By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Health Works CollectiveHealth Works CollectiveHealth Works Collective
  • Health
    • Mental Health
  • Policy and Law
    • Global Healthcare
    • Medical Ethics
  • Medical Innovations
  • News
  • Wellness
  • Tech
Search
© 2023 HealthWorks Collective. All Rights Reserved.
Reading: Life Insurance for Those That Don’t Have It
Share
Notification Show More
Font ResizerAa
Health Works CollectiveHealth Works Collective
Font ResizerAa
Search
Follow US
  • About
  • Contact
  • Privacy
© 2023 HealthWorks Collective. All Rights Reserved.
Health Works Collective > Policy & Law > Health care > Life Insurance for Those That Don’t Have It
Health carePublic Health

Life Insurance for Those That Don’t Have It

Jeremy Biberdorf
Jeremy Biberdorf
Share
4 Min Read
SHARE

When we talk about life insurance, it is not a pleasant topic. Life insurance means you are discussing a possible future where you or your significant other is no longer around. Unfortunately, even if we do not want to think about it, it is still a possibility that needs planning.

Contents
  • Prepare for the Unexpected
  • Use as an Investment
  • Best to Purchase Right Away

A BMO survey found that around half of Canadians worry their family would no longer be financially stable if they were to die unexpectantly. Twenty-six percent were quite concerned for their family. But a little less than half of those surveyed said they do not own life insurance or do not plan on purchasing any within the next year. Roughly 24 percent of the millennials (ages 18 – 34) surveyed have no coverage whatsoever.

So if families are worried about financial stability in the case of a death, why do so many not have coverage? Many reasons are that life insurance is too expensive, their job provides it for them or that they are young and have no dependents. However, life insurance is something for anyone at any age.

Here are a few reasons why life insurance is a conversation to have and to get yourself a policy right away.

More Read

How Youth Uses Technology for Health Education. ‘The ISIS White Paper’.
Should You Trust Your Doctor’s Advice?
Benefits Of The Internet Of Things For Hospitals And Healthcare
The Growing Role of Natural Antioxidants in Holistic Medicine
Meat and Mortality: Does Eating Meat Decrease Your Lifespan?

Prepare for the Unexpected

Life insurance is a way to protect your family in case of your sudden death. Even if you do not have children and are single, if you have debt, someone will have to pay it. Fresh out of college with a substantial student loan? If you were to die unexpectantly, it might be your parents footing the bill for that loan.

So by purchasing a life insurance policy, you are covering any costs related to your death that would fall into the hands of your family. Instead, whoever you name as your beneficiary, they receive the death benefit. That money can then be used to pay any outstanding debt left behind.

Use as an Investment

Certain life insurance policies have an investment side to them. With a permanent insurance policy, there is a portion that is called cash value. Think of it like a savings account for your policy. A portion of the premiums you pay each month goes towards the cash value. You can actually borrow against the cash value and retrieve that money. However, when you tax that money, it reduces the death benefit your beneficiary would receive should you pass away.

Best to Purchase Right Away

You won’t be any younger tomorrow so now is the time to consider life insurance. Factors like your age, lifestyle and wellbeing influence your premium payments. Chances are when you are young, you are at your healthiest. That will mean cheaper monthly premiums.

Consider a term life insurance policy. You buy for a designated period. Once that period comes to an end, the plan either expires, or you renew it.

If you have already purchased it, make sure your life insurance is up-to-date. The last thing you want to hear is the policy expired or is no longer valid after the death occurred. Life insurance is a way to financially free your loved ones during a time of mourning. Protect their future in case you are no longer around.

Share This Article
Facebook Copy Link Print
Share

Stay Connected

1.5kFollowersLike
4.5kFollowersFollow
2.8kFollowersPin
136kSubscribersSubscribe

Latest News

dental care
Importance of Good Dental Care for Health and Confidence
Dental health Specialties
October 2, 2025
AI in Healthcare
AI in Healthcare: Technology is Transforming the Global Landscape
Global Healthcare Policy & Law Technology
October 1, 2025
Choosing the Right Swimwear for Health and Safety
News
September 30, 2025
sports concussions
Concussion In Sports: How Common They Are And What You Need To Know
Infographics
September 28, 2025

You Might also Like

Public Health

Ruminations on Walking

April 20, 2012

We Are Not The Customers

July 10, 2012
healthcare business
Health care

Starting a Healthcare Business in 2024

February 19, 2024

Halloween Alert! Can You Really Be Scared to Death?

October 26, 2012
Subscribe
Subscribe to our newsletter to get our newest articles instantly!
Follow US
© 2008-2025 HealthWorks Collective. All Rights Reserved.
  • About
  • Contact
  • Privacy
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?