What is insured?
Definition
Educational information only. Last reviewed August 25, 2026.
How it works in Canada
The insured must consent to the coverage and complete underwriting, which considers age, health, family history, lifestyle and occupation. Multiple-life policies can insure two or more people under one contract.
Example
In a joint last-to-die policy insuring spouses, the benefit is payable after the second death, a structure often used for estate tax liability.
Learn more
Written and reviewed by CanadaGFI.ca Editorial Team
Licensed insurance and financial professionals contributing to CanadaGFI.ca
Published and last reviewed August 25, 2026. Read our editorial policy and disclosures.
This page is educational information about Canadian financial concepts. It is not personalized financial, tax, insurance or legal advice, and it does not consider your individual circumstances. Product availability, eligibility, pricing and tax treatment depend on the provider, your situation and current Canadian rules. Speak with a professional licensed in your province before acting.
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