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- Whether buying a home, starting a family, or planning business succession, having life insurance ensures financial security at every stage of life
- Children can get life insurance starting from $10/month, securing their insurability at a young age
- Young adults can secure term policies for as low as $17/month, ensuring affordability and long-term financial protection
- Premiums rise to $29-$66/month for individuals in their 40s, but life insurance helps cover mortgages, children’s education, and income replacement for dependents
- For seniors and retirees, a 10-year term or guaranteed acceptance plan, with premiums ranging from $72-$201/month can cover estate planning, medical bills, and funeral costs
- What are the important life events that life insurance can fund?
- Life Insurance for kids (aged 0 to 17 years)
- Life insurance for young adults (aged 20-39)
- Life insurance for middle-aged individuals (aged 40-49)
- Life insurance for seniors (aged 50 and above)
- How do I get the best life insurance quote in Canada?
- Frequently asked questions
As your life changes, so do your financial responsibilities, and your life insurance should keep pace. Life insurance for different life stages helps you seek enough coverage to fund major life events. What works well in your 20s may not be sufficient in your 30s and 40s, and will certainly not address your retirement planning needs in your 50s and 60s.
This guide breaks down life insurance options for each stage of life, helping you determine the right coverage for your needs. You’ll learn how to make informed decisions that protect your loved ones and strengthen your financial security at every age.
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What are the important life events that life insurance can fund?
Life insurance isn’t just for providing financial security after death—it can also help fund key life events like weddings, children’s education, retirement planning, etc. Term policies can be used for short-term goals. For example, if an individual has a 20-year mortgage, they can get a 20-year term policy to ensure the burden doesn’t fall on their loved ones.
Whole life policies offer cash value and dividends (only with par policies), suiting individuals looking to fund long-term goals.Here’s how life insurance for different life stages can help:
- Buying a home: Use accumulated cash value or death benefits to cover mortgage payments
- Children’s education: Life insurance can help fund college tuition and other educational expenses
- Starting a business: Borrow against the policy’s cash value to finance a business or ensure continuity in case of an owner’s passing
- Retirement planning: Certain policies, like whole or universal life, can supplement retirement income
- Medical emergencies: Some policies allow withdrawals for critical illnesses or unexpected medical expenses
- Family’s financial security: Ensures dependents are financially supported in case of the policyholder’s death
- Estate planning: Helps heirs cover estate taxes and inheritance costs
Life Insurance for kids (aged 0 to 17 years)
Life insurance for kids can help cover a child’s funeral costs and provide financial support during a difficult time. It can also secure a child’s insurability while they are young and healthy.
Coverage options
- Children’s term insurance rider: The simplest and most affordable way to get coverage for your child. This optional add-on is available with most life insurance policies and allows parents to cover all their children until they turn 25
- Children’s term life insurance: Covers your child for a set period (10, 15, or 20 years). This option can be converted to an adult policy without a medical exam
- Whole life insurance policy: Offers lifelong coverage for your child while accumulating cash value. This can later be used to help fund their education, start a business, buy a home, or support other financial goals
Life insurance for young adults (aged 20-39)
Life insurance may not be a priority in your 20s or 30s, but securing coverage early offers several advantages. By purchasing a policy while you’re young and healthy, you can lock in lower rates and ensure financial protection for your loved ones. Here’s why life insurance for young adults matters:
- Debt protection: Covers student loans, mortgages, and other financial obligations, ensuring your loved ones aren’t burdened
- Lower premiums: Younger applicants typically qualify for more affordable rates compared to those who apply later in life
- Long-term coverage options: Securing a policy early can provide extended protection through key life stages, such as buying a home or starting a family
Coverage options
For young adults, a 20 to 30-year term life insurance policy is often recommended. This duration aligns with major life milestones, such as student loans, kid’s education, and more
Alternatively, permanent life insurance (such as whole life or universal life) can offer lifetime coverage with a cash value component that grows over time.
Life insurance for middle-aged individuals (aged 40-49)
Life insurance can be essential during your 40s when you have a family to take care of, mortgage loans etc. It ensures that your loved ones are protected from financial hardships in the event of your passing. Here’s how life insurance can help you in your 40s:
- Income replacement: If you are the primary breadwinner, life insurance helps replace lost income, ensuring that your family maintains their standard of living
- Mortgage protection: A life insurance payout can help cover outstanding mortgage payments, preventing the risk of foreclosure
- Children’s education: Securing a policy ensures that funds are available for your children’s education, giving them financial stability for their future
- Debt coverage: Outstanding debts, such as loans and credit cards, can be settled through the insurance benefit, relieving your family of financial burdens
Coverage options
When selecting a life insurance policy, choosing the right coverage type is essential based on your financial goals:
- 20-year term life insurance: Ideal for individuals in their peak earning years, offering affordable premiums and coverage for critical financial responsibilities such as income replacement and mortgage payments
- Whole life insurance: Provides lifelong coverage with an added cash value component, making it a valuable estate planning tool and a source of financial flexibility
Life insurance for seniors (aged 50 and above)
When you’re in your 50s and 60s, retirement planning life insurance becomes extremely important. It can safeguard your financial legacy and provide for your family’s final expenses. You can also buy life insurance for your parents if they’re close to their retirement age.
- Charitable donations: If you have a cause close to your heart, you can designate a charity as a beneficiary of your policy
- Financial legacy: Life insurance can also help ensure that your family members receive a financial inheritance, supporting their future needs
- Final expenses & debt coverage: Funeral costs, outstanding medical bills, and remaining debts can also be covered by a life insurance payout
Coverage options
If you’re looking for life insurance for seniors and retirees, it’s best to go for a 10-year term plan or a Guaranteed Acceptance plan, based on your needs:
- 10-year term policies: A good option for those seeking affordable coverage for a fixed period. These policies provide a payout to beneficiaries if the insured passes away during the term
- Guaranteed Acceptance plans: Ideal for individuals with health concerns who may not qualify for traditional life insurance. These policies do not require medical exams but may have higher premiums and a waiting period before full benefits apply
Comparing life insurance for different life stages
| Age range | Coverage options | Cost range (Smokers) | Cost range (Non-smokers) | Best insurance providers |
| 0-17 years |
|
N/A | $10 to $25 |
|
| 20-30 years |
|
$23 to $54 | $17 to $32 |
|
| 30-39 years |
|
$34 to $66 | $19 to $27 |
|
| 40-49 years |
|
$73 to $170 | $29 to $66 |
|
| 50 years and above |
|
$187 to $431 | $72 to $201 |
|
*Illustrated prices for male individuals of various age ranges, seeking a 20-year term plan with $250,000 in coverage
How do I get the best life insurance quote in Canada?
It’s advisable to have life insurance for different life stages. However, finding the best life insurance quote in Canada can be tricky, but not when you seek help from PolicyAdvisor. Our expert advisors provide personalized recommendations tailored to your needs, ensuring you get the right coverage at the best price. With access to 30+ top insurance companies, we help you compare the best policies in one place.
Our AI-powered calculator gives you an accurate quote in under 60 seconds, so you can make informed decisions instantly. With our lifetime after-sales support, we’re here to assist with policy updates, claims, and any questions you may have—every step of the way.
Schedule a call with our experts today and get instant life insurance quotes in Canada today!
Frequently asked questions
How can life insurance help young professionals who don’t have dependents yet?
Even without dependents, young professionals can lock in lower premiums early, build cash value with permanent policies, and use certain policies as financial assets for future needs like homeownership or business ventures.
Should parents update their life insurance when having a second or third child?
Yes, expanding families often means increased financial responsibilities. Parents should review their policies to ensure their coverage is sufficient for future education costs, childcare, and household expenses if one parent were to pass away.
Can life insurance help business owners with succession planning?
Absolutely. Life insurance can fund a buy-sell agreement, ensuring business continuity if a key owner or partner passes away. It also provides liquidity to settle debts, pay taxes, or support the transition to new leadership.
Life insurance supports key financial milestones across different life stages. In your 20s and 30s, locking in a 20-30 year term policy at just $17-$32/month helps secure low premiums and cover student loans. By 40-49, premiums rise to $29-$66/month, but policies cover mortgage payments, income replacement, and children’s education. For 50+, a 10-year term or guaranteed acceptance plan ensures estate planning and final expenses, with costs ranging from $72-$201/month. Expanding families should also review their policies to accommodate new financial responsibilities. Business owners can use life insurance for succession planning, ensuring smooth transitions and financial stability.
