Okay, no one likes to think about their own death, but it is one of the few things that is certain in life. So why don't 35% of Canadians buy life insurance to protect their families and loved ones financially? Even though there are probably as many reasons as there are people without insurance, these are the most common ones.
First, I don't need life insurance because:
Let's be honest: this is the most common reason, and most people know it's not true. It may be true that you don't need life insurance if you don't have children, have enough money to pay off all your debts and funeral costs, and don't feel the need to make up for the loss of your income to your spouse, leave any extra money to family or a charity. But few people have enough money on hand to make all their wishes come true or pay all their bills after they die.
At the very least, you probably need life insurance if you have a spouse or children who depend on your income for their daily needs or if you have debts like a mortgage.
Reason No. 2: Life insurance costs too much:
People may have thought that life insurance was too expensive in the past because they were looking for whole or universal life insurance. Term life insurance is the most affordable option, and that's why it's so popular.
The most popular type of term insurance in Canada is called Term 10, and it has a premium that won't change for 10 years.
A man who doesn't smoke and wants $100,000 worth of coverage could pay as little as:
1 A 30-year-old pays $125
2 A 35-year-old pays $129
3 $157 for a person age 40
4: A 45-year-old pays $207
5 $281 for a person age 50
A woman who doesn't smoke and wants $100,000 worth of coverage could pay as little as:
6: A 30-year-old pays $106
7: A 35-year-old pays $112
8: A 40-year-old pays $133
9: A 45-year-old pays $163
10: A 50-year-old pays $219
As you can see, you can get $100,000 in life insurance coverage for a very small amount of money each year.
- Lowest online quote for a Term 10 policy from October 2005. This is one of the most popular types of life insurance in Canada. The rates shown for the premiums are for a year's payment.
Reason #3: I don't know anything about life insurance and I don't know where to start:
There are a number of free online tools that can help you figure out which type of term life insurance is best for you and how much coverage you should get.
1 Analyzers for Term Life Insurance. By answering a few simple questions, these tools will figure out what you need and tell you what product people who live like you usually buy.
2 calculators for life insurance with a term. These tools will help you figure out how much coverage you need to make sure your family, loved ones, and debts are taken care of in case you die.
Reason #4: It's hard to get life insurance:
Quotes for term life insurance are now easy and quick to get thanks to the Internet. If you want to compare prices first, you can avoid being hard-sold by someone sitting across from you by getting quotes online. When you get quotes online, you are not forced to buy or put under any kind of sales pressure. It's easy and can be done whenever you want. Because of this, it's a better way to shop for life insurance.
