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Life Insurance - Tackling The Top Reasons Why We Put Off Buying It
By: Kade Phillips
OK, thinking about your own mortality is not a topic anyone enjoys, but our own
death is one of the few certainties in life. So why do 35% of Canadians not
insure their own life to make sure their family or loved ones are financially
protected? While the number of reasons likely match the number of people not
insured, the following are the most commonly heard.
Reason #1 – I don’t have a need for life insurance:
Let’s be honest, this reason is by far the most common and for most people
untrue. Unless you are an individual who does not have children, has money on
hand to cover all debts and funeral expenses, and does not feel the need to
offset the loss of their income to a spouse, leave any additional money to
family, or to a charity, then it may be true, you don’t need life insurance. But
few people have the funds readily available to fulfill all their wishes or meet
their obligations after their death.
At the very minimum, if you have anyone who relies on your income for their
day-to-day needs like a spouse or children, or if you have debts like a
mortgage, then you likely need life insurance.
Reason #2 – Life insurance is too expensive:
If in the past people have found life insurance to be too expensive it could be
because of the type of coverage they were seeking, like whole or universal life
insurance. Term life insurance is the most affordable of all the products and is
very popular because of it.
Term 10 Life insurance, the most popular Term product in Canada, offers a
premium guaranteed not to change for 10 years.
A male non-smoker seeking $100,000 in coverage could be paying as little as*:
1 $125 for a 30 year-old
2 $129 for a 35 year-old
3 $157 for a 40 year-old
4 $207 for a 45 year-old
5 $281 for a 50 year-old
A female non-smoker seeking $100,000 in coverage could be paying as little as*:
6 $106 for a 30 year-old
7 $112 for a 35 year-old
8 $133 for a 40 year-old
9 $163 for a 45 year-old
10 $219 for a 50 year-old
As you can see, for very little money a year, you can get $100,000 in life
insurance coverage.
* Lowest quote online from October 2005 for a Term 10 policy, one of the most
popular life insurance products in Canada. Premiums shown are the rates if paid
annually.
Reason #3 – I don’t know anything about life insurance and don’t know where to
start:
A number of free online tools have been developed to help you decide which term
life insurance product is best for your specific situation and how much life
insurance coverage you should get.
1 Term Life Insurance Analyzers. By answering a few simple questions, these
tools will assess your needs and let you know what product is most commonly
recommended for people with similar lifestyles.
2 Term Life Insurance Calculators. These tools will help you put a dollar value
on the amount of coverage you need in order to ensure that your family, loved
ones and your debts are covered in the event of your death.
Reason #4 – Life insurance is a hassle to get:
Thanks to the Internet, getting term life insurance quotes is now fast and easy.
If you want to shop around first, getting quotes online means you can avoid
hard-sell tactics by someone sitting across from you. There is no sales pressure
or obligation to buy when you get quotes online. It’s easy, can be done any time
at your convenience and is simply a better way to shop for life insurance
because of it.
About the Author:
For more information on life insurance, term life insurance analyzers and
calculators, or to quotes, kanetix.ca's http://www.kanetix.ca/term-life-insurance/
service provides instant online quotes from some of Canada's most recognized and
trusted life insurance companies.
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