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Reasons Why People Do Not Go for Life Insurance in Canada

By Edited Dec 7, 2015 0 2

Why should I go for life insurance?

Sooner or later in your life (preferrably sooner), a time will come when you need to begin with some basic financial planning. It is high time when you start your family. But don't worry - you cannot and don't have to be an expert at everything. That is why there are financial planners and advisors waiting to offer you a helping hand with single decisions.

One of the most frequent questions I get is: "Why should I go for life insurance?" But not only is this a frequent question, it is a very important one as well. The expenses that relate to life insurance can comprise a significant portion of your monthly outlays. However, the protection which insurance can bring to you and your loved ones is even more significant. Life insurance can protect your financial functioning, your property and your lifestyl in the most difficult of times, or can help you accumulate value.

But we talk about the benefits of life insurance in other articles. Let's talk about the reasons some people use to excuse their not getting life insurance. So what do those people think and is it reasonable? Why would you not acquire life insurance for you and your partner?

  1. People think they're too old. Most of them don't notice that most Canadian insurance companies will insure you even after reaching the age of 85. So there is no need to hesitate just because of your age.
  2. You may consider your own health too weak. However, many Canadian life insurance policies are accessible to you without a medical test and many other policies only require a handful of basic medical questions. Moreover, many individuals who have a medical record of heart attacks, strokes, or cancer in the family can still qualify for life insurance in Canada. There are lists of non-medical insurance offers, such as the one we maintain on our website.
  3. It is too expensive. Wrong! Your life insurance premiums don't have to extend $15 a month. All depends on what you want and need. Talk to your independent broker and find out about your options.
  4. I don't need it. Believe me, even in situations where you are debt-free with no children and other dependents, life insurance can be an effective way to take care of your final expenses, so that you never have to burden your surviving relatives. Life insurance is a perfect way to create instant liquidity when your family needs it crucially.
  5. I don't understand it. I have to admit that this may be an honest reason. Terms and conditions of contracts can be pretty complicated as it is, let alone insurance contracts that bind you for several years or decades. That's why discussing it with an experienced broker may be a good idea and give you more confidence. My team of brokers and I are ready to help you. You can also visit our Instant Life Insurance Needs Calculator to find out the approximate amount of life insurance that you need.

Buying a life insurance policy is an important step in your life. You should be careful as with any large purchase, and call on an expert whenever you are unsure about anything. Nobody wants to buy a car hastily only to find out later that they are driving a lemon.



Oct 1, 2010 4:24pm
You need to also make sure and stay current with your life insurance, such as with family changes etc. You want to make sure the money goes to the right person.
Oct 4, 2010 9:59am
That's a very good point, Sookie!
I think what you mean is that the list of beneficiaries should be updated in the policy in a timely manner as your family structure changes. That way, clients can avoid multiple inheritance cascades and speed up the whole process of clearing up the claims.
Thanks for pointing that out! :)
- Lorne
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