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Do Young People Need Life Insurance?

Posted by  On November 1, 2021
Is life insurance required for young people?

Out of all the things on a young Canadian’s mind, the last thing they may be thinking about is buying life insurance. After all, they might ask, what could a healthy, young individual possibly need life insurance for?

The impression that young people often have is that life insurance is only useful when you are nearing senior ages and beginning to think of serious matters like death and retirement. While these are valid reasons for considering life insurance, the presumption that they are the only ones couldn’t be further from the truth.

In fact, purchasing life insurance at a young age can not only be a smart long-term investment, but certain policies can also provide several benefits that affect you now. Determining which insurance policy best suits your individual needs is the next step to achieving optimal security and benefits for yourself and your loved ones.

Types of Life Insurance

There are two main types of life insurance: term insurance and whole insurance. Here’s a little bit of info about each:

Term life insurance provides you with coverage for a set period of time. This can last for a couple of decades or more, depending on the agreed length of the term. Once this term has expired, you have the option for renewing your term for a higher price or getting a permanent life insurance plan. Term life insurance is often a more affordable option.

Whole life insurance, otherwise known as permanent life insurance, offers you coverage you keep for the remainder of your life as long as you continue to pay the premiums. This type of insurance may be more costly for some at initial purchase, but will get you lower premiums over a longer period of time.

With so many types of life insurance to choose from, picking the right one for you may seem like a daunting task. However,life insurance is a responsible purchase that protects your loved ones. To learn more about the different types of life insurance and what we offer, request a personal quote or contact one of our service professionals today.

Why Life Insurance is Necessary for Young Canadians

  • Take Advantage of Lower Insurance Premiums

  • Life insurance may become more expensive the longer you wait. The initial price you pay for your life insurance is the cost you continue to pay as long as the insurance is in effect, which is why many people take advantage of this lower price while they can.

    If you decide to go with term life insurance, you will have the same premium price for the duration of your term. However, you will need to pay a higher price if you choose to renew your term. This is why many people opt for whole insurance to ensure that they are paying the same price throughout.

  • Keep Your Loved Ones Financially Secure

  • One of the most common reasons for anyone purchasing life insurance is to protect their loved ones or beneficiaries from having to pay their outstanding debts once they have passed on. If a deceased person had life insurance before they passed, the beneficiary will receive a sum of money from the insurance company on behalf of the deceased.

    Many people looking to ensure their loved ones are financially secure after they have passed explore their life insurance options. Often, it is older people nearing the end of their lives who are thinking about this. However, life is unpredictable, and it can provide peace of mind to know that your loved ones are protected in any situation at any point in your life.

  • Secure Your Future

  • As you reach a certain age, perhaps your mid-twenties, you’ll likely want to start thinking seriously about your future. This can include reaching certain life milestones such as marriage, having children, or retirement.

    While you may not have to worry about it now, buying life insurance when you are young can help you be more financially at ease once you have people relying on your income for support. At Archway Insurance, we can help you reach that state of peace.

Why choose Archway Insurance?

Determining which life insurance policy is best for you is a decision based on several personal factors such as your age, health, finances, and more. Here at Archway Insurance, we are dedicated to helping find you a plan that fits your current needs and benefits you for the short and long term.

For instance, a young person who travels frequently may find interest in our travel insurance plan that provides full coverage from minor incidents such as lost baggage to serious medical emergencies and accidents. On the other hand, those concerned for their future may find assurance with our registered savings plan, which offers you the opportunity to secure your financial future with a Registered Retirement Savings Plan (RRSP).

With Archway Insurance, you can choose from a variety of well-crafted life insurance plans that put your best interests at the forefront. Talk to one of our life insurance brokers today to find out which plan is right for you.

To learn more about purchasing life insurance at any age in New Brunswick, Nova Scotia, and Prince Edward Island, call Archway Insurance at 1-833-536-0529 or contact us here.


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