How to talk to your partner about Life Insurance

/ Life Insurance / Jun 7, 2022

It is not easy to talk about death, particularly when it comes down to discussing mortality with your partner. But if the worst happens to your partner without life insurance, you and your children would be left without a financial security net.

A family where both parents are working usually depend on the double source of income to support their lifestyle. A stay-at-home partner also provides essential childcare services that is very expensive to replace.

Considering all these factors, it makes a lot of sense to discuss life insurance with your partner as early as possible because the younger both of you are, the cheaper the plan is. With a little good timing, you can persuade your partner that life insurance is well worth the considerations.

Below are a few tips as recommended by our Trust Life advisors to discuss life insurance with your partner.

  1. Wait for the perfect time

The perfect time usually comes after a major life event like marriage, birth of a baby, or estate planning. If your family has experienced a major life event like the ones above, talk to your partner about life insurance.

An upcoming birthday or your anniversary can also be the best time to talk about life insurance.

  1. Make sure it is the right mood

Life insurance is not something to put in the car on the way to the supermarket. Set aside time when both of you are relaxed and at home.

  1. Highlight your family when discussing life insurance

Discuss life insurance as a means of protecting yourself and your children. It is all about what it means to survivors – so highlight it in precisely the same manner to your partner.

  1. Organize the numbers

Indicate how much it would cost to pay the mortgage, provide child care, and college tuitions, and how difficult it would be in absence of your spouse.

  1. Keep in mind that employer-provided life insurance is not enough

If your spouse has purchased group life insurance through work, check the amount of coverage against your financial obligations and keep in mind that group insurance would cease in the event of job loss or change.

  1. Discuss life insurance rates with your spouse – it doesn’t have to be expensive

People often fail to realize how inexpensive life insurance can be. If you are a 35-year old male non-smoker, a coverage of $500,000 can be purchased for only $22/month. A couple’s life insurance plan would cost $34/month.

Know your life insurance options by talking to an experienced life insurance advisor depending on your current age, liabilities, health conditions, and budget. Highlight the same to your partner and point it out that it is way cheaper than what you thought it might be.

  1. Get in touch with a professional

Life insurance advisors talk to reluctant buyers every day about coverage options and prices. So find an advisor you like and then bring them together with you and your spouse.

At Trust life, we have been offering trusted insurance and investments advice for more than 30 years. Contact us to know the best customized life insurance plans for your family. It doesn’t have to be a one-size-fits-all theory – your plan should be as unique as you are.

  1. Be persistent

Your spouse may not agree to take life insurance the first time you discuss the matter. This means that you may need to try again. After all, it’s better to keep talking about it than to face financial disaster in case the worst happens.

With that, we will bring this post to a close. Be insurance smart and take the right decision when it comes to life insurance in Toronto, Mississauga, Brampton, Ajax, Pickering, Oshawa, Markham, Vaughan, Milton, Oakville, Burlington & Hamilton.