Many people do not like to talk about Life Insurance. During this Covid-19 pandemic, unfortunately way too many people have passed away, young and old.  We have noticed that more people are open to talking about Life Insurance now as they’ve known someone whose family has been impacted tremendously by their passing. Often families are left in financial ruins after a loved one passes away.  We want to make sure that this doesn’t happen to you.

Please read the two stories below of two families that suffered the loss of a parent.  One had life insurance and the other died without life insurance.

One Family With Life Insurance

A lovely young couple in their early 30’s were on holiday in Spain with their 3 young children.  One day while the family were on the beach, the husband noticed that a child was shouting out for help in English so he rushed into the sea to help the young boy.  He got to the young boy and as he was bringing him back to the shore the boy was swinging his arms and hit the husband on his throat which made him lose consciousness.

The husband went under water and no one saw him again until the next day.  The young boy was ok and it took divers until the next day to find the husband’s body as the tide had taken him away.

The devastated family flew home with the husband’s body.  Fortunately, the family had an adequate Life Insurance Policy.  Therefore, the cost of changing the plane tickets, bringing back his body, the funeral and all the other costs were reimbursed when the life insurance policy was paid shortly thereafter.

The loss of a loved one is always a very sad time but when it’s a sudden loss of a loved one it can be an absolutely horrendous time, especially for the family.  However, this family could grieve peacefully without having any added financial pressure.  They didn’t have to sell their home or sell the Family business because he did have a good Life Insurance policy.  Without that Life insurance policy, their lives would’ve been extremely different.

Life Insurance is an absolute necessity, if you were to pass away and your family relies on your income. Please, please protect them.

 

One Family Without Life Insurance

A young couple in their late 20’s with 3 young children.  The husband worked full time and the wife stayed home raising their 3 young children who are 7, 5 and 2.  One day, before she picked up the 2 older children from school, she had a very bad asthma attack. No one was home and she didn’t have her puffer or her cell phone nearby. Unfortunately, by the time someone found her, it was too late and she had passed away.

This was a terrible loss for this beautiful young family and she didn’t have any life insurance.  The husband has a small life insurance policy through work, which only covers himself but it’s only 1 times his salary, which is not nearly enough life insurance, if God forbid, something were to happen to him.

The husband couldn’t go back to work as he had to look after his children and find a new home for them to rent as he couldn’t afford to continue to rent the 3 bedroom townhouse they were living in. He had no option but to apply to the city for housing assistance and daycare assistance before he could go back to work.  He had to find a reliable and affordable caregiver that he trusts to watch the children.

During that stressful time he didn’t have a chance to grieve, as he was on a roller coaster trying to provide for his 3 beautiful children.

Life Insurance is an absolute necessity, if you were to pass away and your family relies on your income. Please, please protect them. 

Here is some information on the different types of life insurance from the Government of Canada.

Reasons Why We Don’t Talk About Life Insurance!

There are some topics that people just don’t like talking about. Personal finances are one.  Details of intimate and personal nature are another. And life insurance is yet one more. It’s easy to understand why people shy away from discussing the first two topics but why is it we avoid talking about something as important as life insurance?  Well, there are many reasons:

It forces us to face our mortality

Nobody wants to think about their demise but mortality is a fact, and when it actually happens it’s pretty much beyond our control.  Look at it this way: the best way to deal with uncertainty is to be prepared for it and one of the ways to get our affairs in order is to put life insurance in place.  That way, should the unexpected happen, you’ll have everything in line to financially protect your loved ones as I’m sure you don’t want them to grieve and struggle financially at the same time.

We don’t benefit directly from having life insurance

With health, car or home insurance, you are the one who directly benefits from having it in place. Yet in the case of life insurance, your survivors would benefit from you having it – not you. When you think about it, life insurance is altruism at its purest form; you are putting the needs of your loved ones before your own but in a sense, you do benefit as well.  You enjoy the peace of mind that comes with protecting those who matter most to you.  You will be able to provide them with a strong, stable, financial future.

 We think it’s too expensive

Many people simply disregard life insurance based on its perceived cost – there are already so many demands on our household budgets. Fact is, most people overestimate the cost of life insurance.  Let us determine what your premiums would be.  We’ll sit down with you and complete a Financial Goals Analysis which will let us know exactly how much coverage you’ll need.  Then, we’ll be able to obtain a quote.  By the way, this is completely free so you have nothing to lose.  Think about this: if money is tight in the household right now, how tight it would be if you weren’t around to contribute financially to it anymore?

We don’t understand it

Let’s face it. It can be confusing trying to get a good understanding of what the meanings of all the different types of life insurance: Term Life, Whole Life, Universal Life and non medical Life Insurance.  And how much coverage you really, really need?  With so many choices, it’s hard to know where to focus. That’s where we at the Blackmore Levy Group can help you. We have Licensed Financial Architects and we can show you what your best options are, which is based on your age, health and life stage plus we’ll also determine for how long you will need the life insurance for.

We are a young couple, so we don’t need it

The arrival of a new baby or purchasing a home and taking on a mortgage are major life milestones; these are also the times to start thinking about life insurance. Now is the time to shift your thinking and put the needs of the family first.  Could your family manage financially if you weren’t around? If the answer is no, then it’s time to talk about life insurance.  I know you want to protect your family if heaven forbid you were to pass away.  That’s why the foundation is the most important part of any financial house.  If you don’t have a strong foundation on any home the house will collapse. Life insurance is one of the main parts of the foundation on your Financial House along with a Will and Power of Attorney.  Let us show you how much coverage you need to protect your family and your assets.

We’re finally empty nesters, so nobody is depending on us

Just because children have left the nest, doesn’t mean they’re completely financially independent. Could your children afford your final funeral expenses (typical funeral expenses run anywhere from $9,000 – $25,000)?  Could they pay off any outstanding debts you might leave?  Also, remember that life insurance isn’t only designed to protect just children; it’s also to protect the remaining spouse. Would your partner be able to manage without your financial assistance?

If any of this has given you pause for thought, then it may be time to actually start talking about life insurance.  To find out how simple and straightforward life insurance can be, call the Blackmore Levy Group at 1.888.520.6520 or Contact us  for a complimentary assessment. One of our Financial Architects will be able to custom design and build or rebuild your Financial House.

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