Do You even need life insurance?




You might think I'll start this off by saying, "Everyone needs life insurance!" because I'm an insurance broker, and that's what I do.


Technically speaking, life insurance isn't mandatory here in Ontario (unlike car insurance).


And the truth is - not everyone needs life insurance.


In the next few minutes you'll be able to determine whether you need life insurance or not.


But first - let's understand the "how".




How do you know if you need life insurance?


Generally speaking, life insurance is most necessary when you have dependents who would be financially impacted by your debt.


Example: You're married, you have two young kids who financially depend on you to live day-to-day. If you pass away, you leave your spouse to support your two kids while maintaining day-to-day expenses.


In this case, life insurance would be a great idea.




Why you may need life insurance...


If you have a spouse and kids, ask yourself this question: what do you want to happen to them when you're gone?


Chances are, you want them to continue living the same lifestyle.


The last thing anyone wants is to think of their loved one's dealing with financial uncertainty, or having to move from their home when they've just lost you.


If you have dependents, you probably need a life insurance policy.


Your life insurance policy will take care of things like settling debt obligations (mortgage, credit card bills, car loans etc...), and will also allow your family to keep their home and cover everyday living expenses.


Your life insurance policy can also handle expenses that may arise in the future. For example, future education costs.


If you're single and no one is actively depending on your income, a life insurance policy is still worth considering, here's why:

  • coverage can handle your personal debts

  • your policy will pay for your end-of-life expenses

  • you can leave money behind to loved ones or favourite charities



Why you may not need life insurance...


If you're single, with no dependents, no debts, and have enough savings and assets to cover all your funeral expenses and giving to your family, then it's probably not necessary.


The same also goes if you have a family, but are financially secure enough that you would leave them well-cared for.


For the younger readers here, if you currently don't have any dependents, but would like to eventually start a family, then I would definitely consider life insurance for yourself.


I purchased my first permanent insurance policy at 27, and at the time of this writing I have no kids - but I plan to start a family.


Something to consider!


If you'd like to learn more and have a conversation about potentially applying for life insurance, don't ever hesitate to give me a call or text at 647-393-3474.


You can also submit a 1-minute intake form and I can quote you in a few minutes!



Submit a 1-minute intake form now.



I hope you enjoyed reading this!


Best,

Dan