With the cost of living on the rise,1 increasing house prices2 and household debt at an all-time high,3 saving money isn’t easy. It never was, but it’s especially difficult these days. Your loved ones are probably working harder than ever just to make ends meet, and incurring debt in the process. You’d like to leave a legacy for them after you’re gone, but how? Even the most common life events can incur major expenses.
One way that millions of Canadians are leaving something for their loved ones is through life insurance. It’s certainly not new. In fact, it’s been around for ages. There are a variety of plans available, ranging from 5 to 20 years and even lifetime plans. But for many Canadians between 40 and 75, traditional life insurance may not be an option, due to age or health conditions.
That’s where CAA Guaranteed Issue Life Insurance can provide an affordable solution. There’s no medical exam required, and applicants are guaranteed to be accepted if they are between the ages of 40 and 75. This unique type of insurance can provide a tax-free $25,000 lump sum payment to the policy holder’s loved ones, who can use that money any way they want or need.
CAA offers Guaranteed Issue Life Insurance at specially negotiated rates. With a fast, free and easy online quote process, you can put yourself on the road to leaving your loved ones with a legacy – instead of bills.
Consider these facts:
The average Canadian has $20,967 in non-mortgage debt,4 and for every dollar Canadians earn, they are $1.67 in debt.5
The cost of a funeral
The average cost of a funeral in Canada is $8,500, with some services going as high as $15,000.6
A university education
After 4 years, the average student has $28,000 in debt.7
The cost of a wedding
The average cost of a wedding in Canada now is $42,400,8 and many cost more.
Rainy day fund
One in five Canadian homeowners don’t have ANY emergency funds set aside.9
For more information or to get a quote for CAA Guaranteed Issue Life Insurance
1 https://www150.statcan.gc.ca/n1/daily-quotidien/181212/t001a-eng.htm, ‘Average spending on goods and services and shares of spending of major categories by province, 2017,’ Statistics Canada,2018.
2 https://www.narcity.com/real-estate/ca/average-house-price-in-canada-is-expected-to-rise-to-its-highest-amount-since-2017, ‘It keeps getting more expensive to buy a house’, Canada Housing and Mortgage Corporation, 2019.
3 https://www150.statcan.gc.ca/n1/pub/75-001-x/2012002/article/11636-eng.htm, ‘Household Debt in Canada’, Statistics Canada, 2019.
https://www.theglobeandmail.com/globe-investor/personal-finance/household-finances/why-canadians-cant-stop-borrowing/article33627676/, ‘Why Canadians can’t stop borrowing: Stagnating incomes’, Globe & Mail, 2018.
4 https://www.theglobeandmail.com/globe-investor/personal-finance/household-finances/canadian-debt-load-including-mortgages-hits-153-trillion-report-finds/article23263701/, ‘Canadians take on even more debt’, Globe & Mail, March 25, 2017.
5 https://www.theglobeandmail.com/globe-investor/personal-finance/household-finances/why-canadians-cant-stop-borrowing/article33627676/,‘Why Canadians can’t stop borrowing: Stagnating incomes’, Globe & Mail, 2018.
6 https://business.financialpost.com/personal-finance/retirement/parenting-your-parents-the-cost-of-caring-for-your-elderly-loved-ones, ‘The unexpected costs of caring for your elderly parents’, Financial Post, 2014.
https://inmemory.ca/resources/funeral-costs/, ‘How much is it going to cost’, In Memory, 2019.
7 https://www.theglobeandmail.com/report-on-business/careers/digging-your-way-out-of-the-cash-crunch-of-university-costs/article35229900/, ‘Digging your way out of the cash crunch of university costs’, Globe & Mail, June 7, 2017.
8 https://www.statista.com/statistics/807306/cost-of-wedding-in-canada/, ‘Canadian Cost of a Wedding’, Statista, 2017.
9 Manulife Homeowner Debt Survey, 2017.