Life insurance - Tackling the top reasons why we put off buying it
Below is a MRR and PLR article in category Finance -> subcategory Insurance.
Life Insurance: Overcoming Common Hesitations
Summary:
Contemplating one's mortality isn't pleasant, yet death is a certainty. Surprisingly, 35% of Canadians haven't insured their lives, leaving their loved ones unprotected financially. Let's explore why this happens and how to address these concerns.
Article Body:
Facing our mortality isn't a topic anyone enjoys, yet it’s one of life’s few certainties. So, why are 35% of Canadians without life insurance, putting their families at financial risk? Let's delve into the most common reasons people hold back.
Reason
1: "I Don't Need Life Insurance"
This is the most prevalent belief, yet for many, it’s not accurate. You might not need life insurance if you’re childless, have ample funds to cover debts and funeral costs, and feel no need to support a spouse or leave money to family or charity. However, most people don’t have such resources handy to cover all their obligations and desires after death.
If someone depends on your income or you have debts like a mortgage, life insurance is likely necessary.
Reason
2: "Life Insurance Is Too Expensive"
The perception of cost often stems from choosing more costly coverage types, like whole or universal life insurance. Term life insurance, especially the Term 10 in Canada, offers affordability and popularity. It guarantees a premium that remains steady for ten years.
For example, a male non-smoker seeking $100,000 coverage could pay as little as:
- $125 at age 30
- $129 at age 35
- $157 at age 40
- $207 at age 45
- $281 at age 50
A female non-smoker might pay:
- $106 at age 30
- $112 at age 35
- $133 at age 40
- $163 at age 45
- $219 at age 50
These rates show how affordable life insurance can be, providing peace of mind for just a small yearly investment.
Reason
3: "I Don’t Know Where to Start"
The process might seem daunting, but free online tools make it accessible:
1. Term Life Insurance Analyzers: Answer a few questions to get product recommendations tailored to your lifestyle.
2. Term Life Insurance Calculators: Determine the coverage needed to ensure your family and debts are protected if something happens to you.
Reason
4: "Life Insurance Is a Hassle to Get"
The internet simplifies the process. Getting quotes online is quick and pressure-free, allowing you to explore options without hard-sell tactics. Quotes can be obtained at your convenience, making it a hassle-free experience.
In conclusion, addressing these concerns can help more Canadians secure life insurance, providing essential financial security for their loved ones.
You can find the original non-AI version of this article here: Life insurance - Tackling the top reasons why we put off buying it.
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