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Why should I get life insurance?

Helpful Tips, Insurance

Posted by Allison Barton

Jan 21, 2014 4:43:00 PM

 For many of us, life insurance never crosses our mind until we go through some kind of life-changing event.

The fact is thirty-something’s are not walking around thinking about life insurance. It is not until some important event in our lives takes place, such as getting married, buying a house, or having kids, that we start thinking more about our obligations, responsibilities and priorities.

The following are typical life events that can lead to people considering the purchase of life insurance:

1)  Getting married 

When you get married, you often share financial obligations. Would your spouse have enough money to keep their current standard of living, cover your funeral costs and pay off any debt?

Average age for a first marriage is 29.6 years for women and 31.6 years for men

(Statistics Canada 2008)

2)  Buying a home 

Could your family cover the mortgage payments and all of the associated household maintenance costs if you died too soon?

-	7 out of 10 Canadian households owned their dwellings in 2011

(Statistics Canada 2011)

3)  Starting a family

If something happens to you, would your children have all of the opportunities you dreamed of? Would there be enough money for daycare or tuition for college or university?

-	Average number of children per woman in 1926 = 3.36, average number of children per woman in 2011 = 1.61

(Statistics Canada 2011)

4)  Starting a business

Would your business survive if you, or a business partner, passed away? 

-	7.9% of Canadians were self-employed

(Statistics Canada 2010)

If you find yourself entering one of these exciting events in life, speak to an advisor who can explain the benefits of life insurance for protecting your income in the future should the unexpected occur.  

What made you decide to buy life insurance? Share your story with us.