Every year that you get older, the more expensive premiums will be. It’s also easier to get insurance when you are younger because typically, the younger you are, the healthier you are – so the insurance company has fewer reasons to decline you. It used to be that most folks would not even think about life or critical illness insurance until they were in their 40s & 50s, but we see more and more of our clients realizing that it makes sense to get this insurance coverage earlier, when it’s more affordable and they are able to get it.

We’re aware of the psychological short-term financial reasons younger people tend to avoid getting insurance. After all, people in the prime of their lives are hardly thinking about their own mortality, or the legacy they could pass on if something were to happen to them. Also, if you’re out enjoying all that life has to offer, from snowboarding to travel or restaurants, nightlife and more, paying insurance premiums seems to offer a bit less immediate gratification.

One factor that young people in their 20s or early 30s often don’t realize is that, much like the rest of Canadian society, they’ve already piled up significant debts. Tuition here may be a lot less than what you’d pay in the USA, but student loans can still add up to tens of thousands of dollars in debt. Add car loans, consumer credit card debt and even a mortgage for those folks who got into the real estate game early and you can wind up significantly over-leveraged. If something were to happen to a young person in that position, their debts might ironically end up falling on parents who often co-sign loans to try to give their children the best start in life.

For less per month than it would cost a young person to order take-out pizza, young people can pay into an insurance policy giving them coverage of $250,000 or more.

The flip side of that is that if something were to happen to this young person – an illness, a car accident, an injury, or worse – they’ve missed their chance to get the insurance when it was on offer for relatively low cost. You can’t insure yourself against that bad luck after the disaster has already happened. We can’t all be lucky – and statistically, someone’s number is going to come up. Better to be prepared, whatever age you are.

Thinking about getting life insurance to take care of your family and take advantage of a wide range of benefits to your financial picture? Contact us today at Safe Pacific Financial.