Top 6 reasons why you need Life Insurance, How to Easily Afford It, and What Benefits to Choose​

Author : einsured Admin


Many people don’t buy life insurance. They feel they are too young to worry about it, or life insurance policies are too expensive, or they will have enough in savings and investments to provide for their family when they’re gone, or the end of life is just too uncomfortable to think about.

Let’s look at several of the top reasons why you may not think about buying life insurance.

1. I don’t want it. The truth is the loss of your income could leave your loved ones in a real bind. It would be difficult for your spouse to provide for your children or to retire comfortably. This could sentence those you love to a lifetime of hardship – one they might not be able to escape.

Quality life insurance keeps the worst from happening.

Your family will get a nice payout that lets them pay off debt, buy the essentials, and afford nice extras for years to come. Instead of struggling, your family will have a good quality of living with plenty of opportunity to achieve their dreams. It’s a great way to watch over those you love and help them out every day even after you’re gone.

2. It costs too much. When most people are working as hard as they can to keep their heads above water, life insurance can seem like a significant extra expense they simply can’t afford.

Statistics show the average person spends around $1,500 per month in discretionary income. This often comes in the form of fast food meals, restaurants, recreation, entertainment, and other non-essentials. If you cut back just slightly to spend $1,500 per year on life insurance, you could have a very nice plan that would secure your loved ones for decades.

3. What plan should I choose? It is true there are a lot of different companies and types of insurance plans available. There are also many insurance guides available online, and it can be difficult knowing which are helpful and which are just trying to sell you a plan you don’t need. It’s best to locate a trusted insurance advisor who can listen to what you need and help you determine the best plan for your specific situation. There is no one-size-fit-all when it comes to insurance. Your best bet is to work with an expert who can help you pin down exactly what will give you the best benefits.

4. I don’t know how much to buy. The amount of life insurance coverage depends on your situation. If you’re only worried about cremation expenses, the bare minimum can be as low as $10,000. Expecting the government to cover this is unrealistic. Many locations have only the barest funding for indigent cremations.

You must start with adding up the debt you owe. If you have a $200,000 home mortgage, you will need that much in life insurance to pay off the mortgage. Sending a child to a university can cost another $50,000 to $100,000. By adding up these things, you can get a ballpark estimate of how much life insurance coverage you need.

Your insurance advisor can also help you get the right amount.

5. I don’t have time to think about it. Granted, reading through literature and insurance sites online can put a normal person to sleep pretty fast. That’s why setting up a phone conversation or an office appointment with an insurance agent can speed things along.

6. Life insurance confuses me. This is the reason for at least 1 in 10 people give for not having insurance. The complexity of insurance can take an expert to fully understand. Your insurance agent can greatly simplify the process with a few questions. Plus your agent knows lots of programs and arrangements that can give you more value for your money. There are benefits you probably haven’t thought about that can add a great deal more security to your life.

Another way to have plenty of money in your golden years is to maximize your retirement funds or government old-age benefits. Talk with a financial advisor about how to save more, invest more, and get more of the government benefits available to you. For some, this may not be that much, but for others, this could amount to tens of thousands of dollars or more.

This can help cover your end of life expenses giving your family greater security. Even in advanced age, you don’t want your kids having to cover your burial and financial obligations. Getting good life insurance can be an easy solution that is affordable and provides decades of peace of mind.

Get the insurance you need to protect you and your family during these difficult times. We will be happy to work with you over the phone or online. Contact our office for your no-obligation consultation.

If you need any support, you can book a free consultation with me.

— Aman Ahuja
Financial Security Advisor
[email protected]
Life | Critical | Super visa

Card image cap
Permanent Life Insurance

Life insurance policies that do not expire are referred to as permanent life insurance. Permanent life insurance usually includes a death payout and a savings component. What are the different types of permanent life insurance? Both whole and universal life provide lifelong coverage and tax-free cash gain, but they are structured differently. Whole life and […]

Read More
Card image cap
Significance of Disability Insurance

Disability insurance can help protect you and your family’s income if an unexpected illness or accident leaves you unable to earn a living. People usually give more importance to death benefits than living benefits. “Living benefits” is the term used in the insurance industry for benefits which are paid out when you are alive through […]

Read More
Card image cap
What is Super Visa insurance and How Much Does it Cost?​

Every year thousands of visitors come to Canada for tourism, vacation, or visiting families. Some stay for a longer period of time to reunite with their families. Canadian government launched a program in 2011 called “super visa” to help Canadian citizens and permanent residents spend more time with their loved ones. Those hoping to reunite […]

Read More
Card image cap
Life Insurance 101​

So don’t let these options confuse you. We offer a simple and definitive guide to help you through the process of buying term life insurance

Read More
Card image cap
How to Compare Life Insurance to Get the Most for Yourself and Family​

Life insurance is vital to planning for your future. It’s important to have the money you need to pay for expenses and care for your family in the event you are no longer there. None of us live forever. Although we all want to live to be 95, most don’t. That means a family with […]

Read More
Card image cap
A Step-by-Step beginner’s Guide to Buy Life Insurance​

Before I even begin to share the how, I want to congratulate you for even considering buying your life insurance. It’s a big step towards being financially responsible. It’s official –– you’re an adult! Jokes apart, buying life insurance is serious business and it requires a bit of research. This post is a step towards […]

Read More
Card image cap
5 Reliable key terms on How to Buy Your Insurance Policy​

How to Buy Your Insurance Policy, While getting an insurance policy is a no-brainer, you probably don’t know what to look out for when you are buying an insurance policy. There are so many products in the market that it can be very intimidating. Not anymore! I am breaking it down for you. Before I […]

Read More
Card image cap
6 Remarkable ways to find your financial cushion in the midst of a pandemic and prepare for future income protection​

It can be daunting to look at your big financial goals for income protection. If you’re reading this article, chances are that you know how important it is to plan your finances and prepare for future income protection. The interest in learning about financial planning has skyrocketed recently. Nearly 6 million people have applied for […]

Read More