Vancouver Life Insurance Considerations for Home Owners

the team at Venture First Advisory delves into Vancouver life insurance for families and homeowners

Vancouver, BC — (ReleaseWire) — 05/20/2022 — When it comes to Vancouver life insurance, there are a set of unique challenges that do not present themselves in other parts of the country. Vancouver is a scenic city with a mild climate and a laid-back population. There is also plenty of outdoor recreation for enthusiasts. Being a desirable place to live also comes with high demand for homes which leads to higher-than-average home prices, so life insurance products must account for that. For more, go to

In Vancouver, families looking for life insurance live in a city with some of the most unaffordable real estate prices in the country. Higher-priced homes mean that mortgages are higher. Hence, the need for life insurance protection is correspondingly higher. Without adequate life insurance coverage, it can be burdensome for surviving spouses and family members to support these mortgages.

Homeowners in Vancouver also need higher than average incomes to support these mortgages, so the impact of the death of a high-income earner is more financially devastating to the surviving spouse/family members.

The good news is that many people typically have some form of life insurance paid for by their employer. Unfortunately, amounts covered in group benefits plans are low and are usually inadequate to cover anywhere near the amount of the typical mortgage in Vancouver.

The amount of coverage applied for needs to be justified to the underwriter of the life insurance company. Fortunately, a mortgage balance is a sufficient justification for a higher death benefit.

The ideal rule of thumb, when determining the amount of life insurance coverage, is it should cover any mortgage balances plus a multiple of income. For example, a family with young kids will want to have their mortgage balance cleared as well as have a financial buffer for a number of years, typically 10 to 20 years, where the surviving spouse has time to continue supporting the family without having to take on additional jobs.

At Venture First Advisory, our team provides advice and guidance on securing the right Vancouver life insurance coverage for families. For the right plan, from the right provider, at the right price, request a free appointment today.

About Venture First Advisory
Venture First Advisory is committed to having the most in-depth knowledge about insurance for British Columbians, from comprehensive life insurance to health and dental plans. We have relationships with every major insurance brand in British Columbia. Developing these relationships means that, with our deep knowledge of the different options available, we can find the best plan for you.

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Venture First Advisory
Alan K.

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