The title of this article says it all in the Globe and Mail: “It’s not fun or sexy but life insurance is a must for all families.”
The two things about life insurance that bug me:
1) Opportunity cost. Granted we are all going to “call it a day” someday, but what if you took those monthly life insurance premiums, and invested in something with a great return, then where would you be in 25 years. The kicker for me, is that I have a young family that relies on me, so I need to have life insurance to protect them.
2) Life Insurance from a bank or credit union generally sucks. Their premiums are generally higher, but often don’t even pay out on death. Knowing what you are really getting in to is key.
Bottom line, the younger you are, the cheaper it is. If you have a family that relies on you, or any thoughts of having a family that relies on you, life insurance is a must. However, talk to a pro, not the bank. Here are three guys that knock it out of the park: