INSURING WITH CARE™ BLOG

Signing a mortgage can be the best time for first-time home buyers to consider term life insurance.

A critical illness can happen to anyone at any time. Worrying about your finances is the last thing you need, should the unexpected happen.

For many Canadians in their 50’s or older, their term life insurance policies may have come to an end. Would you know what to do next? As you get older, it’s important to re-evaluate your life insurance needs. How many years do you want to earn income before you retire? Or if you die, do you want to leave a financial cushion for your spouse, or contribute to your children or grandchildren’s education?

Young or old, planning for the future with life insurance is too often forgotten or placed on the back burner. You should think about life insurance when you have financial obligations, responsibilities and priorities. Could your family cover the mortgage payments and household maintenance costs if you died too soon? Would there be enough money for your children’s daycare, tuition for college or university?

Most millennials think they don’t need life insurance. But did you know that nearly 3 out of 5 millennials say that if they suddenly passed away they would be concerned about the financial wellbeing of their loved ones?For many in this age range, life insurance never crosses their minds until a life changing event like marriage or having kids takes place.