Why the New Year is the Best Time to Start Your Life Insurance Application

Looking for a goal or resolution to cross off your list for 2021 early? Get your life insurance application out of the way. 

Here are the top five reasons why it’s the best time of year to complete your life insurance application.  

1. Getting Life Insurance is Something You Can Cross off Your Resolutions Today

How many of your goals for the new year can you honestly say you’ll accomplish in the first few months? Your resolutions are your ongoing goals you tackle throughout the year, like to lose weight or save more money.

With something like “get life insurance” on your list, you can cross it off your 2021 goals pretty early. The life insurance applications that take the longest will still be done within the next month, giving you something to say you accomplished right away and get that motivation rolling.

What a great way to get the momentum you need to tackle the rest of the resolutions you have on your list!

2. Life Insurance is More Affordable While You’re Young and Healthy

You’re going into 2021 the youngest you’ll ever be, and hopefully in good health! Because of this, you want to get your life insurance application underway. 

Why? It’s no secret that life insurance is cheaper when you apply early because health and age are two of the most significant factors in determining an individual’s monthly premiums. Bluntly put, they are two indicators of your life expectancy. If you’re less likely to pass away tomorrow, your term life insurance premiums are going to be lower because the risk of paying out isn’t as high. And the rates you sign for today are the rates you’ll pay for the entire term. You want to lock those premiums in when they are as cheap as possible.

Why pay a higher price for something when you don’t have to? Put that extra money towards something else!

3. We Learned Last Year How Unpredictable Life Is

If somebody had suggested to you at the beginning of 2020 that you would have a homemade medical mask for every season and outfit, you would have laughed out loud. Instead, it was a year nobody saw coming. It was packed with driveby birthday parades, sourdough bread recipes, and Zoom calls.

We can take away from these unprecedented times (a phrase that has been used enough for the rest of time) that life is unpredictable. Nobody could have been prepared for this year. It’s important to act on things today because there’s no way to know what’s coming next.

And this unpredictability applies to life and death. It can be a scary thought, but this idea hit home for a lot of Canadians throughout 2020. You want to make sure your loved ones are protected, no matter what 2021 has in store for you. 

Life insurance is a hugely important part of being prepared for the future that you may not expect. Nobody plans to pass away early. It’s best for everybody if you have a policy in place that protects your loved ones. You know your partner would be able to afford the expenses they have and focus on healing emotionally instead of struggling to keep a roof over their heads.

Having security measures in place, like life insurance, is even more important after a year that has put most Canadians in a tighter financial spot than they were in a year ago. If your partner passed away tomorrow, it would be even more financially detrimental than it may have been in 2019. The unpredictability of the last year heightens the importance of getting a life insurance policy in place today. 

4. You Have Time On Your Hands to Get Your Life Insurance Application Done

The beginning of the new year is usually slow. It’s dark when you start and end your workday. You had enough family visits at the end of the year to need some time to yourself. It’s cold, you’ve watched through everything on Netflix twice on your time off for the holidays, and the pandemic is still raging. 

Why not take some of the extra time on your hands to apply for life insurance? With some providers, like PolicyMe, you can get a life insurance decision fully online in under ten minutes. It's something you have the time to do easily while binge-watching your latest Netflix addiction at home!

5. Finances are Typically in a Better Spot at the Beginning of the Year

It’s easy to overspend during the holiday season. Extra expenses pop out of nowhere, like the perfect gift for your boss or the lovely bottle of sparking for your Zoom Christmas. 

For many Canadians, the new year also ties in new financial rules. Financial planning is top of mind. Savings plans and budgets are being created, tracking where every dollar goes. As you build out that budget, it’s easy to add $30 a month for life insurance. 

It’s easy to add your monthly life insurance premium when you account for it as you make your 2021 budget. Just make it another line item!

There are a lot of reasons to get your life insurance policy in place early in the year. And given the year everybody had in 2020, why not go into 2021 with protection for you and your loved ones in place?

After all, peace of mind is only a few clicks away – and now more than ever, we all deserve a little more peace of mind. 

Laura McKay

COO & Co-Founder

About the Author

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