As a single parent, how can you protect your children financially?
Last update : June 26, 2024 | Reviewed by Catherine Malone and Liane Goulet
Protecting your family is a top priority. However, it can be difficult to plan for unexpected life challenges that are out of your control. Without protection, an unexpected tragedy could disrupt your family’s financial stability. Funeral costs, medical bills, and loss of income can quickly add up.
A family insurance solution can give you reassurance that your loved ones will be cared for, even in your absence or illness.
What is a family insurance solution?
Family insurance doesn’t have an industry-wide definition like whole life or critical illness insurance does. Instead, it’s a combination of insurance solutions to help protect a family. The goal is to help ensure your family is financially secure, even if you become sick, injured, or die.
For example, your family insurance solution may include:
- Life insurance to cover funeral costs, debts, replace your income and more
- Critical illness insurance to help pay for care and treatment if diagnosed with a covered critical illness
- Personal health insurance to cover medical, dental and healthcare expenses not fully covered by provincial or employer plans
Benefits of a family insurance solution
A family insurance solution is customized for your lifestyle and needs. As life changes with children, grandchildren, promotions or retirement, an advisor can help you determine the right insurance mix that fits your needs and budget.
Maintain your family’s lifestyle.
Cover the cost of medical bills not covered by government health plans.
Pay off debts like your mortgage.
Fund education and protect retirement savings.
Take time off to heal or grieve without carrying the weight of financial stressors.
Leave a legacy for your loved ones.
How much does a family insurance solution cost?
The cost of a family insurance solution varies based on the types of insurance and amounts of coverage you pick. Your advisor can explain the factors that impact pricing.
Some key considerations include:
- Your age and health – generally premiums are higher for older applicants and those with health conditions.
- Coverage amount – more coverage means higher premiums.
- How long you pay for your policy - longer payment periods may have lower costs.
- Added features – additional features like having cash value with your life insurance may increase premium costs.
When you work with an advisor, they can help balance the level of protection you need with premiums that you can afford.
Types of insurance for your family
Choosing the right insurance plans for your family can feel overwhelming.
Here are different types of insurance that can help safeguard your income and wealth:
| Features | Term life insurance |
Permanent life insurance |
|---|---|---|
| What it covers: | Temporary financial protection lasting anywhere from 5 to 40 years. |
Lifelong coverage to financially protect your loved ones. |
| When benefits are paid: | If you die while policy is active. | If you die while policy is active. |
| How benefits are paid: | Lump-sum payment. | Lump-sum payment. |
| General benefits: |
|
Adults
Children
|
| More details | Learn more about term life insurance | Learn more about permanent life insurance |
Health insurance
| Features | Critical illness insurance (CII) |
Personal health insurance |
|---|---|---|
| What it covers: | Expenses to cope and recover from a serious illness. | Medical, dental, and other expenses not fully covered by provincial, territorial or employer plans. |
| When benefits are paid: | When you’re diagnosed with and survive a covered condition. | When you incur eligible expenses. |
| How benefits are paid: | Lump-sum payment. | Reimbursement for submitted eligible expenses. |
| General benefits: | Adults
Children
|
|
| More details | Learn more about critical illness insurance | Learn more about health insurance |
Calculators
How much life insurance do I need?
Calculate how much life insurance you may need to help protect the people you love if you die.
How much critical illness insurance do I need?
Calculate how much CII you may need to help protect your finances if you get a covered illness.
More resources
Do I need life insurance for my baby?
Getting life insurance for your baby or child can help protect you financially from the unthinkable. But there are other benefits too.
Should you buy critical illness insurance for your child?
Your child’s serious illness can affect the whole family physically, emotionally & financially. Child critical illness insurance can ease the strain.
Submit a claim
Get step-by-step instructions on how to submit a life insurance, critical illness, or personal health insurance claim.
Register for my Sun Life
Already have a Sun Life product? Set up your online account by registering for my Sun Life.
Look beyond insurance
Insurance can help protect your wealth, so you don’t lose money. But your money can go even further for you and your family.
You may have goals like:
- managing your day-to-day,
- saving for short- and long-term goals,
- reducing debt,
- planning for retirement,
- maximizing your estate, and
- leaving a legacy for your loved ones.
An advisor can provide a clear view of where you stand today. They can help you prioritize your goals and adjust your plans as your needs change.
This information is meant for educational and illustrative purposes only. Some conditions, exclusions and restrictions apply.