Being in my 30’s, I feel like my life is finally under control. I’m married to a wonderful man, I have three beautiful children and a steady job that I love. I own my own home, I am in excellent health, I have a bit of extra money for treats after all of the bills are paid and I feel comfortable in my own skin. It wasn’t until that dreadful day in November that I realized I was living for today and not protecting my love ones for the future.
The WAKE UP CALL
Nobody think, “today I am going to get into an accident”. We don’t plan for it, but when it happens it can change your life. Think about your family? Will they be looked after if something were to happen to you?
It was Tuesday night on a typical fall day in November. My kids and I were on our way home from Church clubs, the same as every other Tuesday night since September. We took the same route, talked about the events that had taken place and were enjoying each other’s company. My girl-friend and her children were in the van in front of us and the kids were waving. We approached a stop light and came to a complete stop. My eldest son asked me a question and I turned around to answer him. Little did I know that the blinding lights coming through my rear window were not going to stop in time. I saw my children fly forward, I heard the crunching of glass and my head whipped forward hitting the steering wheel.
Luckily, the kids were not hurt, but I suffered from severe whiplash and a concussion. As I sat in the hospital that night, I thanked God for my minimal injuries. Although it would take months of missed work and physiotherapy to recover, I was alive and lucky. But what if I hadn’t survived? How would my family manage without me and my income? In all my life planning, life insurance hadn’t been top of my list.
Apparently, I’m not alone! Most millennials aren’t thinking about life insurance, and even when they do, it’s low on their list of financial priorities. A recent TD survey found that more than half (55%) of millennials do not have any life insurance. The reason is 55% of them believe that purchasing life insurance costs too much and they would rather use that money to pay down their debt (25%) or saving for a home (21%). More than a third (37%) haven’t purchased life insurance because they don’t have dependents!
WHAT IS LIFE INSURANCE?
Life insurance should probably be called life boat insurance because it provides you with the peace of mind that your family and loved ones will be taken care of should the unexpected happen Most millennials thought life insurance was best to cover one-time costs like funerals (68%), but contrary to popular belief, life insurance coverage helps with so much more. Things like day-to-day living expenses, mortgage payments, lost income and student loans are all areas where having life insurance can help relieve the financial pressures on those left behind.
When my husband and I got married, our first priority was to purchase a house. Along with typical household expenses, we were still paying off student loans from our university days. As our debt began to dwindle, children began appearing and our money began stretching even thinner. Whenever we thought we were getting ahead, something else would come up. We were young, healthy and money was tight, so life insurance was the last thing on our minds.
Unfortunately, my accident was a wake-up call. You never know when life will throw you a curve. Ensuring my family protected is very important for me.
WHERE TO START?
Everyone needs life insurance! Begin your search for life insurance that fits your needs by speaking to an insurance advisor. TD also has an online resource called the Right Fit Coverage Assessment tool which was developed to help Canadians who are unsure about life insurance get more information on what coverage will best fit their needs. For as little as a cup of coffee a day (over a 10 year period), you can protect your family and ensure that they are financially safe after your gone. In fact, the younger you are when you first purchase your life insurance, the less you’ll pay for your coverage and, premiums will not increase for the term chosen!
Don’t let an accident or situation like mine be your wake-up call! Ensure your family is covered before its too late!