My wife and I have two young children. During our enrolment period I started to wonder if I should have Life Insurance and/or Critical Illness insurance for them in case something happens to either of us. I talked to my Human Resource team (HR) and got a better understanding of what coverage I could get and the potential benefits. I also did some research and realized how much funeral costs could be, and discovered other additional hardships my family could face.
Based on my research, I realized I do need coverage for my family, in case something happens to my wife or me. We ended up getting Life Insurance under my plan at work for myself, my wife, and our children. Even though my wife and I needed to complete an Evidence of Insurability form*, it was quick and easy, and we got the coverage we wanted at a lower price than the other coverage we were looking at.
*An Evidence of Insurability form is a Proof of Health, presented through written statements on an application form and/or through a medical examination, indicating that an individual is eligible for a certain type of coverage.
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The content on this page serves as an example of a life event, meant for context and consideration when thinking about adding insurance to your portfolio. It is not meant to be taken as a recommendation and we always suggest you seek the advice from a licensed insurance advisor when making important insurance decisions. Products are offered based on plan availability, applications are subject to review, and claims are paid out on approval and are not guaranteed.