Alberta, British Columbia, and Ontario Life Insurance Broker

Going through a divorce is one of the biggest stresses in life. It becomes even more so when there are children involved. So many changes that need to be done and so much to go through, it’s no wonder insurance needs get forgotten. When people separate, they often remain connected — usually through a co-parenting relationship or because of ongoing child or spousal support obligations. In Canada, 41% of all divorces have children involved.

As some of you may know, I have been an independent life broker for many years now, and I have shared countless articles about the necessity of having insurance. Why you need it and how much your needs may change throughout your life, such as marriage, having children and buying a home for which you need to have coverage to protect your mortgage.

Most of us don't like facing our mortality and will avoid purchasing life insurance. Some people believe it’s too expensive, while others procrastinate until something happens to someone they know, or themselves.

Life can bring so many momentous occasions, from marriage to babies, and from mortgages to retirement. Obviously I have skipped a few steps along the way, but needless to say, your life may change several times before your retirement. One of the constants you should be aware of is your insurance. It is most likely the last thing on your mind as you transition through your milestones, but these life changes can absolutely impact your insurance needs now and in your future.

1. “I can buy life insurance on line for less that I can from an insurance broker.
2. “I got a policy years ago. I don’t need anything else.”
3. “I have life insurance coverage through my work.”
4. “My wife/ spouse/ partner/ significant other is at home and doesn’t need insurance.”
5. “I was declined for coverage years ago, and was told that I would never be able to get insurance.”

If you are like most people, then you’ve secured life insurance to protect your loved ones in the event of your unexpected death. When money gets tight, you may be tempted to simply cancel your coverage and start pocketing the extra cash. However, it’s best to keep your policy for as long as possible. 

No one ever looks forward to going through the catalogue of insurance products, happily saying “I’ll pick this one, please!” Insurance means we are looking at what we can leave behind as our legacy; it’s a direct indication that we recognize our mortality. Insurance doesn’t have to be difficult however. Let’s take a quick look at some of the biggest myths that are important to recognise in finding insurance that is right for you.