According to the Organisation for Economic Co-operation and Development, Canadians were able to save just 3.21% of their disposable income in the last couple of years, or about $1,277 on average per household. This places us in the bottom half of 29 countries studied, with Americans able to save more than triple that amount.
The three main reasons it is so difficult to save nowadays are:
Talking to a financial advisor is a smart first step to creating a savings plan. However, if you're one of the many Canadians who are struggling to save money right now, there's a simple way to keep your loved ones protected should the worst happen—an affordable term life insurance policy that won’t turn you down.
Why is this important? If you were to suddenly pass away, your family would need to find a way to cover your income. And for Canadians, without a financial cushion that simply may otherwise not be possible.
The benefit is paid tax-free to your loved ones and can be used to cover all expenses that depended on your income: from mortgage, to bills, to outstanding debt, to childcare costs or any other cost of living.
If your loved ones are ever faced with unexpected funeral costs, life insurance can cover it. Better yet, your benefit can also cover any existing debt. That way, it doesn’t get passed along to the people you love.
Fast & Easy application
No Medical Term Life Insurance is both an affordable and convenient way to get coverage. You never have to meet with an agent nor do you have to fill out any paperwork. You can get instant coverage all from the comforts of your home!