The Financial Post reports in its Friday edition that with falling housing prices and rising mortgage rates, many Canadians are buying life insurance to protect their homes and ease potential financial burdens on loved ones. The Post's guest columnist Alyssa Wheeler reports that recent data from Policyme indicate an increase in life insurance purchases as a safeguard against economic instability. The data highlights how homeowners are opting for nearly 40-per-cent-higher coverage on term life insurance than non-homeowners. On average, Canadians with a home loan are taking out $726,660 in coverage, versus $553,124 for those without one. The gap is reflective of the increased debt homeowners are taking on, with higher coverage serving to protect dependants from inheriting the mortgage costs. Policyme also notes changes in home ownership demographics, which has implications for both insurers and life insurance buyers. The company said the peak mortgage-owning age group has shifted upward in the last five years, with most mortgagors now between 35 and 39 years old, up from 30 to 34 in 2021. Homeowning Canadians between 25 and 29 are taking out 59.9 per cent more coverage than their non-homeowner peers, says Policyme.