Nobody knows how their life is going to pan out. Maybe you'll win the lottery or you’ll change up careers — who knows, maybe you’ll be the most epic spinster the world has ever seen the likes of.
The uncertainty of life is equal parts thrilling and stressful, but getting insured can help you focus on the exciting parts. That said, it can be hard to know what you really need in a policy.
Everyone's situation is unique, so speaking with a Sun Life advisor to get a personalized plan and advice is a great place to start. Here’s a guide to what you might need, depending on where you’re at and what your goals are.
You likely exist at the overlap of some of these lifestyles — read on for suggestions on the kind of life insurance you might be best suited to, but know that you can often tailor your plan to address your unique needs.
You’re A New Homeowner
Congrats! You bought a house — you honestly deserve a round of applause. In the current market, you likely had to take out a loan.Term life insurance will help provide financial security for your family during times when you might have big financial obligations, like paying a mortgage. It's generally a lower-cost option, but as you get older, it can become more costly, so acting now might save you in the long run.
You're A WFH Nomad
While you’re living it up and working from wherever tickles your fancy, you can build up savings within universal life insurance. This policy type offers permanent life insurance so you can focus on soaking up every second of your adventure.Plus, you'll receive a range of investment options for tax-sheltered savings growth. Talk to a Sun Life advisor to see if this would work for you — and maybe look into travel insurance for your on-the-go lifestyle while you’re at it.
You’re Expecting (Or Already Have) A Kid
Nothing will have you consider everything that could possibly happen quite like a kid will. Whether you want some peace of mind instead of worrying all the time or you just aim to leave a financial legacy for your little one(s), consider permanent life insurance.It’s more expensive than term insurance but you receive guaranteed lifetime coverage. Plus, your premiums remain the same, so it usually means a better bang for your buck.
You’re Super Career Driven
If you’ve got a lot on your plate and your main focus right now is your job, then participating whole life insurance might be the right fit for you.
This type of insurance combines permanent life insurance with the opportunity to get tax-sheltered growth of cash value. This way, you don’t have to stress about all the background noise and you’ll be able to focus on what you’ve got going on at the office.
You Just Graduated
Yay! You made it through school. Unfortunately, many graduates are left with student debt that can dampen the mood. It’s a huge responsibility — if anything happens to you during your post-secondary years, your spouse may have to shoulder that obligation for you. If your parents have loaned you money, it’s possible to select specific term policies for estate equalization purposes to cover loans.With term life insurance, you can set how long your coverage will last depending on when you think you will be able to repay your debt. The right plan will help your loved one pay off the debt if anything happens to you during that term.
You Just Got Hitched
If the wedding bells are ringing, you’ve probably already been thinking about your future, so a policy like permanent life insurance might be the right fit.
If you choose your forever partner as a beneficiary, they will receive a death benefit that can go towards things like mortgage or rent, living essentials and even tuition. On the other hand, you could also choose term insurance — which can also be used for debt coverage and income replacement in this situation.
In the long run, both are valid options. It all depends on your specific needs.
You Think About The Big Picture
No matter what you get up to in your day-to-day life, you know it’s never too early to start saving. Something like participating life insurance gives you the best of both worlds: protection and a savings plan.
Bonus: you could receive dividends, which can be used to increase your coverage, reduce your premiums or you can take them out in cash. This way, you’ve got all your bases covered
Life takes all kinds of twists and turns, and you never know when you might need life insurance. Having a financial security plan means that you can enjoy the ride instead of panicking over every bump in the road.
Sun Life has multiple options for you, and by talking to an advisor, you’ll be able to find the right one. Plus, you can often customize your plan to be tailored to your needs.
This content is for general informational purposes only and does not constitute financial, investment, legal, tax or accounting advice.