How reviewing your life insurance supports achieving New Year resolutions

Published On: December 30th, 2020Categories: life insurance, Personal Insurance

For many, the New Year is all about letting go of what was and creating something new. It’s a time of new beginnings and fresh starts. A new year is when we can say goodbye to things that were not serving us and say hello to things that do. We do this through the act of creating resolutions intended to guide us into a future filled with prosperity.

Life insurance is a tool for ensuring those we love and care about are financially supported should something tragic happen to the life insured.

So how does reviewing your life insurance support achieving your New Year resolutions?

A simple review of your life insurance can be a big motivator to create lasting change in life. Setting resolutions aligned with clear and measurable goals dramatically improves the chance of being prosperous in life.

To start, let’s check with a simple definition for both resolution and prosperous. 

  • Resolutiona firm decision to do or not to do something.
  • Prosperous – bringing wealth and success

The New Year is an opportunity to make firm decisions to do or not do things aligned to bring more wealth and success in your life. Through the New Year lens, we often expand prosperity to include living happier, healthier, and wealthier.

To support you in this journey, we suggest taking the opportunity to review your life insurance!

Whether you have life insurance in place already or are curious about what you may need, the process of reviewing life insurance will:

  • Strengthen your resilience to keep with the resolutions you’ve stated; 
  • Assist you in creating a powerful “why” behind your resolutions; 
  • Ensure you are taking actions aligned with bringing that prosperity into your life.

Why? Life insurance companies reward people who are living happier and healthier lives!

How do life insurance companies reward people? By providing lower insurance premiums!

Let’s dig a little deeper into why. 

Starting with wealthier, life insurance is designed to cover future expenses. Future expenses include things like your outstanding mortgage, children’s education costs, and lines of credit, and other debts. *Life insurance is also designed to cover things like income replacement and final expenses as well.*

If you’re new to life insurance, getting your assets and current and future debts down on paper provides a financial snapshot of where you are today and gives you a place from where to stand to set goals for your future. Resolutions that spark from this activity include adding extra mortgage payments, starting or investing more in RESPs, or refusing to add anything more to the credit line until it is back to $0.00.

For those who have life insurance in place, this is an excellent opportunity to check in with progress on previous resolutions and plans. You may find that by taking specific actions like rapidly paying down your mortgage, you no longer require the amount of insurance you have in place and can save on your insurance premium by reducing the coverage amount. 

Concerning your health, if you already have life insurance in place, you know about the application process. The application included questions about some things you can’t control (family medical history and age) and many items in your control, including your weight, smoking status, and drinking habits.

Each of these lifestyle choices impacts your life insurance premium. By reviewing your life insurance, you can set goals aligned with a healthier future. 

If you have succeeded in achieving healthy goals (like becoming a non-smoker or losing weight), you may be entitled to lower insurance premiums as well.

Book a life insurance review today

As stated above, a simple review of your life insurance can be a big motivator to create lasting change in life. Setting resolutions aligned with clear and measurable goals goes a long way in ensuring your life overflows with prosperity.

Here is to a healthy, happy, and wealthy year ahead!

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Written by:

Kyle Paterson
Kyle has a belief that insurance is a tool when powerfully leveraged best ensures the vision of business leaders and families are realized. Kyle focuses on cyber risk transfer, group benefits, and corporate and individual life insurance solutions.

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