When should you buy life Insurance? 5 factors to consider

May 4, 2020 | Guest Contributor

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Life insurance is designed to help protect your family and others who may rely on you for financial support. This type of insurance helps protect your family's financial security by leaving a benefit to cover their expenses if something were to happen to you, the policy holder.

Why should I buy life insurance?

When deciding if you should purchase life insurance, there are many factors to take into consideration. Even if you do not have dependents, life insurance can be beneficial because it provides protection for your estate.

Consider the following reasons to add peace of mind to your life with CAA Life Insurance:

Canadians are working longer

Many Canadians over the age of 65 are continuing to work (out of necessity or interest), emphasizing the need for insurance to provide for their families.1 It's important to have enough life insurance to cover debts and replace your income if you have dependents relying on you for financial support. 

1/2 of Canadians own life insurance

That’s 15.2 million adults and 2 million children under age 181. Those who are uninsured may not be adequately protecting their family and estate.

Married couples want more coverage

In recent years, the ownership of life insurance for married households has increased by 3%, and 5% for those with children2. If you have multiple people relying on your income, including a spouse or children, it can be important to ensure your family has the financial support they need should something happen to you.

If you own your home, consider having enough coverage to pay it off or at least aid mortgage payments.

You may also have aging parents that you’re providing support for, and life insurance will make sure your parents are still cared for if something were to happen to you.

Learning more about life insurance

It may be overwhelming to look at the options when purchasing life insurance. However, it's important to understand what products exist and the coverage you need for your unique needs. That’s why CAA is here to provide you with helpful information that you can use to make an informed decision.

Find the Life Insurance Plan that fits your needs

At CAA, we offer a wide range of affordable life insurance plans to meet the needs of you and your family. Best of all, because CAA Life Insurance allows you to choose both the type and amount of coverage that's right for you, you won't end up paying for something that you don't need. 

Learn more about CAA Life Insurance by visiting our website, or get a quote online.

 


1 LIMRA. “Canadian Life Insurance Ownership Study – 2019 Person-Level Report,” 2020.

2 LIMRA. “Canadian Life Insurance Ownership Study – 2019 Household Trends Report,” 2019.

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© 2020 The Manufacturers Life Insurance Company. All rights reserved. Manulife, P.O. Box 670, Stn Waterloo, Waterloo, ON N2J 4B8.

Tags: Insurance

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