Life Insurance: Just as Important as Love & Marriage

22 Shares

First comes love, then comes marriage, then comes a baby in a baby carriage. Plus, the car, the house, the RESPs, the RRSPs and all the bills that come with growing up and we’re officially adulting, right? Yes but you should add life insurance to the list please and thanks.

I think most of us can agree that paying the bills for something that we have used, purchased or plan to use are a part of life. It is paying for things that we will not benefit from directly that seem to throw us off our guard.

Insurance is one of those things. You pay for insurance to secure peace of mind. You may pay for home/renter’s insurance and never have a claim. You will possibly pay for car insurance if you own a car and never get in an accident. Life insurance will 100% always be used, because no one lives forever. It is a vital piece of the big picture.

Millennials and Life Insurance

Millennials seem to have some lax views on life insurance as shown in a recent TD survey. As many as 55% said they don’t have life insurance even though it is the most important factor to making sure your investments and dependents are protected once you pass.

Life insurance doesn’t just cover your funeral costs (which 86% of millennials believe), it covers day-to-day living expenses, mortgage payments, lost income and student loans so that those you leave behind don’t have to deal with the stress, giving them a chance to grieve.

Weirdly enough, millennials put life insurance at the bottom of their financial to-do list with paying down their debt (25%) and saving for a home (21%) much higher on that list.

Dependents or Not, You Still Need Insurance

No dependents seem to be the reason why 37% of millennials say they have not purchased insurance yet but that is probably the best time to buy. The younger you are the less you’ll pay for the term and your premiums will not increase for the term chosen. Over a ten-year period that ends up being less than a cup of coffee a day, that’s a cost that can (and should be) easily budgeted in.

Say what? You have kids already? Even more important as you want to ensure that they are taken care of in case something happens to you. It’s great that you are saving money for a house and paying off debts, but what would happen to the house and your debt if you died? If you have life insurance there is no question, you can have peace of mind that it will all be covered.

Getting the Right Life Insurance Coverage

Now that we have taken care of the what and why we need to discuss the how. Each of us has very different and unique needs when it comes to life insurance. I must think of my kids, my debts, my house, and my funeral costs. Your picture is different than mine. Your needs are different than mine. But we all end up at the same place, insured.

First steps are always researching your options and you can book an appointment with an insurance advisor to discuss your needs. You can also check out TD’s online resource called the Right Fit Coverage Assessment tool. It was made for Canadians like you and I who are unsure about life insurance options get more information on which insurance coverage is best suited for their unique situation.

Best of all you can cancel or reduce your coverage at any time, and if you decide that life insurance is not for you within the first 30 days, TD will refund your initial payment.

To get more info head on over to the Right Fit Coverage Assessment tool and take the first steps to cover your last steps.

Pin22

22 Shares

Follow:

This post is in partnership with TD and all opinions are my own.

Aneta Alaei

Aneta is a Toronto-based mom of four that loves a good meal, great company, and learning something new. In her free time, you can find her trying to keep yet another plant alive.

Find me on: Web | Twitter/X | Instagram | Facebook

You may also enjoy:

This site uses Akismet to reduce spam. Learn how your comment data is processed.

30 Comments

Heydy
July 7, 2017 / 12:11 am

You hit the nail on the head with this one !! I’m so guilty of not knowing or doing my research. Thanks for sharing mama
Elizabeth Matthiesen
July 7, 2017 / 7:18 pm

I’ve had several life insurances, the ones I liked the most were those that matured when I survived the end date – it made paying the expensive premiums seem worth while. Research is essential, it’s a big sea to dive into without any advice.
Wayne
July 8, 2017 / 2:50 am

Thanks for the advice.
Treen Goodwin
July 8, 2017 / 9:45 am

Thanks for sharing , we all need peace of mind 🙂 great post
Calvin F.
July 8, 2017 / 5:12 pm

Interesting stats, everyone needs insurance!
Janet M
July 8, 2017 / 6:28 pm

Thanks for doing the research. It is such an important topic.
Kristi
July 8, 2017 / 10:50 pm

I’ll admit that I’m one that has lax views on life insurance. It’s something that I’ve always figured I would get around to one day when I’m older but this is good advice on why it’s important to start.
Theresa
July 21, 2017 / 9:21 am

I agree that life insurance is important, even though there are many other expenses to keep up with all the time! Thanks for the reminder.
candy
July 21, 2017 / 12:38 pm

I am amazed at how many young people and young couples do not have life insurance or even wills made out. To me this is just being irresponsible. Just the way I was raised.
Jeanette
July 21, 2017 / 1:57 pm

Husband and I were just talking about this the other day. We don’t really have any life insurance right now and I know we need some. This is a happen to us (God forbid) I want make sure my sons are covered.
Katie Kinsley
July 21, 2017 / 2:58 pm

My husband has life insurance as it is part of his job. I don’t have any myself and have never thought about needing it before.
Kimberly @ Berly's Kitchen
July 21, 2017 / 4:40 pm

Life insurance is so important. I completely get the concept that people think they can’t afford it, but really, you can’t afford not to have it. Even a little bit is something.
Jelli
July 21, 2017 / 5:01 pm

Yep, guilty as charged. I literally know nothing about life insurance for someone my age. I suppose I should take this as a wake up call!
Jenny
July 21, 2017 / 5:04 pm

We have life insurance on the entire family in case something happens. God forbid, but like you said, it’s for the peace of mind should anything arise that we’re not financially saved for.
Heather
July 21, 2017 / 5:37 pm

We have some life insurance currently but are looking to increase it. It’s not something you ever want to think about but important nonetheless.
lisa
July 21, 2017 / 5:49 pm

I am married with kids and finally got life insurance a few years ago. I added it through my car and homeowners so I never see it come out anyway. It’s just a great security blanket to have.
Kita Bryant
July 21, 2017 / 10:15 pm

I’ve thought about it recently only because I parent alone. I want to make sure my kids are covered if something happens to me.
Pam
July 21, 2017 / 11:09 pm

Life insurance is really important, but lots of people don’t have it. I used to have a lax view of it but I know better now.
Tina Butler
July 22, 2017 / 12:40 am

Once we get married and have children, Life insurance is the last think we think about as parents, but it is so important. Thank you for the reminder.
Anosa
July 22, 2017 / 12:00 pm

I think I am one of those laxed millennials when it comes to life insurance but I so agree dependents or not it’s needed
Hally Heart
July 22, 2017 / 12:41 pm

Life insurance is something we usually don’t talk about because it seems so morbid, but its so important! We will have life insurance so our kids are well taken care of and never have to worry about what ifs!
Debra Hawkins
July 22, 2017 / 3:35 pm

We have life insurance even though we are pretty young. It is something that was really important to us to help with peace of mind!
My Teen Guide
July 23, 2017 / 12:59 pm

Having insurance is like giving your loved ones security for their future. This is something me and my husband deem important. Premiums may be costly, but, the peace of mind it provides is all worth it.
Polarbelle
July 24, 2017 / 1:53 am

This is an important post. It’s something people overlook because it’s not a “requirement” to function, like a car payment, or mortgage or something, but it’s a really important thing to shop around to find a good fit.
Rose Cottrill
July 24, 2017 / 7:43 am

Life insurance is very important. However a thorough research is essential to make sure that you are getting what is worth spending for.
Cheryl
July 24, 2017 / 8:47 am

I totally agree with you! After marriage and the babies we sat down with a lawyer and got a will set up along with life insurance. Not fun, but totally necessary.
Janette Shearer
July 24, 2017 / 1:11 pm

Ugh…thanks for the kick in the pants! I need to get me some life insurance! We have some for my husband but I’ve been slacking! I bank with TD so I should definitely check with them first!
Dee Clarke
July 25, 2017 / 12:48 pm

We have life insurance on all our family members. You’re right. It really does give peace of mind.
Courtney
July 26, 2017 / 10:34 am

Life insurance is definitely important. My hubby has it just in case anything were to happen.
Elizabeth Matthiesen
September 2, 2017 / 9:42 pm

I think that everyone should have life insurance even if it’s only one that pays out in the case of death. It’s tough enough surviving grief without having financial worries and things like having then to move house, kids change schools due to moving etc etc putting a huge stress on your life.