Life insurance isn’t just for parents or homeowners—it’s a cornerstone of financial planning. But timing is everything. Buying too late can cost more, while buying too early without a clear goal can feel unnecessary. So, when should you get life insurance?

1. In Your 20s: Build a Foundation
Premiums are lowest when you’re young and healthy. Even if you don’t have dependents, locking in a policy now can protect future insurability if health issues arise later.

2. In Your 30s: Family and Mortgage Stage
This is the most common time Canadians buy life insurance. If you’ve started a family, have a mortgage, or carry debt, life insurance ensures your loved ones aren’t left struggling financially.

3. In Your 40s and 50s: Income Replacement and Legacy Planning
As your income peaks, your insurance needs shift from protection to preservation. Policies can help cover taxes on your estate or provide a lasting gift to your children or a charity.

4. For Business Owners:
Life insurance can fund a buy-sell agreement or cover key-person risks—critical for keeping your business stable in case of tragedy.

Conclusion:
The best time to buy life insurance is before you need it. Rates only go up with age, and health issues can make coverage difficult or impossible to obtain later.