Relying solely on the insurance you get from your employer could leave your loved ones in serious financial difficulty if you, as the major income-earner, were to pass away with only that group coverage in place.

While plans vary from company to company, most group insurance policies only provide a death benefit of one or two times your annual salary. For most Canadian families, this would be a lot less than what they need to continue living as they do now and pay for future expenses like post-secondary education. Plus, because the employer, and not the employee, owns the policy, if you leave that job, your group insurance coverage will end. A policy you purchase for yourself will stay with you regardless of where you live or work and you can customize it to your needs by adding riders or additional coverage like critical illness.

For most people, there will be a gap between what insurance from work offers and what you really need to protect your family. Do you know what you need to ensure your family is properly protected? Here is a fun and easy way to find out.