As a parent, there are many things you can do to help your child be financially successful as an adult.
Should you get life insurance if you’re single or young?
August 2022 – 15 min read
Being young and healthy are good reasons to get life insurance
You’ll likely pay less for life insurance the younger you are
Getting married, having a child, buying a home or starting a business are all good reasons to get life insurance
There are 2 basic types of life insurance: term and permanent
The cost of your life insurance is based on several factors
Most Canadians prefer to buy life insurance by meeting in-person with an advisor
Reasons for getting life insurance when you’re young
In your 20s, you may believe you don’t need life insurance because you’re young and healthy. And if you’re single, you may not have anyone depending on your income.
So why should you get life insurance when you’re young?
The cost of your life insurance is based on your age, gender at birth, lifestyle, occupation, medical history and current health. If you’re young and healthy, the cost of your life insurance will likely be lower than if you wait until you’re older. If you’re fortunate enough to have gotten life insurance as a child, your cost will even be lower.
If the unexpected happened, having even a small amount of life insurance could help relieve those you leave behind from having to pay for your funeral expenses. It could also help cover any debt you may already have including student and other loans.
Securing your ability to get insurance
The time to get life insurance is when you’re young and healthy, before you develop any pre-existing health conditions that could make it more difficult to get coverage when you’re older.
Life insurance milestones
There are often life events that motivate people to consider getting life insurance.
You’re now making financial decisions as a couple. Life insurance can help keep 1 spouse’s death from financially devastating the other.
Becoming a parent
Life insurance can help provide for your child and your family if something happens to you.
Buying a home
With life insurance coverage you can help make sure your family can pay off the mortgage and other expenses if the unexpected happens.
Now that you understand more why you should get life insurance if you’re single or young, you may want to contact your advisor to:
Determine how much life insurance to purchase
Determine what kind of life insurance to buy
Discover how life insurance fits into your financial plan
The information provided is based on current laws, regulations and other rules applicable to Canadian residents. It is accurate to the best of our knowledge as of the date of publication. Rules and their interpretation may change, affecting the accuracy of the information. The information provided is general in nature, and should not be relied upon as a substitute for advice in any specific situation. For specific situations, advice should be obtained from the appropriate legal, accounting, tax or other professional advisors.