The process has changed but the need and value remains the same.
Nobody wants to buy life insurance. A recent study by industry association LIMRA (Life Insurance Market Research Association), over six million households across Canada admit that they don’t think they have enough life insurance. To put that in perspective that’s 45% of households, up from 38% in 2006 and 33% in 1999. One of the reasons sited for the widespread discrepancy is a perceived notion that the process of applying for appropriate coverage is difficult and time consuming.
That may have been the case in the past but the truth is it’s no longer true. Like just about everything else, the process of purchasing life insurance is getting faster, easier and more flexible. So, if you’re like nearly half of Canadians surveyed and you would like to purchase more life insurance but have been hesitant to start the process, there is no time like the present to explore the many new solutions that are out there.
Applications are easier
Streamlined applications, less intrusive questions, and web based applications make it much easier to get the “paperwork” done. We are living longer and healthier lives which means that many of the new products don’t require medical evidence, such has blood tests at all, saving time, inconvenience and discomfort. In some cases the entire process can be wrapped up in one meeting, enter the agents office under insured, leave with an active policy in your hands.
Decisions are faster
Even when you still require the old fashioned medical evidence most insurers have implemented more streamlined processes, making it easier to approve applications and provide coverage more quickly. What used to take weeks in some cases can be approved in just one or two business days.
Choices are flexible
The products themselves have evolved significantly in recent years. You can now tailor key aspects of your coverage to fit your specific needs and lifestyle. For instance, it is now possible to earn rewards and save on premiums when you make healthy lifestyle decisions. This is just the beginning, insurers continue to innovate and you can expect more choices and greater flexibility in the future.
Value was never a question
In that same survey 54% of respondents expressed concern about how their family would manage if they died unexpectedly and 43% said that the main reason to have life insurance was that it was a necessary and wise investment. Fully one-third said that if the main breadwinner died, became disabled or experienced a critical illness they would have immediate concerns regarding how to meet everyday expenses.
The thing that has held back many is the impression that life insurance is complex. The reality however is that with the right support from a qualified advisor getting the coverage you need shouldn’t be a hassle. With all of these recent enhancements buying life insurance may be the easiest part of setting up your financial plan.
Ask before you buy
How much insurance do I need to adequately protect my family?
What’s the best kind of insurance for me – term or permanent?
Will this always be the right choice? If not how often will we review my needs?
What do I have to do to apply? Are the forms complicated? Will I need to take a medical exam?
How quickly can I expect a decision?
What happens if I get sick after I buy?
Is there any flexibility if my finances change and I can no longer afford the premiums?
Can I add any riders to protect other family members as well?
Purchasing life insurance is easier than ever before. Contact us for a free personal needs assessment.
Lauren C. Sheil is a serial entrepreneur who has been in business for over 25 years. He has operated farming operations, a recording studio and a music manufacturing plant, has written 3 books on Economics and Christian Ethics and presented his ideas to business owners and ministry leaders from all over the world. His latest book “Meekoethics: What Happens When Life Gets Messy and the Rules Aren’t Enough” is available on Amazon.com.
Mr. Sheil is currently a Financial Security Advisor and Business Planning Specialist with one of Canada’s premier financial planning organizations. He is passionate about helping entrepreneurs to live life to the fullest while Eliminating Debt, Building Wealth and Leaving a Legacy.
He can be reached at email@example.com or by calling 613-295-4141.