Spoiler alert, this will not always be the case. You may not currently have debt, no one to support and a life essentially free of encumbrances. It might seem okay going without life insurance, for now. But things change fast and as they say, life happens whether you’re paying attention or not. Perhaps you may need to rethink what happens financially in the unhappy event of your demise. Below are five reasons to consider buying life insurance.
If you have school
debt:
Today nearly two million Canadians
have student loans totaling $20-Billon. The Canadian Federation of Students says the average debt for university graduates
is almost $27,000. While some students rely on just the OSAP most are being
partial funded by their parents who have sacrificed putting money into their
retirement in order to do so. Over 50% of students have some sort of debt which
should be covered by a life insurance to ensure no additional financial burden
is put onto the parents, should the unthinkable happen.
If you own a home:
Home ownership is very important to
the vast majority of Canadians. More than two-thirds of married couples are
homeowners and among those who are renters, a great many would like to own
property. Young adults are no different from the general population in this
respect. With the cost of borrowing so low the increase in house poor Canadians
is on the rise. A recent report from CBC indicates that these families would not be able to withstand
a life crisis event, making life insurance a must have.
If you have risky hobbies:
Most young people think that they are invincible
and that nothing can touch them. I am sure that each of us can think back on
one or two stories of when we were young and shake our heads, wondering what
you were thinking. According to the Public Health Agency of Canada, unintentional
injury is the leading cause of
death for Canadians under 30. This is more of a concern if you
engage in risky sports, hobbies, or work in a high risk jobs. Life insurance
makes sense in this case.
If you have children:
It is our responsibility to take care
of our children until they are old enough to take care of themselves. If you
live with a partner or have a child with a partner with or without marriage,
life insurance will protect their interests in case something happens to you.
The majority of parents are under the age of 30 despite the recent increase in
the average age of mothers as tracked by Statistics Canada.
If you have hereditary health
risks:
Although most young people don't have to worry
about poor health, you should know that you can be turned down for life
insurance once you receive a formal diagnosis and/or develop symptoms. Locking
in life insurance now while you are younger will ensure that you receive better
rate and allow you to keep coverage even if a hereditary condition crops up.
There are numerous reasons
to get life insurance and these are just a few. To learn more about the whos,
whys and coverage amount required visit: http://www.protectingwhatmattersmost.com/#!Life-Insurance-–Questions-and-Answers-you-need-to-know/czn1/1.
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