Living in Vancouver is expensive. In fact, it is the most expensive city to live in, in Canada. With all of the costs associated with living in Vancouver, taking on any more monthly expenses seems like just too much. Rent in some of the more expensive areas tops $2,600, and when you factor in food, utilities, entertainment, and other necessities, all of which are priced as some of the highest in the country, many people do not have a lot left over to put into savings.
With that in mind, it is understandable why many people balk at the idea of spending the little they have leftover on a life insurance policy, especially if they are young and healthy. It is not something that most young people even think about. If they do not have dependents or a significant other, then they may think “what’s the point?” There are many good reasons why everyone should consider getting life insurance, no matter what stage of life they are at.
Why You Need Life Insurance…
As A Single
If you are single, then you may think that there is no reason to have a life insurance policy. There are no dependents who would benefit from it and no spouse that may need the money to supplement their income while they deal with any fall out from your untimely passing. If you do pass unexpectedly, having even a small insurance plan will allow your family, whether it be your parents, siblings, or extended family, to pay for your funeral from the policy funds.
As A Couple
Once you have a significant other having life insurance begins to become crucial. If you pass away unexpectedly, then your partner will know that they have security while they handle your affairs. The money will allow them to take extended bereavement leave if they need it and will give them a buffer if they need to move to a residence that is more affordable for a single person or continue living in your current home. It can help save them from a difficult financial situation, which, compiled on top of their loss, could be doubly devastating.
As A Family
You never want to imagine passing away when you have your children, but we do not get to choose when we go, and tragedy is not always avoidable. While you may not want to think about it, you do need to think about it for your children’s sake. You want them to have a positive financial future, and be able to support them in case of your passing. Having a comprehensive life insurance policy will allow you to do just that.
If you take out an insurance policy when you are young, you will get a better rate that you get to take advantage of when you get a significant other and have children. It helps protect your family against any debts you may jointly share. You also may not qualify for life insurance if you try to get it when you are older. Getting insurance early is the best option available to you.
It may seem like insurance is not something you need, but it can end up protecting your family if the worst does happen. You want to take care of them forever, and you can, in life and in death.
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