You've got your reasons: Why there's no time like the present to buy life insurance

This article was produced in partnership with Lawyers Financial.

Dedicated, diligent and detail-oriented, lawyers work hard to build the life of their dreams. But from getting married to having children, from buying a home or launching a practice, to a hundred other events big and small, many overlook the benefits of life insurance to help protect what matters most.

Life rarely moves in a straight line, which is why you sometimes need a worst-case-scenario playbook. Life insurance is a way to cover your back — and the backs of those who matter most – and while that peace of mind is priceless, Lawyers Financial Term 80 life insurance is designed to deliver superior value. Not only does the product guarantee beneficiaries a payment as high as $5M depending on the options you choose, as a not-for-profit Lawyers Financial is able to price this product so that it ranks in the top 25% most affordable options in the Canadian market in nearly every age category.

Adding a low-cost layer of security and protection for the people you love “transfers all the risk of losing your income to a large company that’s happy to take it on,” says Sam Mukhi, an Ottawa-based Lawyers Financial advisor, who discusses the benefits in a recent blog post. If you die before 80 years old, the proceeds from a Term 80 life insurance policy provide immediate support by helping your family pay bills and can also make a difference in the future by funding your children’s education, for example. The product also offers built-in benefits as well as optional benefits that work together to provide each policyholder with the best protection for their situation.

Term 80 automatically provides a Living Benefit, where if you become terminally ill two or more years after your insurance has been in force, you can withdraw a portion of the death benefit to help with immediate expenses up to half of your plan’s death benefit or $50,000 – whichever is smaller. There’s also an Automatic Increase Benefit (AIB) that allows your coverage to grow with your needs, and other benefits such as coverage for bereavement counselling, volume savings for larger purchases and preferred rates for above-average health. Term 80 also provides flexibility to meet changing priorities. For example, when it becomes less important to protect your income and more important to protect your estate, you can convert term life insurance to permanent insurance.

Term 80 optional benefits include a waiver of premiums on a disability rider, enabling you to continue to pay your Term Life premiums, and a critical illness insurance rider that provides a one-time payment if you’re diagnosed with one of 25 covered medical conditions.

Mukhi suggests a top-to-bottom review of your insurance coverage every three to five years or whenever there’s a big life change, but whatever your age, whatever your stage, it’s never too early or too late to add some protection to what matters most – and Lawyers Financial is here to help you do just that.

“If you have a plan, we can help you review it. If you don’t have a plan, talk to us about how to determine the right combination of insurance to fit your life.”

For more information, reach out to a Lawyers Financial advisor today.

No matter the situation, Lawyers Financial can help you be ready. For 40 years, they’ve been providing insurance products designed to meet the unique needs of lawyers, firms, families and employees at unbeatable rates. Their innovative insurance plans reflect a deep understanding of your profession, your business and the pressures facing you every day. CBIA/Lawyers Financial is a not-for-profit corporation and sets their rates with a goal to break even. If plan performance is better than anticipated, they return the money to you and all of the other eligible certificate holders in the form of lower rates, improved benefits and returned premiums.