When is the right time to buy life insurance?

Maybe a better question is, why buy life insurance at all? Well, you might ask that very question of the millions of Canadians who spend over $13 billion annually in life insurance premiums.

You won’t get a single answer, but several reasons for buying life insurance crop up repeatedly, and coincide with three big life-event triggers:

  1. Marriage or life partnership: You want to help protect your spouse or partner financially, should you die.
  2. Birth of a child or adoption: You now have a family and also want to help protect your child’s future.
  3. Purchase of a home: Long-term mortgage commitment and home maintenance further increases the stakes. You want to help provide for your family the best you can should you no longer be there.

So, the “why” now becomes clearer. With enough life insurance, you can be more confident that your family can:

  • Pay for funeral and associated expenses
  • Replace all or some of your salary
  • Pay off all or some of the mortgage
  • Have a nest egg, to help carry on
  • Pay taxes on your estate

Mind the gap: Canadians who are non- or under-insured

While most Canadians have life insurance, a surprising one-third don’t — or don’t have enough. Why?

  • Too busy: It’s one of those decisions that simply falls through the cracks because you’re too busy or think it’s too complicated.
  • Health or medical issues: You suspect your medical history might prevent you from getting coverage.
  • Too expensive: You also suspect it’s too expensive, especially if you have medical issues.
  • Haven’t kept pace: Your income and lifestyle have increased over time, but your life insurance hasn’t kept pace.
  • Group life insurance stopped: You had coverage through work, but a career change, retirement or loss of job now leaves you and your family unprotected.

CoverMe® makes it easier 4 ways

Developed to meet the needs of non- or under-insured Canadians, CoverMe life insurance is simple to apply for and get, whether you do it online or over the phone:

  1. CoverMe® Easy Issue life insurance: Like the name says, it’s easy to get a 10-year term life insurance plan, with $50,000 or $75,000 protection for your family. All you have to do is answer two simple health-related questions. Your premiums are guaranteed not to go up during the term, so it’s easier to budget, and the plan is guaranteed renewable, at your new age-based rate, every 10 years.
  2. FollowMe life insurance: Basically, FollowMe fills the gap if your group life insurance ceases, for whatever reason. There’s no medical questionnaire or exam if you apply within 60 days of losing your group life insurance. Plus, you and your spouse can apply for the same amount as your group plan, up to $200,000. It’s guaranteed renewable to age 80.
  3. CoverMe® Term life insurance: Gives you affordable coverage, and lets you choose as much coverage as you want — $100,000 to $1 million, in $25,000 increments. The rates are locked in for each 10-year term, and it’s guaranteed renewable to age 85. Plus, you can convert to a permanent life insurance plan, any time before age 70, with no medical exams or questionnaires. Nothing could be simpler.
  4. CoverMe® Guaranteed Issue life insurance: Acceptance is guaranteed, if you’re between the ages of 40 and 75, regardless of your medical or health status. No questions, no exams, no barriers. You’re covered the instant your payment is received, and you can choose five coverage amounts from $5,000 to $25,000. The guarantee also means your premiums will never change, and the policy stays in effect as long as you pay the premiums. What’s more, you pay no premiums after age 95.

All CoverMe life insurance plans include a Living Benefit and substantial savings if you don’t smoke.

Best of all, they’re designed to simplify your life and help protect your loved ones when they need it most.