Is it about time to get your Life Insurance reviewed?

As part of Life Insurance Awareness Month, it’s time we talk about one of the most overlooked subjects, reviewing your life insurance policy.

Your need for life insurance changes throughout your life, this is the main reason you should review your life insurance. And no, this doesn’t always mean you have to pay more. Let’s take a look at a few factors to determine if you need to review your coverage.

Age 25-40

It’s no secret, if you are between that ages of 25 and 40, this is when life insurance is often most needed. This is the age where many couples have their first children, buy their first house, and maybe, still have some other debts that need to be paid off. So the need for life insurance is great. But it’s also when money is tight. Which is why term insurance is one of the most popular forms of life insurance for this age group.

If you have recently had a child, increased your mortgage, or taken on extra debt, you should probably consider reviewing your life insurance.

To get FREE quote and shop the entire market to see what it would cost to own Life Insurance, click here.

Age 40-55

This is when life for many Canadians begin to change. Building your wealth, while preparing for retirement is more of a focus. And life insurance is a key component of that.

There are two factors you’ll want to consider:

1. Can life insurance be utilized to help work your overall retirement plan?
2. How can I cost-effectively utilize life insurance so when my time comes there is enough money my family doesn’t have to be out of pocket for funeral cost.
   

It’s very normal for Canadians to need to change their insurance in this age group. This is why reviewing your policy is so crucial.

Age 55+

Often this is when Canadians begin to think about insurance. And no, it’s not too late. But the truth is your options are limited.

In a perfect world, you can utilize the coverage you purchased in your 40s to take care of your final costs. But what if you haven’t, is it too late?

The answer is no, many insurance companies know that with an aging population the need for life insurance is increasing. Which is why they have guaranteed products to help the older population get life insurance they can afford.

If you still own the same policy from your 40’s it’s a good idea to review your options.

For more information or to speak with one of our non-commissioned staff members click the link below.