Do you remember the fable of the Ant and the Grasshopper? The carefree grasshopper who chirped all summer long while the ant toiled away storing food for the winter? It’s pretty easy to ignore the possibilities of bad things happening when everything’s going well, but as Canadians know all too well, winter should really always be at the back of our minds.

There are some things in life that we do have control over, and there are some that we do not. And we owe it to ourselves, and to those who depend on us, to make a contingency plan in the case unforeseen issues were to disrupt our lives. It’s hard enough to deal with a long-term illness, disability, or even death without having to manage financial hardship on top. That’s what life insurance is all about.

Life insurance helps provide financial security for your loved ones. If you have a partner, children or aging parents who depend on you for financial support, then it is a wise decision to purchase life insurance to provide them with a safety net, should something unexpected happen to you. It’s important to protect these people you love when they need it most! And it probably doesn’t cost as much as you think it does.

The thing is, if you don’t have it already, it’s usually hard to figure out where to start. And, just like shopping during the holidays, it’s easy to spend too much money on life insurance. So, let’s help you get the right advice and even save up to 50% on those life insurance premiums with PolicyMe.

What’s right for me?

There are many different types of products, coverage amounts and policy lengths. Each of these elements can change your price by hundreds of dollars!  Because of this it is so important to get the right advice on your life insurance needs. PolicyMe helps make life insurance simpler and more affordable for everyone who needs ­it – and they’ll be honest if you don’t need a plan at this stage of your life. Take 5 minutes and take their free online life insurance check-up to get a personalized and honest recommendation.

Are there ways to save?

Yes! Here are our three top tips to saving on life insurance.

1. Get Honest Advice

Every life insurance policy should be as unique as the individual it insures. Finding the right policy for you involves an understanding of your financial situation, your family structure and your lifestyle. Too often, life insurance recommendations are based off of a simple “income replacement” calculation, which multiplies your annual salary by an arbitrary number to determine your coverage need. This one-size-fits-all strategy just doesn’t sit well with us – and more often than not, it can have you paying for way more life insurance than you actually need.

2. Compare Prices

If you’ve ever looked at life insurance prices, you’ll know that premiums can vary widely among companies even for the same coverage. This is usually because some companies have higher costs than others for a certain policy or age group. It can be easy to fall into the trap of thinking that a cheaper price means that you’re looking at a cheaper product. But in most cases, a cheaper price just means that for your product, one insurance company is pricing the policy more aggressively than another to “win the sale.” The good news is that this works in your favour! Just like you shop around for the best prices on flights and hotel accommodations, take advantage of competitive pricing for life insurance policies to get the best deal.

3. Don’t Procrastinate

Every day that passes that you don’t have protection, you run the risk of getting sick. Plus, any health conditions you typically develop later in life, like high blood pressure or sleep apnea, will only lead to significantly higher rates. On top of that, life insurance only gets more expensive as you get older. So, if you need protection, it is best to get it sooner than later!

 

This post is part of our 12 Days of Carrot marketing campaign. Today’s contest and blog is sponsored by PolicyMe. PolicyMe is a new life insurance company that helps Canadians save up to 50% by getting the most honest and accurate advice on their life insurance needs. They offer Canadians a free online life insurance checkup tool to get a personalized recommendation in less than 5 minutes and best-in-class life insurance comparison shopping to help users get the best price.

Team Carrot

Author Team Carrot

The Carrot Rewards team works hard to help Canadians take charge of their health and wellness by being more physically active each day and learning useful information that empowers them to make healthier decisions. We want you to keep learning, and challenging yourself to be more active. And we want to make sure that your journey to health and wellness is rewarding and engaging every step of the way!

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Join the discussion 7 Comments

  • David E Tonner says:

    Getting information and quotes online is useful, but contacting a life insurance broker is a good idea too. Life insurance can be complex with features and benefits that are important to consider. Permanent vs. term coverage, conversion options, Disability Waiver benefit, children’s insurance Rider, critical illness insurance… these are good to review. Brokers can explain and see if it will help you. Also, when you are a client there are other Financial services and advice available, at no additional cost.

  • Karen says:

    Thank you for the advice

  • Nancy wong says:

    Yes I have insurance now…and review annually reassing my needs

  • Charmaine Chin says:

    I enjoy the daily updates on my steps. Am motivated to keep moving. Health is Indeed wealth

  • Gisele says:

    These I formation things can cause issues for people. These quotes take us in a policy commitment. I do not like that at all

  • Cary Klyne says:

    Yes, I like Carrot it gives out a lot information. What I like to read and receive reward points

  • Li says:

    Thank you for the advice.

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