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“I'm young and in great shape, so why do I need life insurance?" If that sounds familiar, welcome to the club ― 27 per cent of surveyed Canadians feel their good health (Opens in new window) gives them a free pass to bypass a life insurance policy., footnote 1

But as you may know, you only live once. Only in this context, we mean it in the literal sense. Aging and health concerns probably shouldn't be the only triggers for wanting to create a safety net. Perhaps you're about to go through a major milestone, you have student loan debt or you just want to be prepared in case something happens.

Below discover 10 other reasons why you may want to look into insurance options sooner rather than later.

1. You have no idea how or when you'll pay off your student loans.

A close up of a man’s hands opening an empty black wallet.

2. You enjoy the occasional vape.

A bearded man is exhaling while walking down the street with an e-cigarette in his hand.




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3. You think sunscreen will only get in the way of your tan.

A couple is lying side by side on their stomachs while sun tanning on a beach.

4. You met the one.

A young woman is on one knee holding an open ring box while a young man holds his hands over his mouth in surprise.

5. You think bacon is a major food group.

A white plate is covered with a pile of bacon strips.

6. You accidentally spent the cash from your student loan on the latest designer purse (from every season)!

 A young woman is carrying several shopping backs over her shoulder while looking in a store window.

7. You're accident prone.

A young couple mends a knee injury from rollerblading.

8. You're about to pull all-nighters — changing diapers.

 A woman holding an infant has her eyes closed and  leans against a man who is also holding an infant, while both are sitting on a bed.

9. Your doctor doesn't remember who you are.

 A doctor in scrubs tilts his head to the side and holds a hand to his face while looking confused.

10. You just applied for a 20-year mortgage. (Or was it 30?).

A castle sits on the edge of a cliff overlooking a body of water with the sun setting in the background.

If you're still unconvinced about the importance of life insurance, remember that life insurance may help your loved ones manage debt and expenses on their own should something happen to you.

And if the majority of these images feel like they were ripped from your Instagram feed? You may want to look into not only life insurance, but also other options, such as critical illness and accidental disability insurance.

Thinking about getting additional insurance? Get a quote today.

Ready to Explore?

Footnote 1 detailsBMO Insurance study conducted online by Pollara with a random survey sample of 1,002 Canadians 18 years of age, between October 22 and 24, 2014.



These comments are general in nature and should not be construed to be legal or tax advice, as each client’s situation is different.

Please consult your own legal and tax advisor.