Life insurance for starters
As a young adult beginning your career, it’s important to set the foundation for a strong ﬁnancial future. Maybe you’re not sure where to start. Or, maybe you’re wondering, is it too early for life insurance? Do I need life insurance if I already get it through work or if I’m not married and have no kids? At Co-operators, we’ll take the time to get to know your needs, and help you understand why life insurance is worth it.
Reaching your goals – like travelling, buying a car or continuing your education – requires planning. As part of that planning, you should also consider what could happen if something were to happen to you:
- Would your parents, family members or co-signers be burdened with your student loans or other debts?
- Would you be ﬁnancially supported if you were suddenly unable to work? Does that include saving for your future?
- What if health changes impact your ability to qualify for coverage?
Reminder: Your needs may change as you experience signiﬁcant life events, such as getting married or purchasing a home. Putting a life insurance policy in place guarantees access to coverage in the future when your need may be greater – even if your health situation has changed.
An effective budget will help you stay on track, ensuring that you can meet your needs today, and protect yourself in the future. As you take steps to build your ﬁnancial foundation, it can help to talk through these key questions with the help of a financial representative:
- What type of life insurance should you get?
- Should you also have disability or critical illness coverage?
- How much coverage do you need?
- How would life insurance ﬁt into your monthly budget?
- Are you covered through work and, if so, is that coverage enough?
Did you know? Rates are lower and it’s easier to qualify if you buy life insurance when you’re young and healthy.
When starting out, term life insurance (as opposed to permanent coverage) is the more popular option. That’s because term insurance typically comes with lower premiums.
Our Term Life insurance provides affordable coverage for a duration of your choice. It also provides a financial benefit to your loved ones so they can maintain their standard of living. And if you later decide you need permanent coverage, you can convert your term life insurance to one of our permanent life insurance products without a medical.
Here’s an example of how your coverage could work:
- Student debt: $40,000
- Car loan: $25,000
- Final expenses: $15,000
- Total coverage needs: $80,000
- Less employer life insurance coverage: $0
- Total additional coverage required: $80,000
Based on this information, you can protect yourself for as little as
$9.41* per month.