YourStyle Financial
Life Insurance

Nobody needs Life Insurance, they need CA$H

January 13, 2022

For many, the last two years have made a lot of people more attentive to two things; money and mortality – both of which are the pinnacle of adulting. They’re also both the two things no one likes to think about. For most, there’s not enough of either money or time. But when the time comes, will there be enough money?

If you’re evaluating your accounts and expenditures and deciding where you can cut costs, are you wondering if your life insurance policy is worth the monthly premiums? Is it a necessary expense? Is it something you need and why? Let’s explore those questions.

  1. Do you have dependents?
    If you have family who depends on you, ask yourself what you want to happen to them when you’re not around. You’ll want them to be able to continue the lifestyle they’re accustomed to instead of struggling with financial uncertainty.
    A life insurance policy will help take care of debt such as mortgages, auto loans or medical expenses while allowing them to cover everyday living expenses. Perhaps it can even set them up for the future and cover upcoming costs such as post-secondary expenses.
  2. Are you single?
    Even if you don’t have someone depending on your income, you don’t want to leave your family to deal with your debts or funeral expenses. You can also use it as your opportunity to leave a legacy to your loved ones or your favourite charitable organization.
  3. Retired with no dependents
    This is a situation where it depends on what you want to leave behind and the debts you have accumulated. For example, if you have a mortgage, do you have insurance on that? If you want to cover any debts and leave some money for your loved ones, you can consider a term life insurance policy.

Life insurance is just the product used to deliver funds when it is needed most.  When it comes to the end of life, it may not be something you have time to plan and ensure you are financially set up in a way that leaves those well cared for. At a time of loss, the last thing you want is to couple the emotional trauma with financial stress.

Life insurance provides protection against financial loss resulting from death. Do you have more questions? Speak with one of our Financial Advisors today.

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