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Life Insurance – Something is Better than Nothing

Helpful Tips, Insurance

Posted by Allison Barton

Apr 23, 2014 2:23:00 PM

Young couple reviewing papers

The ability to manage all of your financial priorities can seem daunting at times, especially for young Canadians starting out.

Four in ten Canadian marriages begin in debt, and the new family starts off with an average of $21,503 in debt on their wedding day.

The obvious question is: how can you buy a house, start a family, and ensure you have the necessary protection for your family in the form of life insurance when you are already in debt?

The top-two reasons consumers delay buying life insurance are: low priority and the perception that it is not affordable.

Deferring the purchase of life insurance can be the easier decision for individuals. However, the longer you procrastinate, the harder it may be to get coverage, the premiums may be higher and there is always the risk that the unexpected happens and your family doesn’t have income protection when they need it.

A financial advisor can show you life insurance coverage options that balance your income protection needs with your monthly budget.  They can help ensure you are purchasing a policy that you can afford  and allows you to be prepared for the unexpected.  This may mean opting for a smaller policy but this is certainly better than no life insurance at all.  

As your financial situation changes and debts get paid off or a job promotion or salary increase occurs, you can always opt to add more life insurance coverage.  

Something is definitely much better than nothing!

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