Jun 11, 2020
Pattie Lovett-Reid: With COVID-19 top of mind, is it time to consider life insurance?
Insurance is an important part of your financial plan; however, it’s often an area set aside for consideration down the road.
No one likes to think something can happen to them. But COVID-19 has changed so many elements of our lives – and insurance protection isn't the exception. This pandemic that doesn't discriminate and has already cost the lives of so many. And some Canadians may be addressing the reality they may not be as protected financially as they think they are.
In a recent survey conducted by PolicyMe, 24 per cent of Canadians who did not have an insurance policy prior to the pandemic said they have either purchased some or are considering it.
Thirty-six of respondents said the pandemic has made us more aware of threats to life, while 29 per cent said it has made us re-evaluate our financial situation.
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I'm not surprised people are asking the question: if something were to happen to me would my family be okay financially? It’s heartbreaking to lose someone and the additional strain of financial hardship adds to the devastation.
I would argue not everyone needs life insurance. If you are financially sound, or a retiree, it may not be required. If you don't have dependents who are counting you, or you are the beneficiary of another policy, it may not apply. However, if you have debt, a young family or someone who looks to you for financial support you probably should consider it.
The reality is the pandemic hasn't changed the need for insurance but it sure has raised awareness of the need to explore it.
