Single? Wondering About Life Insurance? Here’s Why You Need a Plan

Single? Wondering About Life Insurance? Here’s Why You Need a Plan

Getting a quality life insurance policy isn’t just for those with the responsibility of supporting a family, anyone can benefit from life insurance. The common misconception is that people with families and dependents are the only targets for life insurance companies, but this isn’t true.

There are a number of great reasons why you should have a life insurance plan in place while you are young and single. You may not need the exact amount and types of coverage that someone with a family has, but there are combinations that work perfectly for singles and their lifestyles.

This week, our focus is on the top reasons why a single 20 or 30 something can find value in a life insurance plan. Also, we touch on how life insurance can prepare you for what your future may have in store. Continue reading

The Harm in Waiting to Apply for Life Insurance

Procrastination may have been your best friend in high school or university, but when it comes to life insurance it’s nothing of the sort. It is very common for people to put off actually getting insurance, as they use excuses like, “I’ll look into it tomorrow,” or “There is never enough time.”

Just as when you putt off paying your credit cards or other loans, you are costing yourself money when you delay getting a life plan. With time, different factors in your life can work against you getting affordable coverage. Life insurance isn’t something that should be considered optional as it is to some people. There is at least one crucial reason every family should have a life insurance plan, but why do people still choose to postpone the purchase? What can go wrong?

This week, we’re looking at typical reasons people give for avoiding a plan and how waiting can spell disaster for you and your loved ones. Continue reading

Applying for Life Insurance with Depression

Applying for Life Insurance with Depression

According to a recent article by Stats Can, about 5.4% of the population has reported symptoms of mood disorders. Furthermore, 12.6% of adults in the country are facing a mood disorder with 11.3% of the adults being diagnosed with depression.

Depression is one of the most common mental disabilities that people suffer from on a daily basis. It comes in many different forms, all of which can make applying for an insurance policy more difficult.

Like any other aliment people may have, depression can hinder your ability to get the ideal plan you are applying for. If you have been diagnosed with depression you face obstacles of higher rates or a longer application process, it all depends on the severity of your depression.

This week, we are looking at an overview of depression, how the levels of depression can affect your application, and what insurers look for when facing an applicant with a mood disorder. Continue reading

The Most Effective Way to Safeguard Your Special Needs Child

Perhaps the biggest fear any parent has to face is the uncertainty of your child’s financial future. How will they survive and live after you’re gone? And are you doing enough to safeguard their finances?

Financial planning becomes even more daunting and difficult for parents of special needs children. According to an study published in November of 2015, there are about one in nine children living with some special needs disability in Ontario alone. This goes to show that there is a large number of parents who want to take the necessary steps to properly cover their special needs child.

Parents are assuming they know what steps to take to insure their child, but in reality, they are making possibly devastating mistakes. Good planning and research will go a long way to ensuring that you won’t be interfering with your child’s eligibility for governmental benefits after you die. Continue reading

Overcoming the Difficulty of Talking About Life Insurance

Admittedly, life insurance isn’t everyone’s favourite topic to talk about. Thinking about your death or the possibility of life-threatening or crippling illnesses and disabilities is not something we normally want to spend time thinking about, but it is important. The problem is, talking about getting coverage is not always easy.

Life can get in the way of talking about life insurance as things like work or family life can complicate the process. People often believe this to be an excuse to completely ignore the need for coverage. But why is it so hard to speak about it? Perhaps it’s because many people don’t know how to.

Because people don’t know how to begin conversing about life insurance, one spouse over the other usually gets the responsibility of managing it. You and your spouse need to be a team when it comes to being properly insured, it’s vital that you both are on the same page. Continue reading

How Your Misconceptions About Life Insurance Could Hold You Back

How Your Misconceptions About Life Insurance Could Hold You Back

The misconstrued and archaic ideas about life insurance people hold make the truth about the subject a complete and utter mystery to many. Some of these myths are so common even to this day that they affect the general outlook on the benefits of a great plan.

Life insurance is so essential for anyone to have, and yet people still find themselves uneasy or completely turned away because of one or more false preconceptions about insurance!

Choosing to believe that life insurance is too expensive or that a person is too young are mere ways of putting off getting properly covered. There are too many incorrect ideas about life insurance that simply stem from a lack of knowledge and lead to people remaining uninsured. Continue reading

What to do After You Have Been Denied Life Insurance

What to do After You Have Been Denied Life Insurance

Sometimes applying for life insurance can lead to a denied application. It may seem like something that could never happen to you, but it’s possible and many people are rejected every day.

Being denied life insurance should be a wake-up call to you. It could reveal how certain aspects of your life are getting in the way of obtaining coverage. Proper coverage is an important financial decision, so you need to understand what the issue could be and how to overcome it if you are denied protection.

In our last article, we talked about how your hobby can lead to you paying more for premiums or even being rejected for coverage. But what should you do in the event that you actually get rejected? Continue reading

Facing High Insurance Premiums? Your Hobby Could be the Reason

Facing High Insurance Premiums? Your Hobby Could be the Reason

You may have a more extreme hobby that differs from the traditional book reading, video game playing, or painting, that can actually be negatively affecting your life insurance application. Hobbies such as rock climbing, scuba diving, parasailing or even travelling abroad are generally considered to be more intense and eventful activities that can cause your insurer to raise a few flags.

Risk, for a life insurance provider, is the idea that immediately comes to mind when these topics are brought up. Your passionate activity can end up costing you more in coverage premiums as it can be seen as very risky. Continue reading

Video Game Characters In Need Of Life Insurance

Video Game Characters In Need Of Life Insurance

Think about your favourite video game character, what does he or she go through on a daily basis? They run, jump, shoot, and die over and over again in both fantasy and hyper-realistic worlds. These characters face peril each and every time you decide to pop in a game disk or cartridge, so shouldn’t they have some sort of life insurance plan?

Some of these digital heroes may be hard to insure, but surely some of them will have a beneficiary or two that they can help protect. Taking a look at some of the world’s most popular video game protagonists, let’s see who is truly in need of some coverage and if insurance companies would even bother with making up the contracts! Continue reading

Millennials Missing the Mark on the Importance of a Life Insurance Plan

Millennials may just be the hardest group of people to insure in today’s society, I should know, being a part of the millennial generation as well. Although I try not to subscribe to all of the stereotypes of my generation: always being on our phones, perusing social media, and constantly looking things up on google (our most valuable tool.) I still find myself partaking in some of these traditions every now and then. But I have to ask: are we millennials seeing the value of a good life insurance plan? Continue reading