What are the risks of not subscribing to life insurance before the age of 35?

What are the risks of not subscribing to life insurance before the age of 35?

 

If you are like most young and healthy people who don’t think about old age, this is for you.

Here is the logo of compare insurances online for the text for insurance at 35 years old.Far be it to mention to you the idea that your life will end one day. We do not want to spoil your day!

However, the subject of life insurance deals with things you don’t want to talk about until you are 35 years old (or somewhere in your 30s, depending on people).

 

You should know that there are many reasons to subscribe to life insurance as soon as possible:

  • You will save thousands of dollars!
  • You will set your insurance premiums at a fixed rate over time .
  • You will make a financial investment that will pay out some day.
  • Finance your future projects (a house, car, travel, etc.)

As you read on, you will know the most common reasons for subscribing to life insurance before you reach the age of 35.

 

Here is how you can save money on life insurance if you are around 35 years old.

Know that if you want to get a FREE OF CHARGE QUOTE for your life insurance based on your age, a short form is available for you on this page.

Fill out the fields and one of our partners (insurance brokers and insurers) will provide you quickly a quote based on your needs.

 

Save on your life insurance today: do it before you turn 35 years old!

Here is the logo of compare insurances online for the text for insurance at 35 years old.Are you happy to receive a salary that finally covers the price of your home and your current expenses?

It could be that student loans are taking a chunk out of your budget and your personal projects keep being postponed due to lack of funds.

Life insurance does not only protect your assets, but above all helps you to save money so that you can enjoy your life.

Waiting will cost you dearly! More and more people are realizing the importance of subscribing to life insurance before it is too late.

Did you know that insurers set the amount of your premium (the payment you will make every month in exchange for insurance protection) based on age, state of health, and whether you smoke or not?

The price difference between a 20-year old and a 50-year old individual is sometimes 3 times the amount! Usually, minor medical problems develop with age.

It is not unusual to see a significant increase in the cost of life insurance if you decide to be assessed AFTER a diagnosis of a condition.

People can be denied coverage because of an illness revealed in a medical examination.

The popularity of life insurance: the majority of Canadians are aware of the importance of this product

Life insurance is a very popular product in Canada.The CLHIA (Canadian Life and Health Insurance Association) published « Budget Report 2017 » in which it stated that more than 7.3 million citizens in Quebec benefit from a product marketed by their association (be it life insurance, disability insurance, etc.)

On the other hand,  Statistics Canada issued a report on « Quebec figures on hand » in 2017 informing us that the population of Quebec reached 8,326,089 by the end of 2016.

If we combine these data, we can conclude that about 88% of Quebecers have invested, one way or another, for their future.

The CLHIA, in its report entitled “Canadian Life and Health Insurance Facts – 2017” which means in French « Data on Life and Health Insurance of Canadians -2017 » informs us that 80% of Canadians (and their families) are protected by a life insurance policy. Ten years ago, that percentage was 67%.

 

How much can you save on life insurance if you subscribe before you turn 35 years old?

Some people postpone life insurance, instinctively associating it with their old age and retirement.

If you delay it too long, the price will inevitably increase or even become out of reach.

To get started, in order to show a practical and economical way to subscribe as soon as possible, below is a comparative chart of the combined costs over the years for certain types of life insurance:

 

Case Type of life insurance

(amount of $100,000)

Cost of premium at 20 years* Total cost up to 80 years** Cost of premium at 35 years* Total cost up to 80 years** Cost of premium at 55 years* Total cost up to life expectancy**
Male non-smokers Permanent life insurance (with cash surrender value) $30.00 $21,600

For 60 years of coverage

$47.00 $25,380

for 45 years of coverage

$162.25

$48,675

for 25 years of
coverage

Term life
insurance ***
$8.25 $5,940

For 60 years of coverage

$13.15 $7,101

for 45 years of coverage

$64.25

$19,275

for 25 years of
coverage

Male smokers Permanent life insurance (with cash surrender value) $35.00 $25,200

for 60 years of coverage

$79.00 $42,660

for 45 years of coverage

$253.50

$76,050

for 25 years of
coverage

Term life
insurance ***
$14.50 $10,440

For 60 years of coverage

$24.85 $13,419

for 45 years of coverage

$140.70

$42,210

for 25 years of coverage

Female non-smokers Permanent life insurance (with cash surrender value) $25.00 $18,000

for 60 years of coverage

$40.00 $21,600

for 45 years of coverage

$128.25

$38,475

for 25 years of coverage

Term life
insurance***
$7.00 $5,040

       for 60 years of
coverage

$11.80 $6,372

for 45 years of coverage

$44.25

$13,275

for 25 years of coverage

Female smokers Permanent life insurance (with cash surrender value) $30.00 $21,600

for 60 years of  coverage

$57.00 $30,780

for 45 years of coverage

$174.85

$52,455

for 25 years of coverage

Term life
insurance***
$12.50 $9,000

for 60 years of
coverage

$19.75 $10,665

for 45 years of  coverage

$82.75

$24,825

for 25 years of coverage

*Based on estimated prices in the market as of March 2018.

**Calculated based on the 80-year life expectancy of a male Canadian according to Statistics Canada.

***For simplicity, term life insurance is calculated here as if it the price remains level throughout your life which is not the case because rates increase
with every renewal.

If you would like to receive a FREE QUOTE to estimate the cost of your life insurance, fill out the form at the top of this page.

One of our partners (insurers and insurance brokers) will assist you.

 

If you look at this chart carefully, you will see the increase in prices of life insurance the older you get.

FOR EXAMPLE:

A 20-year old non-smoking female who takes out a $100,000 permanent life insurance policy will get lifetime coverage for only $25.00 a month until her death (estimated at age 80) for a total of $18,000.

If this same woman would subscribe to the same life insurance policy at age 55  (if her health remains good otherwise she would pay even higher premiums), she will pay $128.25 monthly for coverage for 25 years (based on life expectancy), or a total of $38,475.

IMAGINE THE DIFFERENCE! IT WILL COST YOU $20,000 LESS FOR 35 YEARS OF ADDITIONAL PROTECTION!

 

Now that you know these facts about life insurance, do not make the mistake of postponing your life insurance coverage.

Insurers evaluate the risks of each age group to establish their rates which explains the huge gap in premiums.

To take advantage of preferential rates, decide to subscribe to life insurance as soon as possible!

 

By comparing insurers, you can save on life insurance before you turn 25 years old!

Tell yourself that every dollar you save on life insurance premiums for 20 years is worth at least $720 more in your pocket throughout your life.

1.00 $ X 12 months X 60 years

To give you this chance to save as much money as possible, this platform has partnered with many insurance brokers and insurers from all areas in Quebec and thus gives you access to more than 20 life insurance companies.

One of these partners will find you a proposal based on your situation.

Fill out the form on this page (IT IS WITHOUT ANY COMMITMENT!) You will soon receive a free quote.

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