If you're considering life insurance, age is a key factor. Typically, the younger you are, the healthier you should be, making life insurance more affordable. Therefore, securing your first policy in your 20s, if it's within your financial means, is a smart move. However, the decision to purchase life insurance should be based on your unique needs, including your lifestyle and overall health.

Less about age and more about stage
Instead of just your age, it's important to consider the life events that shape your financial responsibilities. Major milestones like marriage, home ownership, and parenthood significantly change your financial landscape. As your dependents and financial circumstances evolve with each of these situations, it's essential to have a life insurance plan that can adapt.

Whether you're single, building a career, or starting a family, your protection and wealth accumulation needs are just beginning to take shape. You may have a clear vision of your future home or family, but there could be other, less obvious dependents. For example, your parents might need financial support in the future.

Individuals in their 40s to 70s, also known as the “sandwich generation”, have been tasked with supporting their children and caring for their ageing parents—a phenomenon that likely won’t disappear anytime soon. That’s because people are starting families later in life and living longer. Other underlying trends also impact the decision to purchase life insurance, such as cohabitation versus marriage, which is becoming increasingly popular.

Shared assets, income, and debt
Regardless of your marital status, if you're in a long-term relationship, you're presumably dependent on one another for various things, and that's where life insurance comes into play. Commonly, a mortgage is the topmost liability individuals or couples assume, and term life insurance plans (which last for a specific period) are an ideal solution. Not only do they tend to have lower rates, but they can also be tailored to provide the right amount of coverage.

With the ever-increasing costs of post-secondary education and the rising trend of young people taking on more student loan debt, the value of life insurance is becoming more apparent. It's a concern that’s making young professionals more aware of the need to ensure their debt doesn't become a burden for their loved ones.

More protection for your loved ones
Conversations about life insurance can be awkward, seeing that you’re contemplating your mortality, but it’s never too early or too late to think about your family’s financial security. It has everything to do with your situation; age is just a factor. Your life insurance needs evolve since your life is constantly changing. Our licensed insurance brokers can help you determine the best coverage and term to meet your unique needs. Call us at 1-833-615-9326 or visit www.otip.com/life-insurance-quote to get a quick quote and complete our online application at your convenience.