Why Do You Need Life Insurance?

Why life insurance

Why should I get life insurance?

For many of us, life insurance never crosses our mind until we go through some kind of life-changing event. The fact is thirty-something’s are not walking around thinking about life insurance. It is not until some important event in our lives takes place, such as getting married, buying a house, or having kids, that we start thinking more about our obligations, responsibilities and priorities.

The following are typical life events that can lead to people considering the purchase of life insurance:

  1. Getting married
  2. When you get married, you often share financial obligations. Would your spouse have enough money to keep their current standard of living, cover your funeral costs and pay off any debt?

    Average age for a first marriage

    (Statistics Canada 2008)


  3. Buying a home
  4. Could your family cover the mortgage payments and all of the associated household maintenance costs if you died too soon?

    Percentage of Canadians that owned their dwellings

    (Statistics Canada 2011)


  5. Starting a family
  6. If something happens to you, would your children have all of the opportunities you dreamed of? Would there be enough money for daycare or tuition for college or university?

    Average number of children per woman

    (Statistics Canada 2011)


  7. Starting a business
  8. Would your business survive if you, or a business partner, passed away?

    Percentage of Canadians that are self-employed

    (Statistics Canada 2010)

If you find yourself entering one of these exciting events in life, speak to an advisor who can explain the benefits of life insurance for protecting your income in the future should the unexpected occur.

What made you decide to buy life insurance? Share your story with us.

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Did you Know?

Did You Know?

73% of Canadians say they can't afford life insurance?1

Consider this

$84/month for coffee2 vs.
$27.90/month for life insurance3

Did You Know?

73% of Canadians say they can't afford life insurance?1

Consider this

$84/month for coffee2 vs.
$27.90/month for life insurance3


1 LIMRA: Canadian Life Insurance Ownership study, 2013.
2Based on a Starbucks cup of coffee at $2.45, purchased 31 days per month.
3Initial monthly cost for a healthy, 40 year old female, non-smoker purchasing $250,000 of Empire Life Simplified 20 life insurance as of December 7, 2016. Price increase every 20 years.