In the insurance business, misinformation can be incredibly costly. Life insurance is a way for many Canadians to achieve peace of mind in knowing that their family will be cared for financially should they suddenly pass on. However, these common mistakes could potentially prevent your loved ones from getting all that they need in the event of your death. Read below for some of the biggest misconceptions about life insurance and what you can do to overcome them.
I’m too young for life insurance.
Actually, it’s best to purchase life insurance while you’re still young and in good health as you’ll be able to take advantage of better policy options and lower premiums. While the odds are good that you’ll survive to old age, no one knows for sure what the future holds – and if you’ve got a partner, children, or parents to care for, you’ll want to guarantee they will be looked after financially should you be unable to provide for them.
I already get life insurance from my job.
Depending on the type of coverage offered by your company, it may not go as far as you think. Ask your HR department for information about your plan and the amount of your policy. It’s important to be sure that your coverage will be enough to pay off debts (such as your mortgage), as well as cover the cost of your funeral should you suddenly pass on. In many cases insurance coverage stops should you leave the company. Therefore many people choose to supplement life insurance from their employer with a private plan.
I don’t work outside the home, so life insurance isn’t necessary.
There may not be a paycheck to replace, but it would be incredibly difficult for your family to survive without your love and support. Childcare, transportation and housecleaning services can be very expensive – and ensuring your family is able to afford these things in your absence is a very important reason to consider life insurance.
I have mortgage insurance. That’s enough.
Mortgage insurance covers the cost of the mortgage should you or your partner pass on while still owing on the loan. However, as you pay down your mortgage the amount received by the beneficiary decreases along with your principle, despite the fact that your mortgage insurance payments have remained the same. A life insurance benefit on the other hand remains the same for the duration of the policy, and can be used to pay off your mortgage, cover the cost of funeral expenses, and ensure your family is protected financially should you suddenly pass on.
I’m a smoker, therefore I won’t be able to get insurance.
There are plenty of life insurance options for smokers. In fact, companies like Canada Protection Plan offer no medical life insurance plans designed for individuals that are hard to insure, have previously been turned down for life insurance, or who have a fear of medical exams or needles. No medical policies simply require you to answer some basic yes or no questions to apply – and coverage can be granted in days, instead of weeks.
I just really don’t need life insurance.
While everyone’s needs are different, the majority of Canadians likely do need some form of life insurance. Most households do not have enough money on hand to cover all debts and funeral expenses, or offset the income of their partner should they suddenly pass on. In fact, here are 6 reasons why life insurance is important.
Getting life insurance is hard.
You can quickly and easily get a free, no obligation life insurance quote over the phone, by calling 1-877-851-9090 to speak with an experienced agent. Or, you can get an insurance quote instantly online, via the Canada Protection Plan website. After receiving your quote, you have 10-days to review it and ultimately decide whether or not you’d like to purchase the policy. Should you decide on a no medical life insurance plan, you’ll just need to answer a few simple questions to get insured – there are no medical exams or needles. It’s easy!
Canada Protection Plan is a leading provider of No Medical Life Insurance. Call us today, toll free at 1-877- 851-9090 for your no obligation quote.
