If you’re among those who have avoided addressing your life insurance needs, we’d like to encourage you to take action by dispelling some of the most common life insurance myths. Let's take a look at 7 of them in our presentation.

1. 7 Life Insurance
Myths Busted

2. If you’re among those who have
avoided addressing your life
insurance needs, we’d like to
encourage you to take action by
dispelling some of the most
common life insurance myths.

3. Life insurance
is expensive
Cost is often given as a reason for not
purchasing life insurance; however, 80%
those who give this reason overestimate
the cost. There are a wide variety of
policies to fit different needs, and term
life insurance policies are extremely
affordable.
A $500,000 life insurance coverage for a
healthy non-smoking male, age 35, costs
about $22 a month.

4. While good health certainly makes life insurance more
affordable, having a health condition doesn’t
automatically mean you’re uninsurable. There are
companies that write policies for a range of health
conditions if they are under control; however, they will
be more expensive and often have lower limits.
If you have health issues,
you won’t qualify

5. Life insurance provided by
your employer is enough
Even if you enjoy this benefit at work, it may not be enough to
cover your needs. If you leave your job, you may lose your life
insurance, and if your health deteriorates, you may find
yourself ineligible to purchase a policy at a later date. Even
with a conversion option, it may be more cost effective to
purchase your own policy now.

6. You’re young and
don’t need to be
concerned about
life insurance yet
When you’re young, the annual premiums
are less expensive. While you may be
paying a premium for a longer time, the
lower premium can fit into your budget
easier as you get older.
Also, the longer you wait the greater the
chances of having a health issue arise
that would make it more expensive or
challenging to get coverage.

7. You don’t have dependents, so
you don’t need life insurance.
Even if you’re single, you probably have debts that could be a
burden to your family or executor. Also, just because you’re
single now, doesn’t mean you will be forever. Getting life
insurance now may be more affordable than waiting.

8. Stay at home spouses provide a lot of value
maintaining a household and providing child care. The
cost for a surviving spouse to pay someone to handle
those tasks could cause a financial strain. Both adult
contributors to a household should be insured.
Only breadwinners should
be insured

9. Shopping many different
brokers saves money
Every company has different insuring criteria, which makes the
process time consuming and challenging to undertake on your
own. Even talking to multiple brokers can be confusing as you’ll
have to make sense of all the differences. By working with one
trusted agent that deals with a large number of companies,
they can do the work for you and use their expertise to narrow
it down to the best options saving you time and money.

10. Talk to our experienced financial
advisors about your life insurance
options and know what is the best
for you based on your age, needs,
and budget.

11. 18558687878 csteam@trustlife.ca
www.trustlife.ca