Life insurance when you’re young and single
Not sure you want to invest in life insurance as you're without a partner or children who depend on you financially?
Because you're on your own, you may not have another person’s income to rely on and you’re dealing with financial situations on your own. In this case, it can still be important that you have coverage in case the unexpected happens. If not, a family member might have to shoulder any large debts like credit cards or car loans, or even unexpected medical bills and funeral expenses.
Another reason to think about life Insurance is that at this stage in your life, many of you are starting to think of where you'd like to be in the next few years. Part of those plans may be focused on buying a home, settling down with a partner or having children.
Taking advantage of CPA Select* Term Life Insurance
If you're budget-conscious and thinking of the future, taking advantage of your CPA Ontario member benefits, and purchasing CPA Select* Term Life Insurance could be a smart move.
- Coverage you can afford
Right now, while you’re young, despite what you may think - purchasing financial protection like life Insurance can be very affordable. Note: 44% of millennials overestimate the cost of life insurance by five times the actual amount.1
How affordable is it? The cost of $250,000 of CPA Select Term Life insurance coverage for a 30-34-year-old female member is just $6.12 a month. Male members pay just $9.09 a month.2
And that doesn’t even take into consideration any additional savings you might be eligible for - as applying now when you are young may give you the opportunity to save even more (up to 27%) with preferred rates if you are in exceptionally good health.
- Portable coverage that moves with you, from job to job
Already covered by your employer? If you currently have coverage with your employer Included within your benefits, that's great - you're lucky! But know that your employer-provided coverage also ends when you move on. Your CPA Select Term Life coverage however is portable. It stays with you as long as you remain a member, from job to job, no matter where you work or live in the world.
- Protecting your insurability
When applying for coverage when you're young, your needs may be limited, but if you have plans to buy a home, have a family, the importance of protection can grow exponentially.
With CPA Select Term Life you also have the opportunity to add a Future Insurability Option (FIO) to help protect your insurability for when you're ready to add more coverage.3
What is an FIO? When you first apply for coverage, you can purchase a Future Insurability Option which let's you increase your coverage by $25,000 or $50,000 every two years, five times in total, without requiring any medical underwriting when you add this additional coverage. This means, you can add up to $250,000 more then your current coverage as you need it - without concerned about any health issues that may affect your ability to get coverage as you get older.
With low members-only rates and all the additional benefits the CPA Select Term Life Insurance Plan has to offer, younger members like yourself, who are thinking ahead, can secure affordable insurance coverage that makes sense for each stage of their life.
Learn more about the many CPA Select benefits available to you as a CPA Ontario member.
This article was brought to you by Manulife. As a CPA Ontario member you have exclusive access to the affordable CPA Select Insurance Plans sponsored by the Chartered Professional Accountants of Ontario and underwritten by The Manufacturers Life Insurance Company of Canada (Manulife).
* CPA Select* and CPA Select*Plans are official marks of the Chartered Professional Accountants of Ontario.
1 lifehappens.org. “Life Insurance Is on People’s Minds,” April 2021.
2 Term Life rates above are based on non-smoker status and do not include any applicable provincial sales tax. Please check online for complete rate chart.
3 A member or their spouse, under the age of 51 Is able to add a Future Insurability Option (FIO) when first purchasing CPA Select Term Life. An FIO allows you to add coverage on every second policy anniversary after purchase, up to five times until age 55. At the time of each increase, there will be no medical questions or exams required.