According to insurance tech company Zelros, younger people across Canada, the U.S. and Europe are less likely to have life insurance compared with older generations, with just more than half of those aged 18-34 covered
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. But 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.
Andrew Ostro, co-founder and CEO of digital life insurance provider PolicyMe, said his company sees the most uptake between the ages of 35 and 45.If you’re 25 years old, single and with no children, PolicyMe’s algorithm would tell you not to get life insurance, said Ostro; at that life stage, he’d rather see your money put in a savings vehicle than in life insurance.
Term life insurance is for people who have time-limited expenses, like a mortgage, while permanent is for the full lifetime, said Sarah Hobbs, director of policy at CLHIA. Premiumsfor permanent life insurance are usually higher, and there are add-ons that can cover costs during your life such as long-term care.
Term life insurance isn’t that expensive for most people, said Ostro. For example, someone in their mid-30s might only pay between $30 and $40 a month, he said — though if you smoke, you’re looking at double the premiums no matter your age. There are some people who should get life insurance before becoming parents, said Porter. Because you can lock in lower premiums when your health is good, anyone concerned about health based on their family history who’s planning to start a family within a few years should lock in those premiums now before future illness drives up the cost of insurance.
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