Ask about Life Insurance Rates in Toronto—Even When You’re Single

If you’re currently living the “single” life, then you’re very much aware of all its advantages. You get to watch TV whenever you want and as much as you want. You get the whole bed to yourself. You can move to a new apartment, a new city, a new country—at a moment’s notice. You can live the life you want without compromise or worry, except perhaps, when it comes to your finances. Kimberly Palmer reports, for US News and World Report:

According to a 2011 survey from USAA Life Insurance, the number of single people buying life insurance increased 10 percent compared to a year earlier. The biggest growth was among 20-somethings, which experienced a 24 percent increase in life insurance purchases.

The increase appears to be driven in part by the economy. During economic downturns, people across the board tend to buy less insurance, simply because they can’t afford it. So part of the increase in life insurance purchases, which is happening across multiple demographic groups, can be attributed to the economic recovery following the most recent recession.”

This is a US article but it does apply to Canada as well. More and more singles are becoming attuned to the importance of having life insurance, according to the article. Are you one of these practical singles inquiring about Toronto life insurance rates? Maybe you should be.

why even single people need life insurance

So when should you purchase life insurance? Experts say it should be after you purchase disability insurance for yourself. As a young single person, there’s a good chance that you have no backup income, so it’s important to have something to fall back on in case you become disabled or can’t work. Once you have disability insurance in place, you can then consider a life insurance policy.

Palmer gives two good reasons for single people to purchase life insurance. The first one: “Single people are more likely to experience major life events, which often lead to the purchase of life insurance, including having children and buying a home.” The second: “Single people are often responsible for parents or grandparents, and they want to make sure those dependents will still be cared for.”

Reliable insurance brokers like Insurance Advantage offer free, fast, and no obligation Toronto life insurance quotes. Get the costs fast an easy online and see for yourself what having life insurance can do for you.

(Article Information and Image from Why Even Single People Need Life Insurance, US News and World Report, July 17, 2013)