Life Insurance: An Unselfish Purchase

Posted on August 1, 2014 and updated March 30, 2015 in BMO Life Insurance, Life Insurance and Illness, Life Insurance Canada News
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Photo by Mish Sukharev / CC BY 2.0

Many people wonder whether they should buy life insurance. To some, it seems like a waste of money. But if you have family members dependent on your income or if you are thinking of having a family, it’s really a “no-brainer.”

Life Insurance is not like other purchases. It’s not about you and your wants. It’s about the other people — your family. It’s an unselfish act that puts your dependents first and if anything were to happen to you, it ensures that they will be looked after and be able to maintain their standard of living.

Life Quotes from Twitter says this about purchasing life insurance:

Why Life Insurance Is Unselfish

Rossana Majchrowski from Brighterlife.ca says, “Buying life insurance is one of the most unselfish things you can do. You purchase the policy and pay the premiums to ensure the people you love receive a benefit when you die. You intend to provide for them financially in your absence, to leave them a significant legacy or at least to help pay for your funeral.”

It is also important to sit down with your family members and have a thorough discussion on the policy you have purchased and how it works if something were to happen to you. Paul Russells from the Toronto Star mentions some of the reasons why you should buy a policy, and one of them is to protect your family in case of income loss and or debt repayment.

Barnowaski Financial from Twitter says life insurance is a purchase that will allow you to feel secure:

Debt And Estate Planning

Most Canadians do carry debt and it would be selfish if something were to happen to you and your family members would be burdened to pay it off for you. If this idea is unappealing to you, then life insurance is definitely the way to go. It saves your family from having to repay the debt that you had accumulated over your life.

Russells also mentions that life insurance is important for estate planning and funeral costs: “Even a modest funeral can cost thousands of dollars, and estate costs — such as probate and executor fees — can add thousands more. Life insurance can provide your dependents or your estate with the cash it needs to settle these expenses — without the sale of key estate assets.”

Do Your Life Insurance Research

Andre McNeil from Investopedia states that it is important to do your research when you are thinking about buying a life insurance policy: “Life insurance is not for everyone. But, you should not dismiss it without doing some research. If you have others who depend on you financially, it is very likely that you need it. Your financial advisor can help you to decide which type of policy is best for you.”

Buy Life Insurance At The Right Age

It’s important that you buy your life insurance policy around a reasonable age, ideally in your 30s or 40s. Michael Estrin from Bankrate.com asserts, “Twenty-somethings won’t buy life insurance because they feel invincible, At the other end of the spectrum, folks 50 or older have a hard time buying coverage either because it’s become more expensive or they have a hard time qualifying, medically.”

Therefore it is important you decide on purchasing a policy at the right age. Majchrowski states that BMO Financial group has revealed that Canadians understand the importance of explaining to their family members about the policy they purchased. Although discussions about life and death matters may be uncomfortable, it’s important to address the situation so that way your estate will be distributed and administered smoothly.

How Life Insurance Saved Her Family

LearnVest from Forbes tells her readers a story of how important life insurance was in her life when her perfect life with her family came crumbling down when her dad died in a plane crash. What saved her and her family? Her mother’s decision to get a good life insurance policy prior to her father’s death.

Life insurance provided her and her family with enough income to proceed with their lives without their father to provide the extra hand. Her story tells us that life insurance is definitely something to consider once you start a family.

Robert Cartwright on Twitter says that life insurance is an investment that will keep your mind at peace:

LSM Insurance’s Take On Life Insurance

The President of LSM Insurance, Chantal Marr, says,

Life insurance is the most unselfish purchase someone can make. I often hear the following response or some version of it from people rejecting the notion of life insurance. ‘Why should I bother with life insurance? I’ll be dead anyways!’ This is a selfish and self-centred view of life. Life insurance in its most basic sense is not for you. It’s for the people you care about. It’s for your family. It’s for the people who are dependent on you. Children’s lives can be shattered by a lack of fiscal responsibility from their parents. Life insurance can help you shape the lives of children. It gives families a chance to recover from the unthinkable.
 

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Anthony K
Anthony K

Life insurance is definitely something to purchase if you have family members depending on you. Definitely an unselfish person. But is it a good idea to get it as a single person? What if I wait until I have a family to purchase life insurance?

LSM Insurance
LSM Insurance

Thanks Anthony you life insurance are generally much higher when you have a family or dependents but a single person may still have financial obligations and you can also lock in your premiums at your current health and age.