What is income replacement?

Back to learn

The ins and outs of income replacement

Rounding it up

  • Income replacement refers to insurance policies designed to replace part or all of your income if you or your dependents couldn't count on it anymore.

  • The government offers benefits to financially support dependents who’ve lost an income contributor. They’re helpful, but often insufficient.

  • That’s where life insurance comes in. This policy offers a tax-free, lump sum payout to beneficiaries in the event of an untimely death.

  • Considering life insurance but don’t know where to begin? Start by seeking help from online insurers who offer custom quotes and income replacement advice for free.

5 min read

Vincent Girard
#insurance#life insurance#income replacement#term insurance

Vincent Girard

Financial Security Advisor and former Financial Planner, Vincent is an early employee over at Emma.ca and is currently their Operations Manager. He is dedicated to helping families taking care of their finances and enjoys writing content as a way to reach this goal.

Recent Articles

How to open a bank account as an international student

4 Personal finance tips for international students

How much money do you need to move to Canada?

Is cryptocurrency taxable in Canada?

What are the different types of earned wage access?

What credit score do new Canadians start with?

Related articles

Are chequing and savings accounts insured?

5 mins

Dan Bucherer

When it comes to deposit insurance for your chequing, savings, and other accounts, Canada leads the way — but only up to a point.

Are chequing and savings accounts insured?

5 mins

Dan Bucherer

When it comes to deposit insurance for your chequing, savings, and other accounts, Canada leads the way — but only up to a point.

#insurance

#CDIC

#chequing account

#savings account

Company

AboutCareersCultureLearnPartnersStatus

Connect

The KOHO Visa* Prepaid card is issued by Peoples Trust Company pursuant to license by Visa Int. *Trademark of Visa Int., used under license. **These services are provided by Service Providers, including Visa, Peoples Trust Company and Galileo Processing. Learn more about your finances with Visa Practical Money Skills.