Certified financial planner Jackie Porter says the decision about whether to get life insurance isn’t about how old you are, it’s about what life stage you’re at
Life insurance may not be top of mind for many young Canadians, but experts say age shouldn’t be the deciding factor in getting such coverage.
If you have dependants, such as children, or you owe a large sum of money, such as a mortgage, you should look into life insurance, said Porter. You could be 25 or 35 – it’s all about whether someone else is depending on you, and would be in trouble financially if you were to pass away. According to the Canadian Life & Health Insurance Association , 22 million Canadians have life insurance, with 83 per cent of life insurance sold to individuals and the rest as group plans.
Most younger people who are good candidates for life insurance should get term insurance, said Porter. The term should align with the length your mortgage will take to pay off, for example, or the approximate length of time your children will be financially dependent on you. Your premiums may get more expensive when you renew, so even though the premiums on a longer term might cost a little more monthly, they’re worth it in the long run, said Ostro.
Many people have life insurance through their workplace benefits, known as group insurance, but might not know what that insurance actually includes.
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