According to the latest census data, the number of common-law unions is increasing, accounting for one-fifth of couples in the country.1 Even though many people are happy to live together without making it official, it’s still important for unmarried couples to have proper insurance coverage.
Why unmarried couples need insurance if they rent
Many couples rely on both incomes to cover expenses such as rent, car payments and other household costs. If one person is unable to financially contribute because of a disability, accident or involuntary job loss, it can cause serious financial strain.
Why unmarried couples need insurance if they own a home
Many couples choose to buy a home together, even if they’re not married. In the event of death, it can be difficult for the surviving partner to cover a mortgage payment on only one income.
Proper insurance coverage is important for all couples — married and unmarried. Take the time to assess your specific needs and ensure that you’re prepared for the unexpected. Life, Disability and Income (LDI) Insurance offers three unique products in one convenient solution that can help you meet your financial obligations while dealing with an involuntary job loss, disability or accident, or loss or life.
LDI Insurance pays a maximum benefit of $500 a month for involuntary job loss or disability. You can also add up to $10,000 in life insurance coverage. Other advantages include that you are virtually guaranteed coverage and you can sign up online with no medical questions or proof of employment. We make it easy to get the coverage you need to protect you and your loved one from financial strain.
Plans start as low as $19.99 a month, and you can earn up to 4,000 Hudson’s Bay Rewards points when you sign up and every year on renewal.2
For more than six decades, Canadian Premier Life Insurance Company has been committed to providing financial security for Canadians who are facing uncertainties. They now insure more than 1 million Canadians from coast to coast.
1 Statistics Canada. “Families, households and marital status: Key results from the 2016 Census.” Retrieved February 15, 2019, from https://www150.statcan.gc.ca/n1/daily-quotidien/170802/dq170802a-eng.htm?HPA=1.
2 Each Hudson’s Bay Rewards points offer is limited to one Rewards account per household. Rewards points will be issued within four to six weeks.