22 Mar Why do you need life insurance at every life stage?
Life insurance is no longer an optional item for most people but instead its a very fundamental planning tool that is necessary and useful at almost every life stage. Regardless of whether your single, getting married, buying a house, growing your family, a business owner or planning for retirement you need life insurance and a broker at Get Life Insurance Quotes can help you figure out the perfect life insurance plan for your life stage.
Life Insurance at every life stage
Young and Single
It may seem to early to think about life insurance when your young and single but you should still be prepared if something were to happen to you. Having adequate life insurance means:
Getting married is a significant milestone and you want to make sure you have adequate insurance coverage to provide a reasonable level of financial security for your spouse in the event of your death:
Your new home is more than just a shelter. It represents a future financial asset for your loved ones and its a place where you give your family security. Life insurance can help protect that precious investment so it stays with your family:
- Adequate life insurance coverage to pay for any debts you leave behind
- Qualifying for lower coverage since the younger you are the more favorable an insurance profile you present
- Getting life insurance when your young and healthy and being guaranteed coverage no matter what your health in like in the future
- Certain life insurance policies like whole life insurance have a cash accumulation option which is a great investment option to consider
- Leave your spouse stress free when it comes to paying off any debt you may have incurred during your lifetime
- Providing for funeral costs which can become a substantial drain in the absence of proper life insurance
- Allow your spouse to be able to continue to work towards any financial goals and/or plans you may have decided upon together
- Life insurance can help your family pay off or pay down your mortgage reducing the month-to-month financial obligation they will have to take on
- Life insurance can also help subsidize the cost of ongoing repairs and other home-related expenses in the event of your death
The growth of a family and the addition of children really impacts the level of life insurance the parents need. Whether yours is a single-income or dual-income household you still need good life insurance coverage.
There comes a stage in everyone's life when they either no longer have life insurance coverage because they have left a company and exited the employer-sponsored group life insurance plan or decided to start their own business. In either scenario you need to review your life insurance options:
As you approach or end retirement your priorities change and you may choose to modify your approach when it comes to life insurance as you enter a new life stage:
- Single-income families are dependent on a single breadwinner so a life insurance policy to replace a loss of income and debt repayment is key. For the stay-at-home spouse there is a cost associated with the loss of day-care and housekeeping expenses which would be substantial should that spouse pass away
- For dual-income families there are similar consequences and in the absence of a strong life insurance policy its unlikely the surviving spouse would be able to continue the standard of living, household expenses and take care of child-care costs all on their own
- You definately don't want to be without life insurance coverage at a later stage in life. Often times you can covert your group coverage in to an individual policy and even with potentially increased costs it's a good idea especially if you have any previous medical conditions
- As a business owner especially if your not incorporated, adequate life insurance will ensure your family isn't left with large business debt to repay
- You may choose to take on less life insurance coverage because you have less dependents, less debt and less need for insurance protection
- You may choose to set up or maintain an existing strong life insurance policy to cover funeral costs and ensure your spouse is compensated well for loss of income upon your death
Regardless of what life stage you are at you need life insurance. To protect yourself, to protect your loved ones and to plan either for now or the future. Get in touch with your Get Life Insurance Quotes broker today to find our what life insurance policy plan is the best for your insurance life stage.
Our team at Get Life Insurance Quotes is one of Canada’s fastest growing, Canadian owned brokerages. We have a strong commitment to developing and maintaining excellent relationships with large insurance businesses in Canada so as to provide excellent options to our customers. Backed by several years of industry experience, our company mission continues to be focused on making life insurance easy to understand for our clients and making sure they are in possession of the best possible life insurance packages customized to their needs. Feel free to contact Get Life Insurance Quotes if you have any questions or need more information on life insurance quotes.