Home / Mortgages / Does it make sense for a young person to have life insurance? + MORE Nov 24th

Does it make sense for a young person to have life insurance? + MORE Nov 24th

Obtaining a mortgage or secured line of credit in Canada at the best rates is often a daunting task. We can help! Read the articles below for more info.
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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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In just two months, Canadian bond yields have surged by over 61 basis points (0.61 percentage points), with a jump of roughly 17 bps in the past week.

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