It isn’t easy living with a chronic health problem. The CDC reports that 40% of people in the United States suffer from a chronic health problem. The figure is similar in Canada.
You want to consider the ramifications that health problems can have. You might find that they are going to lower your life expectancy, which is a reality that you are going to have to contend with.
This means that you have to take a variety of steps to deal with this. You will obviously need to make sure that you have a reliable health insurance plan. Even in a country like Canada with universal healthcare, you might need health insurance to cover certain treatments that might not be provided for under the medicare system.
However, you are also going to need to take other steps. This includes making sure that you have a reliable life insurance plan to cover your loved ones. Many life insurance policies can also help if you have a critical illness that arises later.
It is important to get life insurance coverage even if you are single.
Get a Reasonable Life Insurance Policy if You Have a Chronic Illness – Even if You Are Single
When people discuss life insurance, it’s often in the context of taking care of their family if something happens to them. It’s easy to imagine a scenario where a life insurance policy might help a surviving spouse remain in their home or be used to ensure dependents remain financially stable and receive a good education, even if you are not there to provide for them directly.
These are important reasons to purchase a life insurance policy, but what if you’re single and child-free? Does this mean that life insurance will play less of a role in your financial planning? Not at all! It is going to be even more important if you have long-term health problems.
Thinking ahead is always a good idea, and planning for the future can help you to enhance and advance your own life, and that of others. There are a variety of scenarios where single people can benefit from having a life insurance policy; if you’re currently single, chances are that at least one of these reasons applies to you! This is especially true if you have chronic health problems.
Futureproofing
While you may be single today, perhaps you’re planning to find a partner and start a family. This long-term thinking will pay off. Life insurance purchased while you are young and healthy will allow you to access the lowest possible premiums that will continue throughout the length of your policy. You always have the option of changing your beneficiary, should you find a partner down the road.
If you opt for a permanent or whole life policy, you’ll enjoy these rates for the rest of your life. Some permanent life insurance policies also offer a cash value or investment component that you can borrow against or even redeem if you need to. A permanent life insurance policy can play a big role in your long-term financial planning – whether your family grows or not – helping you with other goals such as starting a new business or supplementing your retirement income.
End of Life Expenses
The costs associated with a person’s passing are higher than you might expect. The average cost of a funeral in Canada is just short of $10,000. Your final expenses may also be impacted by outstanding healthcare, homecare, or prescription costs that may fall upon your loved ones when you pass. The death benefit from a basic term life insurance policy can help to pay for these expenses. This small, thoughtful gesture can help your surviving family members from facing a significant financial burden during their time of grief.
Co-Signed Debts
If you share a mortgaged home with a partner or friend, or perhaps your parents have co-signed for an auto loan or student loan, they may be responsible for the full debt in the event of your passing. A life insurance policy can prevent them from being overwhelmed by an unwanted or unaffordable payment.
Financial Dependants
For those who support ageing parents, siblings, or other financial dependents, the payout from a life insurance policy can make sure they are taken care of, even when you’re not there.
Business Partners
Your business partner may rely on you for your skills, vision, and other contributions. If you were to pass, your partner may need to hire someone to replace you, buy out your part of the business from your estate or face other critical challenges. Life insurance policies covering each business partner with the other listed as the beneficiary are a smart business move; this will protect your business partner from financial burden, allowing your joint vision to live on, even in your absence.
Leaving a Legacy
A life insurance policy can help you make a generous contribution to a cause you champion or a meaningful charity, bringing them closer to their mission. You’ll continue to make an impact on the world, even after you’re gone.
Health Hedging
Remember, the younger and healthier you are, the lower your premiums will be. If you have a family history of disease or worry about your health deteriorating down the road, now might be the time to commit to a life insurance policy.
As you age, or even as your family members begin to experience health issues, you can most certainly expect your premiums to climb. Should you experience health issues down the road or be diagnosed with a serious illness, you may not be eligible for your preferred life insurance coverage, and available plans may be beyond your budget. By purchasing life insurance when you’re younger and healthier, you’ll benefit from affordable protection for those who matter in your future.
Whether you’re single or have a family, a life insurance policy is an important tool to financially protect people who depend on your support. The perfect time to consider life insurance is when you are young and healthy, guaranteeing that you’ll be covered regardless of your future health. It’s worth noting that almost 40% of Canadians who purchase life insurance are under the age of 35, and not all are married with families.
If you identify with one of the above scenarios, it’s worth a few minutes to explore your life insurance options and shop around for rates. Reach out to an insurance advisor to help you find a plan that is a good fit for your current lifestyle and can be adjusted as your circumstances and priorities change.
