The time for life insurance is now.
Young adulthood is the building phase of your life. That’s when you’re planning and building the life you want to live, for you and your loved ones. For many people that includes a career, starting a family, perhaps one day owning a home, and down the road, funding a comfortable retirement. Being young is an exciting – and busy — time.
But that life that you’re building costs money. There will be bills to pay: rent or mortgage payments, heat, hydro and water, monthly costs for phone, internet and streaming services, plus car and student loan repayments. And you’ll probably want to set aside some money for savings and investments – or the kids’ college or university education.
But what if the income to support those costs and that way of life was suddenly taken away and you were no longer there to financially contribute? That’s where life insurance comes in. Life insurance can help cover those costs if you were no longer there.
While it may be tempting at times like these, with so many bills, so many costs rising and so much economic uncertainty, to put the purchase of life insurance on the back burner, it’s times like these that life insurance was made for. You have a window of opportunity to purchase life insurance when you’re younger and in good health because that’s the time when you can have access to lower rates.
Take advantage of lower rates when you are younger.
Insurance is a smart and proven financial tool and can be a key part of your investment portfolio. It’s a reliable contingency plan, to help you or your family cover unexpected costs if you weren’t there. Think of it as a financial ‘safety net’. You can use insurance to help preserve the way of life your loved ones enjoy today, and to help protect everything you’ll work so hard to build for them in the future. Plus, you can take advantage of lower rates, when you are younger and in good health.
This is not your parents’ insurance. Promise!
When you think about insurance, do you picture a stack of paperwork as tall as the day is long, and full of incomprehensible terms designed to confound ? Well, that may be your parents’ (or grandparents’) experience of insurance. But that’s not the life insurance of today. Things have come a long way since then. Insurance has come down to earth, and it’s now the job of (good) insurance companies to break insurance down into simple everyday terms that everyone can understand.
There has also been a push to make insurance faster and easier – for everyone. Insurers have embraced digital technologies that help customers save time and have direct and instant access to the information they need, to make the most informed decisions.
Application processes have been streamlined, and some products no longer even require medical exams and blood tests, as they once did. An online application with an instant decision (and therefore instant coverage) has become the norm for many insurance policies. Technology also means it’s now a much faster and simpler process to submit claims and receive benefits.
Life insurance, uncomplicated.
How Term Life Insurance works is simple. Term life insurance is issued in ‘terms’, or set intervals of time, like 5, 10 or 20 years. Term life insurance pays your beneficiaries a tax-free lump sum of money, called a ‘benefit’, if you pass away during that term. You choose the amount of coverage you want – for example, just enough to cover your funeral costs, or enough to maintain your family’s standard of living for several years (7-10 years is generally recommended by experts to replace your lost income for that period of time*). When you choose your term, you lock in the price – often for a period of 10 or 20 years. So, while the cost of other things is rising, your term life insurance will stay the same for the duration of your term.
One of the best things about getting term insurance while you’re young is that you can often keep renewing it until you reach a certain age, or convert it into more permanent life insurance. In either case, you won’t need to go through medical underwriting and risk being denied coverage. Some term insurance policies will even allow you to draw a cash advance from the policy if you are diagnosed with a terminal illness.
A tax-free lump sum benefit for your loved ones.
The money from term insurance can be used for anything you or your loved ones want or need. Like an addition or repair to the family home, the purchase of a cottage or summer home, maintaining a standard of living, adding to a spouse or partner’s retirement, or paying for a college or university education for the children… or grandchildren. The strength of life insurance is twofold: its proven financial protection, and its flexibility to cover whatever costs your beneficiaries want.
Want life insurance that’s simple, flexible and easy to understand? Learn More about OPA Term10 Life Insurance and see how easy and affordable it can be.
Underwritten by
The Manufacturers Life Insurance Company (Manulife).
Manulife, Stylized M Design, and Manulife & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and are used by it, and by its affiliates under license.
© 2025 The Manufacturers Life Insurance Company. All rights reserved. Manulife, P.O. Box 670, Stn Waterloo, Waterloo, ON N2J 4B8.
