When is the best time to get life insurance?

If you are over 18 years old and wondering when you should start getting a life insurance policy, the answer is right now. 

Life is full of ups and downs, with bills to pay and responsibilities to meet. Getting the right life insurance coverage ensures that those ups and downs – as well as bills and expenses – don’t become the responsibility of your loved ones. By protecting your life, you’re protecting the lives of those who count on you the most.  This is why, according to The Canadian Life and Health Insurance Association 2022 report, 22 million Canadians have life insurance. 

So, if you’re wondering when you should get life insurance, we’re here to help. Here are five reasons to consider purchasing a policy. 
 

You’re looking to save money

• Permanent life insurance: These policies do not have a set term meaning they cover you for the entire length of your life, as long as premiums are paid on time. One key selling point is that the premiums on a permanent life insurance policy will not increase as you age.  
• Term life insurance: This type of insurance policy offers fixed-rate coverage for a specified amount of time (5-, 10-, 15-, and 20-year terms). During this time, your monthly or annual premiums remain the same, making it easy to anticipate the costs. 

When debating between the two, it’s best to talk to a licensed insurance agent to determine which makes more sense for your needs and budget. Term life insurance is cheaper by comparison when you are younger but premiums might increase as you get older. 
 

You’re starting a family

Usually, people don’t start considering life insurance until they are responsible for other people’s well-being. When starting a family, it’s no longer just your future you must think about; you must also consider your spouse and your children’s future. We know it’s not ideal to imagine a situation where you’re no longer around to take care of the people important to you; however, it is an important consideration when looking ahead. Purchasing a life insurance policy can help protect your loved ones in many ways: 

• Replacement income for your family 
• Providing for your children or dependents 
• Paying for funeral expenses 
• Paying off your debts 
• Making a gift to charity 
• Leaving money in trust or to your estate 

Family doesn’t just mean a spouse and children, an unexpected death could also negatively affect your parents, siblings and other relatives, depending on your situation. So, even if you are single or childless, life insurance is still something you should consider. 
 

You are healthy

If you are currently in good health, now is the best time to buy a life insurance policy. Your overall health is a factor in your eligibility and the cost of your premiums; it’s best to buy while you’re still in good shape. 
 

You’re planning for retirement

Did you know that life insurance policies are investments for your retirement?  Permanent life insurance is designed to build cash over time that you can borrow against, laying the foundation for long-term financial security. It can be used towards retirement income, estate planning, end-of-life expenses and other lifelong needs. 
 

You're accumulating debt

If you’re starting to do things such as buying a home, investing in your education, starting a business, or just acquiring credit card debt, you should consider getting life insurance.  

It is all about peace of mind because it ensures that your beneficiaries will be able to deal with the financial impact of your passing. A life insurance policy is a good way to protect your family, as it can cover mortgage payouts or be a replacement income to cover accumulated debt in the event of your death. 
 

What kind of insurance suits my needs?

The nice thing about CAA Protect are the options. We know life isn’t one-size-fits-all, and neither are the people we serve or the life stages at which life insurance becomes important to them. 

Book an appointment with one of our insurance advisors for a free personalized assessment and find the coverage that fits your needs. 

Have a Question? To speak to a professional who can guide you to the right coverage from the right insurer at the right price call us at 1-800-709-5809 or email us at info@caaprotect.ca.