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A message from Canada Life: Do I need life insurance if I have no dependents?

January 21, 2014

Whether you are single or both you and your partner work, the reality is most of us carry at least some debt and all of us will have final expenses that must be addressed after we are gone. These final expenses may include the cost of a funeral, unpaid credit card balances, utilities and even your final income tax payment, to name a few. Having a life insurance plan in place is an effective way to help ensure these expenses are covered and to minimize the impact on those left behind.

Another thing to keep in mind is that things can change and even if you do not have dependents now, there may be dependents that come into your life in the future. Purchasing life insurance today can help protect you in the future and applying for life insurance before any health conditions arise is a smart strategy. The reality is, not everyone will be approved for life insurance coverage but with many insurance products, once approved, coverage cannot be cancelled even if there is a change in your health.

As your circumstances change, you may be able to apply for more coverage later on or, in some instances, reduce the coverage amount without cancelling it altogether. These details will be addressed in your policy documents or certificate of insurance, which you should read carefully. And as your needs evolve you can also change the individual(s) you identify on your life insurance policy that are to receive the insurance money should you die*.

You may decide to leave money to a favorite charity instead of leaving it to a loved one or you may decide to leave some money to both. There are many different options available to you. So even if you do not have dependents today, there may still be an important role for life insurance in your financial plan. And there are certainly many ways to ensure your life insurance coverage can evolve as your circumstances change.

Your alumni association has arranged with Canada Life to offer life insurance to Sheridan alumni and their spouses at exclusive low group rates. To find out more or to have your questions answered, visit Canada Life online or call them at 1-800-387-0649.

* If you make your beneficiary designation “irrevocable”, you may not change beneficiaries nor make certain changes to your coverage without the written consent of the irrevocable beneficiary. If you reside in Quebec and name your spouse as your beneficiary, you will need to identify them as a “revocable beneficiary” at the time of application, or else Quebec law considers your spouse to be an irrevocable beneficiary.

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