Most people don’t recognize the importance of life insurance until it is too late. When it comes to choosing whether or not to get life insurance, then many don’t want to think about what could happen in the event of a death. However, life insurance is extremely important for numerous reasons. It is also important to consider at a young age rather than waiting until later in life.
Why Life Insurance?
Life insurance is important as it protects your family or loved ones in the event of a death. It isn’t the most pleasant thing to plan for but it can be a reality and needs to be considered when purchasing other types of insurance or enrolling in a group plan offered by your employer. It is offered at a very low cost through employers in Canada and is often offered as a free addition to signing up for other healthcare benefits offered by the company.
There are numerous reasons to consider life insurance, but it is even more important to consider it now, at a young age. Listed here are several reasons why getting life insurance is vital at an early age:
1. Student Loans
If you were to die with student loans in Canada, then those loans would be passed on to your family. However, if you have a life insurance policy, then that money can be used to cover your loans. So, even if you don’t have a family or a spouse, then your life insurance money can be used to benefit your loved ones from going into debt after a catastrophic loss.
2. Protecting Family
If you are young and are planning on starting a family, then you definitely want to get life insurance, even at a young age. This is insurance that is offered to protect your family in the event of a terrible event or death and can financially protect them during these times. If you have the life insurance option on your benefits then you need to utilize it at any age. The experts over at groupenroll.ca recommend adding the option as soon as you apply for your healthcare benefits from any new employer. This way, you have it and don’t have to worry about it or think about it unless the unfortunate occurs and you need to use it.
3. Term Insurance
When it comes to purchasing life insurance at a young age, then term insurance will give you the best options for your coverage. This means that the younger you start with an insurance plan, then you can expect to pay less than if you opted in for the plan at a later age. This is a way to think about your future, which a lot of people don’t like to do. However, if you consider the fact that you could be married or starting a family in the future, then the coverage that you are purchasing now will greatly help you by protecting your family in the future.
As life insurance is generally added into an employer’s benefits package, then it is a great idea to utilize it at the cheaper rates that you can get as a younger employee. Adding this option gives you the ability to have the coverage that your family may need in the future with barely any cash out of your pocket, to begin with.
There are times when life insurance may cost more. If you are overweight as a young adult or if you are a smoker, then this can cost more up front and raise the costs of your premium. If you want to ensure that it can be lowered, then you can quit smoking now and then expect to receive lower rates on your life insurance plan in a year or possibly two years. Other factors that may be included in your premiums at any age include your driving record and the number of tickets that you have as well as any ultra adventurous activities that you may partake in as well. Your actual profession can be included in this pending on how risky it is, so if your employer offers these benefits at a low rate, then it is a great idea to get the coverage needed to protect yourself and your family.
Even if life insurance isn’t offered with your group health insurance, then you can get it on your own as well. If you are young, healthy and a non-smoker, then you can expect to find ultra-cheap rates and premiums even if you need to purchase your own policy away from your employer.