If your employer offers insurance benefits, you likely have life insurance through a group plan. However, due to rising premiums, some companies have dropped life insurance in order to compensate. Disability, health, and dental insurance are staples of group plans, but if an employee wants life insurance, they have to purchase a policy separate from their group plan.

The gig economy today, composed of independent works paid by the task or project, like an Uber driver, leaves many workers without insurance. It should also be noted that if an employee leaves a company, either voluntarily or involuntarily, you can’t take your life insurance with you. These factors compound the problems faced by individuals when an unexpected life event occurs.

Another factor is that life insurance is calculated on the expenses your normal income would cover, but this is often underestimated over the long term. If you have a mortgage, children, or a spouse, this all needs to be taken into consideration and built into your policy. That’s why WSYC is so crucial — capturing financial security for your loved ones when you are gone.

Life insurance is sometimes thought of as a policy that is unaffordable or not worthwhile. Money that could go towards a monthly premium might be diverted to other short-term events such as vacations. But if you plan ahead, taking advantage of your health and age, you could find a premium that’s affordable instead of getting one in mid-life. Life insurance may seem expensive when you’re young but it only gets more expensive as you get older.

Another misconception is that the insurance industry suffers from a credibility gap and mistrust aimed towards life insurers. In a 2013 Life Insurance Ownership in Canada from LIMRA, it was discovered that it’s not isolated to any income group either as three in ten households in Canada, regardless of income, did not have life insurance.