Life insurance - Tackling the top reasons why we put off buying itPosted by Nick Niesen on October 29th, 2010 OK, thinking about your own mortality is not a topic anyone enjoys, but our own death is one of the few certainties in life. So why do 35% of Canadians not insure their own life to make sure their family or loved ones are financially protected? While the number of reasons likely match the number of people not insured, the following are the most commonly heard. Reason #1 ? I don?t have a need for life insurance: At the very minimum, if you have anyone who relies on your income for their day-to-day needs like a spouse or children, or if you have debts like a mortgage, then you likely need life insurance. Reason #2 ? Life insurance is too expensive: Term 10 Life insurance, the most popular Term product in Canada, offers a premium guaranteed not to change for 10 years. A male non-smoker seeking $100,000 in coverage could be paying as little as*: 1$125 for a 30 year-old A female non-smoker seeking $100,000 in coverage could be paying as little as*: 6$106 for a 30 year-old As you can see, for very little money a year, you can get $100,000 in life insurance coverage. * Lowest quote online from October 2005 for a Term 10 policy, one of the most popular life insurance products in Canada. Premiums shown are the rates if paid annually. Reason #3 ? I don?t know anything about life insurance and don?t know where to start: 1Term Life Insurance Analyzers. By answering a few simple questions, these tools will assess your needs and let you know what product is most commonly recommended for people with similar lifestyles. 2Term Life Insurance Calculators. These tools will help you put a dollar value on the amount of coverage you need in order to ensure that your family, loved ones and your debts are covered in the event of your death. Reason #4 ? Life insurance is a hassle to get: Like it? Share it!More by this author |