About WSYC Law

Why Life Insurance Matters to You

Why Life Insurance Matters to You

If an accident were to befall you and cause you to suddenly die, what is left to be resolved by your loved ones? Funeral expenses? Student loans? Credit cards? Help your dependents maintain a standard of living? How would they do this in the midst of your loved ones grieving you? Nearly half of Canadians don’t have life insurance, foreshadowing a possible disaster waiting for your family.

Even if you do have life insurance, We Settle Your Claim Law firm is here to aggressively advocate on your behalf and get your claims settled. A team of seasoned professionals can navigate the convoluted insurance industry, sparing you the worry and concern if a claim will be settled in a timely fashion.

Common Myths and Behavior

If your employer offers insurance benefits, you likely have life insurance through a group plan. However, due to rising premiums, some companies have dropped life insurance in order to compensate. Disability, health, and dental insurance are staples of group plans, but if an employee wants life insurance, they have to purchase a policy separate from their group plan.

The gig economy today, composed of independent works paid by the task or project, like an Uber driver, leaves many workers without insurance. It should also be noted that if an employee leaves a company, either voluntarily or involuntarily, you can’t take your life insurance with you. These factors compound the problems faced by individuals when an unexpected life event occurs.

Another factor is that life insurance is calculated on the expenses your normal income would cover, but this is often underestimated over the long term. If you have a mortgage, children, or a spouse, this all needs to be taken into consideration and built into your policy. That’s why WSYC is so crucial — capturing financial security for your loved ones when you are gone.

Life insurance is sometimes thought of as a policy that is unaffordable or not worthwhile. Money that could go towards a monthly premium might be diverted to other short-term events such as vacations. But if you plan ahead, taking advantage of your health and age, you could find a premium that’s affordable instead of getting one in mid-life. Life insurance may seem expensive when you’re young but it only gets more expensive as you get older.

Another misconception is that the insurance industry suffers from a credibility gap and mistrust aimed towards life insurers. In a 2013 Life Insurance Ownership in Canada from LIMRA, it was discovered that it’s not isolated to any income group either as three in ten households in Canada, regardless of income, did not have life insurance.

How to Lower Your Life Insurance Premiums

If you opt to get life insurance, there are ways you can lower your premium. For instance, if you are a senior citizen, there are more policy choices on what you pay than if you are a younger applicant. If you pay annually as opposed to monthly, you may be eligible for savings. It’s commonly thought that smoking would raise your premium, but if you are an older smoker, insurers care less about this due to your age.

Life insurance has many benefits to its policyholders. If the unexpected occurs, our team of professionals at We Settle Your Claim Law firm is prepared to return your life and family back to normal.