Many people do not believe in the idea of life insurance in Ontario. They are of the opinion that life insurance is just for making money by the insurance companies. It is true since insurance is a business. However, this business also takes care of you and your family after your death. There are certain challenges that people go through when they are not insured. Some of them are discussed below:
High Unforeseen Costs
Life insurance in Ontario is meant to assist you financially. There is no guarantee in life. Something may happen to you the moment you step outside of the house or while you are still inside of the house. You would not even get any warning. And the unfortunate part is that problems and expenses always crop up when you do not have the extra cash. Can you imagine not being able to pay the hospital bills? And it is as embarrassing as to borrow money from anybody if something goes wrong.
Lack of Peace of Mind
A person without life insurance in Ontario always worries about living a life with limitations. He is worried about his dependents as well and vice-versa. Life insurance cover lets you have one less thing to worry in life. Your life insurance would cover the expense of your dependents when you are gone. There is nothing like being able to support the loved ones when you are no longer present in their lives.
Loss of Assets
Most of the people have some kinds of loans or debts which are secured by mortgaging your assets. It is a good thing but only if you are insured. If you are not insured then there is a high chance that your debt collectors visit your home after your demise. This implies that all assets and investments that are mortgaged against the loan you took will be theirs until the outstanding is cleared. Imagine the ordeal your family has to go through even after your death.
Can be a Burden to Loved Ones
When you do not have insurance, your family lose their peace too. Without insurance, you are burdening them financially. They would have to bear your hospital bills, funeral expenses, mortgage bills, etc. Just when they are done recovering from mourning your death, they start getting calls from everywhere about the debts you need to pay.
Save your loved ones from this hassle and get yourself an insurance.