Life insurance wipes out debt. Whether you have credit card debt, mortgage debt, student loans or lines of credit that need to be repaid, life insurance can help.
What is your greatest asset? No, it’s not your house. It’s your ability to earn income. You are a printing press for cash. If you earn 100k a year and work for 30 years, your life time earning ability is $3 million dollars. Not bad!! During that period, you will incur debt along the way. No matter how frugal you are, it’s almost impossible to not incur any debt in your lifetime. You can only have mac and cheese and hot dogs so many times a week.
Most humans buy a house using other people’s money. Yes, that’s called a mortgage. Some folks might use lines of credit to renovate the house, go on vacation or put the kids through private school. Either way, debt will be incurred throughout your lifetime.
The goal is to reach the end of your working days with a house that’s paid off, kids that are happy and healthy and off your pay roll, and a bit of cash in the bank to make sure your later years are comfortable. You spend your days puttering out in the garden, or on the putting green. That’s the Canadian dream. Happy days!!
In reality, life is a bit less of a straight line, and ends up being more complicated than we anticipated. If the income earning ability of either yourself or your partner drops to zero, this Canadian dream comes crashing down like a ton of bricks. Not only have you lost the love of your life and have to learn to move forward and live without them, you now have debt that cannot be paid off because the cash printing press has been shut down. Debt destroys lives. What do you do now?
One of the only ways to get through catastrophic income loss, aka you or your partner dying, is through life insurance. The payout of your life insurance pays off all your debts and saves the survivors lives. Literally it’s a life saver. Without life insurance the survivors are miserable, destitute and furious that you did not buy life insurance.
All of this misery is avoidable. You have the power to avoid this carnage. It’s a simple and cheap fix… Term life insurance.
Life insurance is an odd concept…. You spend your money on a solution that you never directly benefit from…. You pay and someone else gets the cash after you die. It’s kinda an off the wall concept. This way of thinking is only for people that give a shit about other humans, or making the planet a better place. If you only care only about yourself, then term life insurance is not for you. Stop reading and go and look at yourself in the mirror.
If you’re still reading this, it’s safe to assume you care for more than just yourself. Well done!! Now it’s time to get over the age-old bullshit of “I don’t believe in life insurance” or “the insurance company never pays out” or my personal favourite “life insurance is complicated and expensive”. These top three bullshit excuses will lead you and your loved ones to ruin.
So buck up buttercup and stop talking rubbish. You’re better than that. Let’s dive into all three myths and get them cleared up so that you can actually make a smart, informed decision and buy term life insurance without this nonsense hanging over you.
One: “I don’t believe in life insurance”. I don’t believe in Santa Clause, and yet he comes every year and I get presents. There is nothing you need to believe in. This is not a faith-based decision. Life insurance exists. You die, other people get paid. Take your beliefs and use them on Sunday.
Two: “The insurance company never pays out” This is just a bogus excuse not to buy life insurance. The insurance company almost always pays out. In Canada, over 95% of life insurance claims are paid out within 31 days of you dying. There is only one scenario where life insurance does not pay out. If you lie on the application and the insurance company finds out you will not get paid. It’s that simple. Don’t lie on your application. It’s as simple as that. Be truthful and disclose everything upfront. If you are unclear about any questions on your application, just give dropdead a call, text, or email. They are always happy to help.
Three: “Life insurance is complicated and expensive”. That was true for a long long time. I will give you that. Thankfully things have changed a lot. Today you can go online, answer 15 questions and the policy is emailed to you after you are approved. You don’t ever have to speak to a broker as you can use the online calculator to work out how much you need. It’s simple, fast and cheap.
If you’re a 30-year-old lady, your policy for $450,000 of coverage will be $22, and if you’re a gentleman it will be $28 a month. That’s insanely cheap for peace of mind and making the planet a better place. So there you have it. All your insurance myths are busted.
Now it’s time to buy the best and cheapest term life insurance coverage from the best life insurance company in Canada: dropdead term life insurance. Even the name is spectacular. Not to mention the price and the ease of use.
In 15 minutes you will be covered 100% online with zero broker required. I know, brokers are super annoying and they add very little value in the term life insurance conversation. So be a living legend and buy term life insurance today from Dropdead Insurance.
Your loved ones will thank you and the world will be a better place because of your terrific decision.
Don’t wait until it’s too late. Become a living legend today.
Colin Hegarty is a content writer for BreezeMaxWeb that helps businesses showcase their brand through enticing copy. When he’s not working, you can find him playing net in a local beer league or biking around the city.