The Financial Move I Delayed for 4 Years and Why YOU Shouldn’t Repeat My Mistake

When I bought my first home in 2021, I didn’t get term insurance. Not in year one. Not in year two. Not in year three.

It took four full years of homeownership — and the birth of my son — for me to finally understand how unprotected my family actually was. At the time, skipping insurance felt harmless. I was young. I was healthy. I thought I had time. I told myself, “I’ll get to it eventually.”

But here’s the thing I wish I learnt earlier : Eventually isn’t a plan. And later doesn’t protect anyone.

A Conversation I Still Think About

A few weeks ago, a woman in her mid-30s reached out for mortgage advice. She’s a single mom of two little girls — one just four, the other barely ten months old.

Her husband passed away shortly after their younger daughter was born. They never had term insurance.And the only funds she had left were her personal savings — just enough to scrape together a down payment.

On paper, she technically could buy a home. But when you’re a single-income household supporting two young children, technical qualification and real-life affordability are two very different things. Any unexpected expense — job loss, medical costs, even a car repair — could tip everything over.

I had to tell her not to buy the home. Not right now. Not until she rebuilt a financial cushion and created some stability for herself and her daughters.

I've told NO to many people, but this no hit me differently, because I knew that if term insurance had been in place, her entire financial picture would have looked different. Her options would have been broader. Her stress would have been lighter. Her future would have felt less uncertain.

Her story stayed with me. It was a stark reminder that life doesn’t wait for us to get ready, and financial protection is not something we can leave for “someday.”

There’s a line from The Psychology of Money that I think every homeowner, parent, and aspiring buyer should read twice:

“The biggest financial risk is not being prepared for the risks you can’t see.”

We spend so much time comparing mortgage rates, chasing investment returns, and debating market timing — but very few conversations focus on the thing that protects everything else: INSURANCE.

Term insurance isn’t glamorous. It doesn’t grow your wealth. It doesn’t get you excited to check your portfolio.

But what it does do is make sure your family can survive financially in the absolute worst-case scenarios — the ones we never plan for, never expect, and never want to imagine.

If you own a home, plan to buy one, or have anyone who relies on your income, this is not a decision to delay. I delayed it for years, and I deeply regret that.

I can’t advise you on what coverage amount is right for you, but I can connect you with an excellent financial planner who can walk you through everything — clearly, calmly, and without pressure. Just reach out, and I’ll introduce you.

Why Term Insurance Beats Mortgage Protection Plans Every Time

If you’ve ever taken out a mortgage, you’ve probably had banks pitch you their Mortgage Protection Plan (MPP). It sounds convenient — sign one form, add it to your mortgage payment, and done. That convenience is why so many people accept it without asking questions.

But here’s what most borrowers don’t realize:

1. MPP doesn’t protect your family — it protects the lender.

If something happens to you, MPP pays the bank by clearing the remaining mortgage. Your family doesn’t get a cent of the payout.

2. With MPP, coverage shrinks as you pay down your mortgage.

Your premiums stay the same, but your coverage gets smaller every year. That math never works in your favour.

3. If you switch lenders, your coverage doesn’t follow you.

Change banks to get a better rate? You usually have to reapply for MPP — and coverage can be denied based on age or health changes.

4. Term insurance is flexible and family-focused.

Your family gets the full lump sum, whether the mortgage is $600,000 or $60,000.They can use it for:

• Housing

• Childcare

• Groceries

• Education

• Debt

• Or simply maintaining stability during a difficult time

And most importantly: you own the policy, not the lender.

We spend so much effort taking care of our homes — maintaining them, upgrading them, investing in them.But the people inside those walls matter infinitely more.

Take care of your home —but more importantly, take care of the people who make it one.

If you’d like an intro to the financial planner I trust, I’m here anytime.