Your need for life insurance doesn’t stay the same forever. It changes as your life, family, and finances evolve. Here’s a look at what life insurance might look like at each stage of adulthood in Canada.
In Your 20s: Starting Strong
You might be finishing school, starting your first job, or paying off debt. Life insurance is incredibly affordable now, and locking in a low rate can protect your future health and insurability.
Why it matters:
- Cover co-signed student loans
- Lock in low rates while you’re healthy
- Start building a financial foundation
In Your 30s: Family and Mortgages
This is when life insurance becomes essential. You may be getting married, buying a home, or starting a family.
Why it matters:
- Protect your spouse and children
- Cover your mortgage and income replacement
- Plan for education costs
In Your 40s: Business and Long-Term Planning
You may be at your peak earning years and starting to think about estate planning.
Why it matters:
- Secure your family’s lifestyle
- Protect business interests or partnerships
- Add permanent coverage for long-term needs
In Your 50s and Beyond: Estate and Legacy
Your focus may shift toward retirement, legacy planning, or supporting aging parents.
Why it matters:
- Pay for final expenses or taxes
- Leave a legacy or charitable gift
- Protect assets for heirs
Final Thought
No matter your age, life insurance is a smart, adaptable tool. The earlier you start, the more options you have — and the less it can cost over time. If you would like for a licensed professional to help you explore your options, fill in a quick form below to get connected to a Canadian Insurance Broker.
