Life is expensive. Between paying your mortgage, keeping food on the table, saving for retirement and helping your kids through university (and plenty of other life expenses) it’s difficult to spare some extra cash. Especially when trying to find money to insure you against a possible future event.
Life insurance is often put on a ‘deal with it later,’ list, with many Canadians simply hoping for the best. However, the majority of adults in the country need life insurance and waiting until it’s too late could have a dire effect on your family’s finances. Before you decide to wait on life insurance for the time being, you should understand the real costs associated with not investing in a policy.
Delaying your investment can mean missing out on a more affordable policy.
The younger you are, the more likely you are to get life insurance at a lower rate. If you’re one of the millions of Canadians who know you need life insurance, investing in a policy when you’re young and healthy can make a larger plan with plenty of benefits much more affordable. Waiting until you’re older and or less healthy could dramatically increase the cost of your premiums – and even make it next to impossible to access certain life insurance benefits.
No insurance can mean passing financial burden onto your loved ones.
Should something happen to you, would your loved ones be able to continue to live in their home or go to the university of their dreams? Do you have enough money saved to cover the cost of your funeral? Not taking steps to protect your loved ones today could leave them struggling financially should you suddenly pass on. While most Canadians need life insurance, the key is understanding exactly how much life insurance to purchase. Buying the right amount of insurance can guarantee the financial security of your family, without straining your monthly budget.
There is a way to make life insurance work for you!
Before investing in a life insurance policy, it’s best to shop around. There are plenty of different coverage options at varying rates that should be able to satisfy your budget. For example, term life insurance is generally less expensive than whole life insurance, as term life insurance expires at the end of a set term rather than guaranteeing, for life, a payout to a beneficiary when the policyholder passes on. That means that a term life insurance plan could ensure your family has coverage when you need it most – while you have young children, and are still working to pay off the mortgage – for less cost than a whole life insurance plan. Canada Protection Plan offers whole and term life insurance plans at some of the most affordable rates in the country.
Canada Protection Plan is a leading provider of No Medical Life Insurance. Call 1-877-851-9090 for your free no-obligation quote.
