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Does it make sense for a young person to have life insurance?

– moneysense.ca

Buying life insurance in your 20s can feel like an added cost to an already long list of expenses. But experts say it can safeguard loved ones if life doesn’t go as planned.

Do young Canadians need life insurance?

There can be a “very high temporary insurance need” for younger Canadians, said Andrea Thompson, a certified financial planner at Modern Cents, in an interview. That’s because mortgage debt and lost income earning potential over their lifetime creates a need to protect their family’s financial interests.

While life insurance often doesn’t take priority for a carefree 20-something-year-old, it can help protect families and co-signers from incurring that debt suddenly if the young person dies unexpectedly.

“Life insurance is mostly for legacy, taxes and loved ones,” said Jeffrey Talor, director of sales at Canwise Life Insurance Services. “You want to make sure that your family is not exposed in the event of your passing.”

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