Young Adults and Life Insurance in Edmonton

We all know the benefits of getting life insurance—especially when you are sick or getting older. Funerals are extremely expensive, with the average funeral costing from $7,000 to $10,000 in Canada. A burial can cost anywhere from $5,000 to $15,000 and cremation can cost $600 to $4,500.

There are many other reasons why getting life insurance in Edmonton is beneficial, and not just for the ill or middle-aged to elderly. Believe it or not, young people can benefit from life insurance too. And in some cases, not having life insurance as a young adult can be truly devastating.

Only a small percentage of people under the age of 30 have life insurance. This is attributed to pushing away thoughts of death or disliking the idea of spending money on something they should not need for several years.

Think about the alternative. If something was to happen to you, having life insurance will give your spouse time to grieve without having to worry about finances or needing to work. It could help your spouse continue with school or have more options concerning the mortgage. But what if you don’t have a spouse? Life insurance as a young single adult is beneficial under certain circumstances.

Why Having Life Insurance as a Young Person is a Good Idea

• If you have student loan debt, your co-signer (if you had one) will be responsible for your debt if you die. Having life insurance that covers your debt will free them from that obligation.
• If you are the primary earner for anyone—a spouse, parents, or siblings—having life insurance provides for the expenses to take care of them if something happens to you. Of course, having children (even when you are young) makes life insurance extremely important to have.

Still not sure if now is the right time to get life insurance in Edmonton? Call us at 780-482-6300 so we can discuss your options, or visit our page life insurance policy page to learn about the types of life insurance we offer.