id=\"LP-LifeInsurance-37727-3c342ac9\" data-dig-category=\"LP-LifeInsurance\" data-dig-action=\"link click\" data-dig-label=\"here\" class=\"rbc-link-format\">here<\/a>.&nbsp;<\/p>\n\n\n\n<p><a><\/a>While there may be misconceptions about life insurance, the reality is: life can be unpredictable. Educating yourself about the benefits of life insurance and protecting yourself and your loved ones with life insurance is one step you can take.<\/p>\n\n\n\n<p>Unsure where to start, or which life insurance policy is right for you? A licenced insurance advisor can answer your questions and provide options on an affordable policy that offers financial protection and peace of mind.<\/p>\n\n\n\n<div class=\"wp-block-rbc-section-inner-block  section-inner block-wpr bg-light-blue rounded-corners pos-rel pad-l pad-r mob-pad-r centered-block mob-pad-l pad-t mob-pad-t pad-b mob-pad-b\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading has-text-align-center mar-t mar-b-hlf mob-mar-b-hlf mob-mar-t\" id=\"h-rbc-life-insurance\">RBC Life Insurance<\/h2>\n\n\n\n<p class=\"has-text-align-center mar-b-hlf mob-mar-b-hlf pad-r mob-pad-r pad-l mob-pad-l has-text-reg-font-size\">Protect Your Loved Ones With Dependable Life Insurance.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-a89b3969 wp-block-buttons-is-layout-flex\"><div>\n<div class=\"wp-block-button aligncenter btn is-style-primary primary\"><a class=\"wp-block-button__link has-text-lg-font-size has-custom-font-size wp-element-button\" href=\"https:\/\/www.rbcinsurance.com\/life-insurance\/life-insurance-quote\/index.html\" rel=\"noreferrer noopener\" data-dig-id=\"LP-283-476a44f4\" data-dig-category=\"LP\" data-dig-action=\"button click\" data-dig-label=\"Get a quote-https:\/\/www.rbcinsurance.com\/life-insurance\/life-insurance-quote\/index.html \">Get a quote<\/a><\/div>\n<\/div><\/div>\n\n\n\n<p class=\"has-text-align-center mar-t-hlf mob-mar-t-hlf pad-b mob-pad-b has-text-reg-font-size\"><a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/life-insurance\/\" data-dig-id=\"LP-273-18de2c2e\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Learn More\" class=\"rbc-link-format\">Learn More<\/a><\/p>\n<\/div>\n\n\n\t<style type=\"text\/css\">\n\t\t.wp-block-tk-spacer.id-2cf1cf7a-0088-4c04-adbd-fd97c7bbf508 {\n\t\theight: 30px;\n\t}\n\n\t@media ( max-width: 480px ) {\n\t\t.wp-block-tk-spacer.id-2cf1cf7a-0088-4c04-adbd-fd97c7bbf508 {\n\t\t\theight: 15px;\n\t\t}\n\t}\t<\/style>\n\t<div class=\"wp-block-tk-spacer id-2cf1cf7a-0088-4c04-adbd-fd97c7bbf508\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse2de7ba0a\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse2de7ba0a\" data-dig-id=\"LP-HomeInsurance-14506-2de7ba0a\" data-dig-category=\"LP-HomeInsurance\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things Our Lawyers Want You to Know\"><div>Things Our Lawyers Want You to Know<\/div><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse2de7ba0a\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p class=\"has-text-sm-font-size\">*Home and auto insurance products are distributed by RBC Insurance Agency Ltd. and underwritten by Aviva General Insurance Company. In Quebec, RBC Insurance Agency Ltd. Is registered as a damage insurance agency. As a result of government-run auto insurance plans, auto insurance is not available through RBC Insurance in Manitoba, Saskatchewan and British Columbia.<\/p>\n\n\n\n<p class=\"has-text-sm-font-size\">This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\n<div style=\"height:31px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<\/div>\n<\/section>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Life is unpredictable, but protecting yourself and the people you love doesn&#8217;t have to be complicated. We&#8217;re busting 9 of the biggest life insurance myths so you can make informed decisions with confidence.<\/p>\n","protected":false},"author":208,"featured_media":37734,"comment_status":"open","ping_status":"open","sticky":false,"template":"templates\/new-rbci-design.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[54],"tags":[61,4],"article-type":[80],"ppma_author":[184],"class_list":["post-37727","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-life-insurance","tag-guaranteed-life-insurance","tag-life-insurance","article-type-advice-learning"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Nine Common Life Insurance Myths in Canada RBC Insurance<\/title>\n<meta name=\"description\" content=\"Life is unpredictable, but protecting yourself and the people you love doesn&#039;t have to be complicated. We&#039;re busting 9 of the biggest life insurance myths so you can make informed decisions with confidence.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/life-insurance\/common-life-insurance-myths-canada\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nine Common Life Insurance Myths in Canada RBC Insurance\" \/>\n<meta property=\"og:description\" content=\"Life is unpredictable, but protecting yourself and the people you love doesn&#039;t have to be complicated. We&#039;re busting 9 of the biggest life insurance myths so you can make informed decisions with confidence.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/life-insurance\/common-life-insurance-myths-canada\/\" \/>\n<meta property=\"og:site_name\" content=\"RBC Insurance\" \/>\n<meta property=\"article:published_time\" content=\"2026-05-20T15:48:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-05-20T18:50:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/06\/Common-Life-Insurance-Myths.webp?quality=80\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"683\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"Corrina Allen\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"noellagilkes\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"25 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.rbcinsurance.com\\\/en-ca\\\/advice-learning\\\/life-insurance\\\/common-life-insurance-myths-canada\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.rbcinsurance.com\\\/en-ca\\\/advice-learning\\\/life-insurance\\\/common-life-insurance-myths-canada\\\/\"},\"author\":{\"name\":\"noellagilkes\",\"@id\":\"https:\\\/\\\/www.rbcinsurance.com\\\/en-ca\\\/#\\\/schema\\\/person\\\/401857fcb2c7717f8c04c3d33e8bc689\"},\"headline\":\"Nine Common Life Insurance Myths in Canada\",\"datePublished\":\"2026-05-20T15:48:35+00:00\",\"dateModified\":\"2026-05-20T18:50:42+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.rbcinsurance.com\\\/en-ca\\\/advice-learning\\\/life-insurance\\\/common-life-insurance-myths-canada\\\/\"},\"wordCount\":1926,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.rbcinsurance.com\\\/en-ca\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.rbcinsurance.com\\\/en-ca\\\/advice-learning\\\/life-insurance\\\/common-life-insurance-myths-canada\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.rbcinsurance.com\\\/en-ca\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2021\\\/06\\\/Common-Life-Insurance-Myths.webp?quality=80\",\"keywords\":[\"Guaranteed Life Insurance\",\"Life Insurance\"],\"articleSection\":[\"Life Insurance\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.rbcinsurance.com\\\/en-ca\\\/advice-learning\\\/life-insurance\\\/common-life-insurance-myths-canada\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.rbcinsurance.com\\\/en-ca\\\/advice-learning\\\/life-insurance\\\/common-life-insurance-myths-canada\\\/\",\"url\":\"https:\\\/\\\/www.rbcinsurance.com\\\/en-ca\\\/advice-learning\\\/life-insurance\\\/common-life-insurance-myths-canada\\\/\",\"name\":\"Nine Common Life Insurance Myths in Canada RBC Insurance\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.rbcinsurance.com\\\/en-ca\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.rbcinsurance.com\\\/en-ca\\\/advice-learning\\\/life-insurance\\\/common-life-insurance-myths-canada\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.rbcinsurance.com\\\/en-ca\\\/advice-learning\\\/life-insurance\\\/common-life-insurance-myths-canada\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.rbcinsurance.com\\\/en-ca\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2021\\\/06\\\/Common-Life-Insurance-Myths.webp?quality=80\",\"datePublished\":\"2026-05-20T15:48:35+00:00\",\"dateModified\":\"2026-05-20T18:50:42+00:00\",\"description\":\"Life is unpredictable, but protecting yourself and the people you love doesn't have to be complicated. 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