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Protecting Your Family With Life Insurance: A Guide For Manitobans

Family of a mother, father, and two kids smiling outside
July 5, 2022
Updated: December 2, 2023


Can you get life insurance for your family? Yes! And there are so many reasons why you absolutely should.

Family life insurance is a means to protect your family’s financial future in the tragic event that you, your spouse, or one of your family members passes away. It’s also a means of protecting your peace of mind. Because there’s nothing better than knowing that if the unthinkable were to happen, at least financially speaking, everyone would be okay.

In this post, we’ll look at how life insurance can help protect your family. We’ll help you understand who can be covered with a family life insurance policy, and the different policy options available to you. Then, we’ll answer some commonly asked questions to make sure you have all the information you need to get covered.

Prefer to skip the reading and speak to a real person? Get in touch with us. Our Insurance Advisors are standing by and ready to help you find the best policy for your family!

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The Benefits of Life Insurance for Families

Life insurance coverage is your way of showing your family that you’ve got them covered– even if you’re no longer there. It allows them to take the time they need to grieve your death without worrying about how they will meet their financial obligations. 

Insurance is a way for your family to replace your income. It allows you to leave a legacy to your family or children so that you can help them pay for education or a down payment on a home.

As sad as it can be to think about, it’s important to consider what you want for your family when you are no longer there.

What Is Life Insurance?

Life insurance is a contract in which the insurer pays a premium that guarantees that their beneficiaries– usually their family– receive a certain amount of money upon their passing. This amount will depend on the insurer’s policy, their age, and potentially how they passed.  

In other words, it’s guaranteed financial protection in case something horrible were to happen.

Life Insurance for Different Family Members

When you buy a life insurance policy for yourself, it only provides coverage if anything happens to you. However, a life insurance policy can be purchased to protect all members of your family!

Life Insurance For Your Spouse

It’s important that in the situation your partner passes, you have a way to replace their income. When picking a policy and coverage amount, make sure all your debt is covered and money is left to pay for any final expenses required.

Life Insurance For Your Children

Purchasing life insurance for your children is one of the best things you can do. Depending on the type of policy you get for them, it can ensure that they will have a policy for the rest of their lives, plus they’ll have time to accumulate a death benefit. Getting them insurance young will also allow them to access the cash value of their plan. They’ll be able to use this for any reason they need (down payment, student loans, etc.).

The best part of buying life insurance for them now? The premiums are a lot less! Plus it guarantees insurability for them if they ever decide to buy more insurance in the future.

We hope the unthinkable never happens to our children, but just in case it does, it’s important to have enough coverage to pay for any funeral expenses and take time away from work without suffering financially.

Related: Living Benefits & Life Insurance for Children and Babies in Manitoba

Life Insurance For Your Parents

Covering your parents is sometimes a shared commitment among siblings to ensure there will be money for final expenses and the financial burden doesn’t fall on the family. The earlier you buy insurance, the better!

Related: Covering Your Parents With Health Insurance in Manitoba

What Is The Best Life Insurance For A Family?

There are two types of life insurance for families: term and permanent.

Option 1: Term Life Insurance

Term life insurance offers coverage for a specific term or period of time. The terms can range from a few years to a hundred years. It provides an affordable option for people who want protection but don’t have a large budget.

Option 2: Permanent Life Insurance

Permanent life insurance includes coverage for a person’s whole life. Think of this type of plan as an investment account that can be withdrawn from if something were to happen.

There are several types of permanent life insurance, and they’re all great options. Especially if you’ve hit the maximum contribution limits on your tax-free savings account and are looking for somewhere to else hold and grow your wealth.

Related: Should You Buy Term Or Whole Life Insurance In Manitoba?

How To Get Insurance For Your Family

Wondering how to apply for life insurance for a family member? Here are your steps:

(Note: Purchasing insurance for one of your children, the process will look different from buying for an adult, spouse, or parents!)

  1. Collect their medical information. To purchase insurance for another family member, you will need all of their medical information (any current and past medical exams, medications they may have taken or are currently on), lifestyle information, net worth, income, social insurance number, and banking information.
  2. Talk to an Insurance Advisor and get a quote. Remember, the healthier and younger the person is when you purchase this insurance, the more affordable and easier it will be to get!
  3. Submit your application and begin paying the monthly premiums. You can do this on their behalf as long as you want to, and transfer ownership to them any time.

Family Life Insurance FAQs

Every family’s situation will vary significantly. The right amount of coverage for a family will depend on the family’s debts, their income, their future goals (rental properties, cabins, etc.), final wishes, how many children they have and what they want for them in the event they are no longer there.


It’s hard to determine what your individual needs will be based on what someone else has. The best thing you can do is contact a life insurance advisor to determine what life insurance policy will best protect you and your loved ones. 


Related: What Questions To Ask When Buying Life Insurance

How to apply for life insurance for a family member:


  1. Collect their medical information.
  2. Talk to an Insurance Advisor and get a quote.
  3. Submit your application and begin paying the monthly premiums!

Get Your Family Protected Today!

Life insurance is the best way you can show your family you have them financially protected. As much as we hope we are around forever to take care of them, the reality is that unfortunate things happen, and it’s important to plan for these situations to make sure everyone is covered. 

The best way to find the coverage most suited to your family is to Contact our Insurance Advisors. We’ll help you find a policy that makes sense for you and your budget. We crunch the numbers, and you decide if you want to move forward.