Do I really need life insurance? + MORE Jul 31st

I recently received a recall notice about a corrosion issue on my 2007 Honda CR-V dated January 2019. I haven’t moved, and my dealership has had my current address since 2018. When I took it in, my CR-V was deemed unrepairable due to structural corrosion, and I was given just five days to accept an offer to buy it back. They are trying to pressure me into accepting their offer and waive any further action.A big part of my complaint is that Honda took three years to contact me about this recall and then allowed me only a few days to accept their offer. I have been asked to sign a confidentiality clause and release Honda from all further claims. If this issue is investigated, and Honda is found liable for delaying its recall, I will have signed away any additional benefits due to me.  That wouldn’t be smart.—A.B. in Ontario

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Life insurance shouldn’t be one of those things you put off thinking about—because you (and the people who depend on you) could need it at any time. But many do wonder if it’s worth the monthly premiums. How do you know if it’s necessary? Why do we need life insurance anyway?

“In general, life insurance is most necessary when you have dependents who would be impacted financially by your death,” says Lorne Marr, director of business development at Hub Financial and founder of LSM Insurance, an insurance brokerage in Markham, Ont. “Typically, life insurance is used as a way to pay off a large debt, such as a mortgage on a home that you want to leave to your heirs.” But technically, you do not need life insurance. Unlike car insurance for drivers, it’s not required by law in Canada.

Why you may need life insurance

If you have a spouse and kids, ask yourself: What do you want to happen to them when you’re gone? Chances are, you’d like for them to maintain their current lifestyle, as opposed to dealing with financial uncertainty or having to move out of their home…

Canadian pop star Shawn Mendes is putting his work on pause. On Wednesday, he took to Instagram to announce he is cancelling the rest of his Wonder world tour to focus on his mental health. Earlier in July, the 23-year-old postponed the North American leg of his tour for three weeks for the same reason.

While Mendes doesn’t have a typical job or workplace, his choice to put his well-being before his career is part of a larger Gen Z trend. More young employees are speaking out about their struggles, taking breaks from work to recharge or quitting jobs that don’t serve them—a shift that’s been amplified by the pandemic.

Research from RBC Insurance shows that most Canadians between the ages of 18 to 34 are struggling with their mental health. The pandemic and cultural change around openly talking about well-being is pushing Gen Z workers to contemplate their relationship with their jobs, and unlike their parents, they aren’t afraid to vocalize their concerns. In fact, 83 per cent of Gen Z workers say they want mental health days at work and 42 per cent insist they would quit their job if they were experiencing burnout and suffering from poor work-life balance, a recent TalentLMS and BambooHR survey found…