Reasons You Need Life Insurance Right Now
7 May, 2018
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5 Reasons You Need Life Insurance Right Now

Buying life insurance can be one of those things that people continuously put off until it’s too late. Some people believe that they are too young and healthy to even think about planning for the end of their life. Others may think that life insurance premiums are too expensive to make buying coverage financially worthwhile. Whatever the reason for putting it off is, it’s important to acknowledge that there are many benefits associated with buying coverage sooner rather than later. In fact, with a closer look at the primary reasons why you need coverage now, you may be ready to reach out to a trusted insurance agent today.

Death is Inevitable

There is no guarantee that you will live to reach your senior years — accidents can occur at any time, and severe illnesses can take a toll without notice.

Life insurance rates are more affordable when you are younger and healthier. Many people do not realize that life coverage premiums are locked in at the time when coverage is purchased. The rate that you qualify for now will remain in place for the duration of the policy. Keep in mind that typical insurance rates increase as you get older and as your health declines. While death is inevitable, rates on life insurance coverage may not be lower for you than they are today.

Take Care of Your Debt

When you pass away, your loved ones may need to take responsibility for your debts. This can include your credit card debt, business debts, home mortgage and more. Life coverage benefits are often used to pay off outstanding debts and reduces the financial strain that your loved ones may experience if you pass away. Each of your expenses generates a monthly payment that your loved ones are responsible for even after your passing. When your life benefits are used strategically by your survivors to pay these debts off, your loved ones will be able to live more comfortably without financial strain.

Your Loved Ones Want to Honour You

Your passing can leave a major hole in the hearts of your friends and family members. A funeral or burial service is a common way for loved ones to pay their respects and to honour you after your passing. Unfortunately, many families are not financially prepared to pay for a funeral or burial service, especially when someone passes away unexpectedly. A funeral or burial service may cost up to $10,000, and a larger and more elaborate event may cost substantially more. Placing this unexpected financial strain on your loved ones while they are also mourning a loss can be tremendously stressful for them. When you purchase enough coverage to pay for your funeral expenses, you will eliminate this unnecessary financial stress at an already-difficult time in their lives.

Buying Coverage Is Fast and Easy

Some people believe that they are too busy to purchase a life insurance policy. The good news is that buying a new life insurance policy is faster and easier to do than you may think. You can easily use a life coverage estimator to determine what your coverage needs are. This takes only a few minutes to do, and you can spend a few additional minutes requesting quotes for coverage online. After you select the quote that you want to move forward with, the insurance company will schedule a time for you to meet with a medical practitioner if a physical is required. This appointment usually requires less than 15 minutes of your time. It includes a collection of blood and urine samples, a blood pressure check and other routine medical examinations. If you purchase a smaller amount of coverage, this appointment may not even be required.

Peace of Mind

We’ve all heard horror stories about people passing unexpectedly, and their loved ones being left in a tough financial situation without them. These concerns can keep you up at night, but this stress can be easily avoided. Buying a new life policy is fast and easy, and it is more affordable to make this purchase now than it may be in the future. Life coverage can provide you with peace of mind, and it can help your loved ones to avoid the unnecessary stress that they may otherwise have to live with for years after your death.

If you are interested in learning more about the coverage options available to you, call WB White Insurance at 877-420-4572 or contact us here.

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Oshawa Office 110 King Street East
Oshawa, Ontario, L1H 1B6

Lindsay Virtual Office