As Canadians many of us face a harsh reality – Those of us who aren’t blessed with lucrative careers as doctors or lawyers, likely live pay cheque to pay cheque, in a seemingly endless vortex of rising household debt and an inability to save for retirement. Sure, things might look pretty bleak on the surface. It seems like even the most basic purchases we need (and some we don’t… I mean come on, do you really need to buy that Magic Bullet at 12:30 AM on Tuesday night…) cost more and more, and our incomes hardly follow the same trajectory. Wow, talk about depressing!

 A poll completed by the Canadian Payroll Association in 2016 suggests that household debt is on the rise, and over half of those surveyed would find it difficult to maintain if their pay cheques were delayed by one week. The survey also suggests that 25% of the 5600 Canadians polled couldn’t afford $2,000 for an out of pocket emergency, and most monthly expenses are going towards things like mortgage payments, car loans, and credit card debt. Sounds like debt, debt and more debt to me? I digress…

Anyways, what’s scary is that Canadians aren’t properly insuring themselves at a young age when they should be, because of the need to spend money on more essential purchases. I’m not talking about car and home insurance, come on, any responsible person with 4 motorized wheels and a mortgage is required to buy those. I’m talking about life insurance! I’m talking about disability insurance! I’m talking about critical illness insurance! I know, when we have no extra money to spend after taking care of the essentials like four walls and a roof, or expensive… EXPENSIVE hydro, and a fridge with more than just some old milk and Ramen in it, we have no room for the not-right-now purchases like life insurance. Well folks, this is where some adjustments must be made. I mean serious adjustments. I’m telling you people, here are 3 very true facts of life: A $2.00 steak will always be tough, your co-workers will almost always comment on how “healthy” your salad looks at lunch, and life insurance is absolutely necessary and very expensive to buy into your forties, fifties and beyond. Let me be clear, just relying on your employer’s benefits life insurance is not good enough. At some point in your life you will realize the need to go out and buy additional life insurance, and sadly for most, this realization occurs in their 40’s, 50’s, and even 60’s. By that time you can say good-bye to that monthly premium of $14.00 you would have had, had you purchased life insurance in your 20’s, and say a big regretful hello to a $475.00 monthly premium in your 60’s. As we should all know by now, as we age closer to retirement, the goal is to lessen our expenses, not increase them.

Please, for the love of your sanity and your bank account, it’s time to start thinking about buying life insurance younger, and to stop saying “I don’t need that right now.” Yes you do. You need it so much you don’t even know, but that’s why I’m here, to verbally smack you on the side of your proverbial head (…in a completely kind and professional way, duh!). I cannot implore enough – go and quote life insurance today. Spend the time, consider the options and buy it. Buy it now for next to nothing, rather than in 40 years for nearly half of everything. You can thank me later.

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