A recent poll by a major Canadian insurance company showed that many Canadian couples ignored the important topic of life insurance in their conversation. In fact, according to the survey, nearly one third(31%) of couples have not discussed life insurance among their children. People under 35 can’t say this.
Such carelessness can have serious consequences. Not discussing insurance may mean that there is no guarantee scope, lack of guarantee scope, or even wrong type of insurance.
Understanding life insurance seems overwhelming. Many people do not give proper priority to dialogue with their life insurance coverage. Why don’t couples talk about insurance? Among the reluctant people, 59% said that they had never thought about it, and 35% said that their relationship was not serious.
If you never thought about it, now is the time. Life insurance is very important to your family’s economic health. It can ensure that if you have children, you are financially safe.
If both are dead, the child’s guardian can ensure that there is sufficient financial resources to provide the children with the lifestyle they want.
The sooner you start talking, the better. Understanding life insurance includes understanding that life insurance premiums are based on age and life expectancy, so the younger and healthier you are, the less you will pay. In addition, if you purchase permanent insurance or renewable term insurance, you can also ensure that you cannot be insured even if you have health problems in the future.
Even if you have insurance, it is important to see it at least once every few years. Understanding life insurance includes understanding that your life insurance needs change as your life changes. For example, if you have experienced major life events, such as the birth or adoption of children, changes in marital status, or purchased residential or vacation real estate, you need to check the insurance coverage.
You may need to increase the scope of the warranty, narrow the scope of the warranty, or select a new beneficiary according to your new situation.
We understand how difficult it is to talk about life insurance. After all, it means taking into account the consequences of your or your partner’s death. But if there is no prediction of economic difficulties or dramatic changes in lifestyle, the death of family members will be difficult to deal with.
Sitting down with an objective, knowledgeable third party can give you an opportunity to discuss some of your goals and help ensure that your overall financial strategy is a joint effort that meets your and your child’s needs.
Moreover, in the event of negative events in your life, you will be relieved to know that your family can get better financial security in the future.
