Having life insurance will give you peace of mind by knowing that everyone you care about is protected with financial support.
Whether you’re a recent grad, married with a mortgage, or planning your estate, you’re likely to have two things in common with every age group:
- There are people in your life who you love and care about
- You cannot predict the future
While you can’t tell exactly when or how your life will end, you can prepare for the possibility and help protect the people you love in the process.
Life Insurance In Your 20s
A lot of people don’t begin to think about life insurance until they are in their 30s, but if you have someone who depends on you, it’s best to start thinking about your life insurance options. If you’re in your 20s, chances are you’re young and healthy, but you have some serious financial responsibilities. That could be student loans, credit card debt, or you’re thinking about getting married. In any of these situations, it helps to have some coverage in the event of your death.
If you have any co-signers on your possessions or have owned/rented a place with your partner or spouse – it will be on them to figure out the coverage for those expenses. Insurance will give your loved ones financial support to pay off these expenses.
What Type Should You Get In Your 20s?
Most people in their 30s have settled into a job with benefits, which may include insurance coverage. This is good, but this shouldn’t be the only form of life insurance that you have. Consider your workplace’s insurance as a top-up to your own. Work might be good right now, but your employer may decide to cut back on some benefits, you may lose your job, or move to a new workplace that has less coverage. Whatever happens – you’ll have your own to fall back on.
Life Insurance For The Middle-Aged
At this stage in your life, if you still don’t have expenses such as a mortgage or other debt, you may be considering retirement and estate planning. If this is the case, you will most likely need financial stability and protection. This is when you should look into permanent life insurance for the following reasons:
- Depending on your policy, premiums may not rise
- Given the right plan, you may pay for a limited time and then never again
- It gives your loved ones a tax free payment after you die (Canadian residents)
Life Insurance For 60+
Many people ask if it’s too late to buy life insurance. This depends on your age. Most insurance companies have policies that have an age range from 60 to 85 years old. The pricing may not be in your favour at this age, but as long as you’re in good health, you’ll have the ability to buy the insurance.
No matter what stage of life you’re in or how old you are, life insurance will help protect your loved ones from financial burdens. Based on your needs and lifestyle, AiA insurance will be able to find the right insurance with the right protection, so you can be worry-free.
