“I’ll Get Life Insurance When I’m Older” — Why That Logic Can Cost Your Family Everything

If you’ve ever said those words — or thought them — you’re not alone. Life insurance is one of those things most of us intend to get around to eventually. We’re busy. We feel healthy. We have other bills. And honestly, thinking about our own mortality isn’t exactly how anyone wants to spend a Tuesday evening. 

But here’s the thing: the longer you wait, the more it costs. And if the unexpected happens before you get around to it, the people you love most are the ones who pay the price — not in premiums, but in real financial hardship. 

This isn’t meant to scare you. It’s meant to give you the honest picture that too many Albertans don’t hear until it’s too late. 

What Life Insurance Actually Does (In Plain Terms) 

At its core, life insurance does one thing: it replaces your income and covers your financial obligations if you’re no longer around to do it yourself. 

Think about what your household depends on right now. There’s the mortgage or rent. Childcare and school costs. Monthly bills. Your partner’s ability to take time off work to grieve and adjust. If you have kids, there’s the long road ahead — groceries, activities, post-secondary education, and every ordinary expense that doesn’t pause because something terrible happened. 

Life insurance is what stands between your family’s current life and a financial crisis on top of an emotional one. It’s not a morbid product — it’s one of the most loving financial decisions you can make. 

The Young Family Problem: You Need It Most When You Think About It Least 

Young Albertan families are typically at the highest financial risk of anyone, yet they’re also the group most likely to put off life insurance. And it makes a certain surface-level sense — you’re young, healthy, and the kids are small. You’re stretched thin between daycare, a new mortgage, and trying to save something for the future. 

But consider this reality: a young couple with two kids under five, a mortgage, and one income is in a far more vulnerable position than a 55-year-old couple whose kids are grown and whose home is half paid off. The younger you are, the longer the runway of financial responsibility ahead of you — and the more damage a sudden loss would cause. 

Here’s the good news that often surprises people: because you’re young and (presumably) healthy, life insurance is genuinely affordable right now. The rates available to a 30-year-old are dramatically lower than those available to a 45-year-old. Every year you wait, premiums creep upward — and if your health changes, coverage can become harder to qualify for. 

Term Life vs. Permanent Life: Which One Do You Actually Need? 

This is the question that confuses most people and, honestly, causes many to give up and do nothing. Let’s keep it simple. 

Term Life Insurance 

Term life insurance covers you for a fixed period — commonly 10, 20, or 30 years. If you pass away during that term, your beneficiaries receive the death benefit. If you outlive the term, the policy ends with no payout. 

This is the right starting point for most young Alberta families. It’s straightforward, affordable, and designed to cover the years when your financial obligations are highest — while the mortgage is big, the kids are dependent, and your income is most critical to your household. A 20-year term policy taken out at 32, for example, carries you to age 52 — well past the most financially vulnerable phase of raising a family. 

Permanent Life Insurance 

Permanent policies — including whole life and universal life — cover you for your entire lifetime and build a cash value component over time. They cost significantly more than term policies but offer lifelong coverage and can serve as part of a broader financial strategy. 

For many families, the right approach is to start with a term policy to cover immediate obligations and revisit permanent coverage as income grows and financial priorities shift. Our advisors can walk you through the comparison in detail based on your specific situation. 

How Much Coverage Does Your Family Actually Need? 

A common rule of thumb is to carry coverage worth 7–10 times your annual income. But that’s a starting point, not a formula. The right number depends on your specific circumstances. 

Ask yourself these questions: 

• What is the outstanding balance on your mortgage? 
• How many years until your youngest child is financially independent? 
• Would your partner need to replace your full income, or could they manage on part of it? 
• Are there any debts — vehicle loans, lines of credit — that would fall to your family? 
• Would you like to fund your children’s post-secondary education even if you’re not here to do it? 

These aren’t uncomfortable questions — they’re the exact conversations our advisors have with clients every day. We help you work through the numbers so your coverage is built around your actual life, not a generic estimate. 

A Few Things That Can Affect Your Eligibility 

Life insurance underwriting considers your health history, lifestyle, and certain occupational risks. Here’s what’s worth knowing: 

Your health today matters. Conditions like high blood pressure, diabetes, or a history of heart disease affect your premiums and may limit coverage options. This is one of the strongest arguments for getting coverage while you’re healthy — not waiting until something changes. 

Smoking significantly affects your rates. Smokers pay substantially higher premiums than non-smokers. If you’ve recently quit, most insurers require a smoke-free period before reclassifying you at non-smoker rates. 

Dangerous hobbies or occupations are factored in. If you work in a high-risk trade or regularly participate in activities like skydiving or motorsports, this may influence your premium. 

None of these factors mean you can’t get coverage — they just mean the conversation is worth having sooner rather than later, while your options are widest. 

The Conversation Most People Avoid (But Shouldn’t) 

We understand that nobody enjoys discussing life insurance. It forces us to think about hard things — loss, uncertainty, and what happens to the people we’d leave behind. But the clients who come to us after a close call, a sudden illness scare, or the loss of a friend their own age all say the same thing: they wish they’d had this conversation earlier. 

At InsureLine Empire, we make it as easy and pressure-free as possible. We work with multiple life insurance carriers across Canada to find coverage that fits your family’s needs and budget. We explain everything in plain language — no jargon, no pressure. 

If you have a family, a mortgage, or anyone who depends on your income, this is worth 20 minutes of your time. Call us at (780) 761-2200 or reach out online to get started. The peace of mind you’ll feel afterward is immediate.