“Oh man, I’ve got the best life insurance,” said no one ever. That’s because, at the end of the day, most policies operate under the same basic principle: you pay a moderate amount of money every month for insurance that only pays out after you’re dead. That’s not the most exciting sales pitch.
But if you’re a responsible adult, you can’t ignore life insurance. Hopefully, you don’t get hit by a bus tomorrow. If you did, though, isn’t it nice to know that your family won’t be toiling away in a Dickensian existence, wishing you spent less time at cool parties and more time calculating premiums?
There’s also a way to make buying life insurance as painless as possible. Turn to the experts at Lawyers Financial, a brand of the Canadian Bar Insurance Association, which tailors its plans specifically to the needs of lawyers. And because it’s a non-profit, it sets prices to break even, not to rake in excess cash.
The organization’s most popular plan is called Term 80 Life Insurance. Here’s how it works. When you first sign up for the plan, you provide health and lifestyle information, and you might have to undergo a medical test. Then it lasts until you’re 80, with gradual price increases as you age.
The Term 80 plan also includes an automatic-increase benefit: every year, the value of your insurance rises by 10 percent of the original coverage amount. If you purchase $500,000 of life insurance, for instance, it’ll go up to $550,000 the next year, and so on. (These increases are capped after 10 years or once the coverage hits $1.75 million). This allows you to increase the value of your coverage alongside your income.
“We know that lawyers are busy,” says Peter Harrison, a financial advisor at Lawyers Financial with more than 20 years of experience in the industry. “But at some point in your life, you’re going to realize that you have to buy life insurance. The sooner you take action, the better off you will be in the long term.”