single person life insurance

One of the many questions we get asked as independent financial advisors in Canada:

“Is life insurance worth it for a single person?”

Now, this one is somewhat of an open-ended question since it depends on the person’s specific situation. Some people asking this question are those who are in their 20s, who are single for now but may have a family in the future, while some are middle-aged individuals who are in their mid-30s and 40s, who may remain single.

In my point of view, as a financial security advisor, life insurance is of vital importance if you have loved ones who may experience some sort of financial inconvenience as a result of your passing. They may be dependent on you financially,  or they may be responsible for paying your final costs such as internment, taxes at death (if any), etc.

Life insurance is a powerful financial risk management plan that protects our loved ones from the potential financial impact of our death.