{"id":91,"date":"2020-06-10T20:05:05","date_gmt":"2020-06-10T20:05:05","guid":{"rendered":"https:\/\/www.milifeinsurance.ca\/blog\/?p=91"},"modified":"2021-12-07T12:43:51","modified_gmt":"2021-12-07T12:43:51","slug":"why-now-is-the-time-to-buy-life-insurance","status":"publish","type":"post","link":"https:\/\/www.milifeinsurance.ca\/media\/why-now-is-the-time-to-buy-life-insurance\/","title":{"rendered":"Why Now is the Time to Buy Life Insurance"},"content":{"rendered":"\n<p>Hindsight is always 20\/20. When a crisis occurs or our health declines, we wish we had <u><a href=\"https:\/\/www.milifeinsurance.ca\/blog\/why-obtaining-life-insurance-at-a-younger-age-is-beneficial\/\"><strong>purchased life insurance when we were younger<\/strong><\/a><\/u>. One of the few bright sides in this pandemic is that it\u2019s causing more people to consider their financial plans and health plans sooner. We\u2019re seeing how little we can control in the face of a global health crisis, but one thing we can control is our preparation for next time.<\/p>\n\n\n\n<p>According to <strong><u><a href=\"https:\/\/www.theglobeandmail.com\/investing\/personal-finance\/household-finances\/article-why-the-people-rushing-to-get-life-insurance-now-are-doing-a-smart\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">this article from The Globe and Mail<\/a><\/u><\/strong>, life insurance applications rose 70 percent in February, and haven\u2019t shown signs of decreasing anytime soon. <\/p>\n\n\n\n<p>These\napplications have been substantially for term life insurance in which the\npolicy has a set term and fixed payout. Term life insurance provides financial\nsupport to your dependents if you pass away. It\u2019s easy to see why this product\nhas become so popular during the current health pandemic. <\/p>\n\n\n\n<h2><strong>Why is it so beneficial to buy life insurance right now?<\/strong><\/h2>\n\n\n\n<p>Insurance\ncompanies haven\u2019t raised their premiums for term life insurance as of late, but\nthey could in the future. Interest rates have been low since the start of the\nyear and they aren\u2019t anticipated to increase drastically anytime soon. From a\ncost perspective, this is an incredibly affordable time to purchase term life\ninsurance.<\/p>\n\n\n\n<p>Then\nthere\u2019s the fact that so many Canadian companies have had to do layoffs. Some\nof these employees could have temporarily or completely lost their benefits\npackages or a good portion of them. It makes sense for these employees to\ncompensate for their decreased coverage with a personal policy while it&#8217;s\naffordable.<\/p>\n\n\n\n<p>Insurance\ncompanies have made huge changes to adapt to the social distancing protocols in\nplace. Not only has this improved the safety of all parties, but it\u2019s led to an\nincrease in applications and interest in buying insurance. Customers can\ncomplete the entire application process from home through video meetings,\ne-signature tools, and waived or modified health exams. <\/p>\n\n\n\n<p>Despite the easier access to applying for life insurance and the low-interest rates, it\u2019s still recommended to purchase a policy with premiums within your means. It\u2019s common for customers to get policies that cover 10 times their salary plus other debts including their mortgage. However, the priority should be to ensure your monthly or annual premiums are affordable and feasible for you. Our team at MILIFE can help you find the right life insurance product for you at the right price. We\u2019ll guide you through the application and underwriting process to ensure you\u2019re completely taken care of. Sleep easy knowing that you and your family are protected because Life is Full of Possibilities. Get <strong><u><a href=\"https:\/\/milifeinsurance.ca\/life-insurance\">life insurance quotes Ontario<\/a><\/u><\/strong>.<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hindsight is always 20\/20. When a crisis occurs or our health declines, we wish we had purchased life insurance when we were younger. One of the few bright sides in this pandemic is that it\u2019s causing more people to consider their financial plans and health plans sooner. We\u2019re seeing how little we can control in [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":92,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":""},"categories":[3],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.7.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Why Now is the Time to Buy Life Insurance? - MILIFE Insurance<\/title>\n<meta name=\"description\" content=\"Know the timing of buying life insurance in Canada. 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