Term life insurance can be important - even with a healthy lifestyle

Term life insurance can be important - even with a healthy lifestyle
11 30, 2021
Enrique Rosales

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If you lead a healthy lifestyle, it’s easy to assume you don’t need a term life insurance policy - or any type of life insurance, really. 

Maintaining a healthy lifestyle brings with it endless benefits and provides an exceptional quality of life. However, life can change in an instant: accidents can happen, genetic and lifestyle-related diseases can spring up, and no one - even the youngest and healthiest among us - are immune. 

Chances are, you probably do some degree of financial planning in your everyday life: saving, investing, paying down debt. You may even have critical illness or disability insurance coverage. 

Although term life insurance, death benefits, and funeral expenses aren’t necessarily things we like to think about, life insurance plays an important part in financial planning - not just for you, but for the benefit of the loved ones you leave behind. 

What is the primary purpose of Term Life Insurance? 

The primary purpose of a Term Life Insurance policy is to protect your beneficiaries financially in case of death and can even provide a payout in case of disability. 

With the monetary benefit granted by the life insurance policy, your beneficiaries can settle outstanding debts, pay final expenses, and, more importantly, have a financial cushion after you pass. 

The most precious asset you have is your life, and as such, you must take care of it and protect it. And the best way to do so is with term life insurance coverage, a financial tool that provides peace of mind and offers financial protection for your loved ones in case of unforeseen events to guarantee their quality of life.

Why do I need Term Life Insurance?

Whether or not to have a term life insurance policy is a question on the minds of many Canadians. Taking out a term life insurance policy is not mandatory of course, but it can be imperative to ensure the continued well-being of your loved ones in the long-term.

Here are some reasons why you may need term life insurance coverage:

Protecting your loved ones after death

Term Life insurance is especially essential in cases where your beneficiaries may be financially dependent on your income, e.g. if you’re a sole earner or breadwinner for your family, if you have underage children, or even if you financially provide for parents or extended family. Thus, if you pass away during the time period in which your term life insurance policy is active, your beneficiaries will receive a death benefit to compensate for the loss of income and cushion the economic impact in a time of grief and change.

Protection against unforeseen events

The primary protection of term life insurance policies is to cover death. However, it is possible to include additional coverages (also known as insurance riders) which protect in case of disability (temporary or permanent) or if you suffer a critical illness down the road.

Disability

Disability coverage provides financial coverage that functions as a salary replacement in the event that you become unable to work due to an accident or illness that causes temporary or permanent disability.  

Critical illness

This additional protection provides a monetary benefit when you are diagnosed with a critical illness outlined in your coverage (critical illnesses covered vary policy-to-policy). This way, you can focus on your recovery without the worry of financial burden.

Mortgage payments & debt

Your term life insurance can even be used to help pay off your mortgage along with any other existing forms of debt. This can be extra beneficial to any family members or next of kin who may be on the hook for these debts in the event of your death, If you are interested in learning more about Mortgage Life Insurance, you can find information about this type of coverage with Mortgage Insurance Group.

Covering your final expenses

When a loved one passes away, the event is not only accompanied by sadness. It often brings a financial burden due to any final expenses incurred, such as medical bills or funeral expenses. Term life insurance provides financial protection and peace of mind for the family during this difficult time.

Affordability and peace of mind

One of the excuses people often make for not taking out life insurance is the price of a monthly premium. With Fitberry, we’re proud of our ability to provide affordable coverage to those who lead healthy lifestyles. To learn more about our coverage plans, you can find the information you need here.

We can help you find the coverage you need!

The reality is that even the most healthy and financially secure among us today aren’t impervious to life’s many twists and turns. Just as how it’s commonly advisable to keep an emergency cash fund for rainy days, term life insurance coverage can be tremendously beneficial in the long-term should the unexpected happen.

If you want to find the best coverage for your needs and healthy lifestyle, fill out a quote request and our experienced licensed advisors will help walk you through the process. We will be happy to guide you through your options and help you make the right decision that’s best for you.

 

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