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The Best Age to Get Life Insurance

Posted by  On April 16, 2020
What is the best age to get life insurance?

Life insurance. It isn’t fun to think about, but it’s an important part of financial planning. If you have anyone who depends on you financially, or you have large debts like a mortgage, then you should learn about life insurance and determine what kind is best for you.

We’ll talk today about what the best age to get life insurance at, the differences between the two major types of life insurance, and how Archway Insurance can help you find the best life insurance in Nova Scotia.

What is the best age to get life insurance?

If you don’t have life insurance yet, then the best age to get it is whatever age you are now. It will cost more than if you’d gotten it at an earlier age, but by getting life insurance now, you are protecting yourself and your loved ones.

Life insurance goes up in cost as you age, as you are more at risk of getting sick or dying. You are also more likely to develop or discover lifelong medical conditions as you age. If you develop a serious enough medical condition, you may not be able to get life insurance at all.

The best age to get life insurance is actually right after you are born. Of course, a baby can’t go out shopping for life insurance, but their parents can. If you have young children or are considering having children, do some research now. 

It may seem morbid but think of it as providing a gift and financial assistance to your children. By planning now, you are saving them both stress and money in the future.

The next best age to buy life insurance is in your 20’s and 30’s. Premiums will be more than if your parents had bought insurance when you were a child, but they are still fairly low. You are still relatively young and healthy, and less likely to have developed lifelong medical conditions. You will have responsibilities and debts that life insurance can help take care of — such as a mortgage or children — if anything happens to you.

Finally, there’s your 40’s and up. The older you are, the more your premiums will be. Life insurance is still an excellent idea, as you are very likely to have a mortgage or other debts by this age, and possibly children and a partner to think about as well. Once you reach retirement age, you may still want to consider life insurance, to help cover funeral and burial costs or leave a legacy to loved ones, a favourite charity or cause.

What kind of life insurance is best for you?

There are two main kinds of life insurance:

  1. Whole life insurance

    This is also referred to as permanent insurance. It will provide coverage for your whole life, as long as you pay the premiums.

  2. Term insurance

    Term insurance covers you for a certain amount of time only.

Whole insurance has several benefits. These are as follows:

  • It will provide coverage for your entire life. It never expires, as long as you pay the premiums, so you can use it to keep your coverage into your old age.
  • It can also contain a savings or investment component, giving you another way to put aside money. Usually, anything earned on your savings or investment will grow tax-free.
  • Whole life insurance can provide peace of mind, as it means your insurance is set. You do not need to remember to renew it or change it, as it does not have a set time limit, like term insurance. 

The premiums are more expensive than term life insurance, as whole life insurance will pay out eventually. However, they will remain fairly steady over time, so you will not face increased premiums as you age.

Term life insurance also has its benefits:

  • When you’re young, the premiums are less expensive than for whole life insurance. Your premiums will remain steady for the term you selected (e.g. 10 years).
  • You can get life insurance only for a certain period of your life that you think you’ll need it — such as when you have large debts or young dependents.
  • It also provides peace of mind; as you know your heirs will have tax-free money to help them out if you die. 

You may even want to consider getting both kinds of insurance — term and whole life — depending on your finances and your needs.

Why shop with Archway Insurance?

We are one of the largest independent insurance brokerages in Atlantic Canada. We can help you figure out the right kind of life insurance for you, no matter where you live in Nova Scotia.

We want to help you get the right insurance at the right price. To do that:

  • Our highly trained staff can help walk you through the details of both term and whole life insurance and help you determine what’s best for you.
  • We can discuss with you if it makes sense to get both term and whole life insurance – either now or later in life.
  • We can explain how the investment or savings part of whole life insurance works.
  • We partner with dozens of different insurance companies. We’ll work with those companies to ensure that we can get you the right life insurance at the right price.

Now You Know About Life Insurance

You’ve learned today that there are two main types of life insurance; whole life and term insurance. We’ve covered the differences between the two kinds and outlined the benefits and drawbacks of both kinds.

To learn more about the best age to get life insurance, call Archway Insurance at 902-477-2511 or contact us here.

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