January 14, 2020

The facts of life (insurance)

One-third of Canadians don’t have life insurance. The main reason is that death is hard to talk about; so many people avoid it and thus don’t buy life insurance or adequately plan for what will happen when they’re gone. For instance, one myth is that an employer’s life insurance program is adequate. Generally, it’s a good start, but you may also need individual insurance not tied to an employer to fully cover all your sources of income such as commissions, bonuses and second jobs. About 80% of consumers overestimate the cost of life insurance. Premiums are based on age, overall health, whether you smoke, family history, etc. so depending on these factors it can be quite affordable. Canadians need to be aware that there are lots of options, which can help people plan for and help families through a devastating loss.

Key Takeaways:

  • The majority of Canadians don’t have life insurance because it is hard to talk about.
  • Life insurance is important for the primary wage earner, but also for a partner who doesn’t work because of all the household tasks that may need to be hired out.
  • Life insurance allows people to keep together what they’ve put together, which makes not having life insurance more expensive than any policy.

“Canadians believe that life insurance is important but they put off the buying decision and so it’s not usually top of people’s priorities. It should be.”

Read more: https://www.bnn.ca/the-facts-of-life-insurance-1.1045892

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