Reasons not to buy life insurance
OK, thinking about your own mortality is not a topic anyone enjoys, but our own death is one of
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- Is the price I get quoted for life insurance the price I get charged?
- We are afraid the answer is “it depends” upon many factors.
- Can Life Insurance be arranged quickly?
- It is dependent upon two factors: - Click here to find out more details
- What is the difference between Life Insurance and Life Assurance?
- Many people confuse Life Assurance with Life Insurance but there are several big differences between the contracts.
- What are the most common optional extras available on life insurance policies?
- When considering the purchase of a life insurance policy you are almost certainly going to be offered additional extras that maybe added to the plan. The following three are the most common: -
the few certainties in life. So why do 35% of Canadians not insure their own life to make sure their family or loved ones are financially protected? While the number of reasons likely match the number of people not insured, the following are the most commonly heard.
Reason #1 - I don't have a need for life insurance:
Let's be honest, this reason is by far the most common and for most people untrue. Unless you are an individual who does not have children, has money on hand to cover all debts and funeral expenses, and does not feel the need to offset the loss of their income to a spouse, leave any additional money to family, or to a charity, then it may be true, you don't need life insurance. But few people have the funds readily available to fulfill all their wishes or meet their obligations after their death.
At the very minimum, if you have anyone who relies on your income for their day-to-day needs like a spouse or children, or if you have debts like a mortgage, then you likely need life insurance.
Reason #2 - Life insurance is too expensive:
If in the past people have found life insurance to be too expensive it could be because of the type of coverage they were seeking, like whole or universal life insurance. Term life insurance is the most affordable of all the products and is very popular because of it.
Term 10 Life insurance, the most popular Term product in Canada, offers a ( personal loans ) premium guaranteed not to change for 10 years.
A male non-smoker seeking $100,000 in coverage could be paying as little as*:
1 $125 for a 30 year-old
2 $129 for a 35 year-old
3 $157 for a 40 year-old
4 $207 for a 45 year-old
5 $281 for a 50 year-old
A female non-smoker seeking $100,000 in coverage ( secured loans ) could be paying as little as*: