When you purchased car insurance, you likely thought about the risks associated with driving, and the fact that you wanted to be covered if anything were to happen to you or anyone else in your family while driving. Life insurance works the same way. Here are some reasons why you need life insurance, and why you should purchase it earlier rather than later.
- Protect Your Children: If you or your spouse were to die, you can likely imagine that it would be difficult for your children to be completely taken care of with only a single parent. Life Insurance can provide security for you and your family, ensuring that a death in the family wouldn’t result in changes to your family’s lifestyle. It can help protect your family home, your children’s education, and cover daily expenses
- Unexpected Illnesses: By definition, unexpected illnesses happen when you don’t expect them. We all know that we won’t be healthy forever, but many of us fail to take action about that. After you’ve encountered a serious medical illness, it can be difficult to get access to low life insurance premiums.
- Lower premiums when you’re younger: Typically, the younger you are, the lower the rate you’ll qualify for. As your age increases, so does the risk of potential health problems you may encounter. When you’re in good health and are a low risk candidate for insurance companies, they will typically allow you to lock in low rates that will continue into your later years.
- Personal vs. Employment Life Insurance: Today, some employers are offering life insurance policies to their employees. Although it is a welcomed advancement, if the business ceases operation or if you’re fired from your position, you may find that a new policy costs more than if you would have always had your own personal policy, outside of your employer’s benefits. Especially if your health changes, you may find it difficult to get insured for life insurance later in your life, versus when you’re healthy and working.
- Funeral Expenses: If you do not plan on how to cover your final expenses, such as funeral costs, your family may find itself in a difficult position. Life insurance can ensure that your funeral expenses are taken care of, without having to lean on your family.
For more information on life insurance or to purchase a policy, visit our website at wdba.ca, or give us a call and speak with one of our advisors at 416-646-2433.