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When to get life insurance?
December 19, 2025
By Sun Life staff
Sun Life’s insurance plans can benefit you at any stage of your life. Here’s how.
Whether you’re a new grad, married with a mortgage, or expecting to retire soon, you likely have two things in common with people in every age group:
- There are people in your life whom you love.
- You can’t predict the future.
That’s where life insurance comes in. You can’t tell exactly when or how your life will end. But you can prepare for the possibility and help protect the people you love in the process. Having the right life insurance can give you peace of mind. It’s the feeling that comes with knowing the people you care about can have financial support after you die.
What is the best age to buy life insurance?
Age matters when it comes to life insurance. The younger you are when you buy a policy, the lower your premiums (insurance costs) will be. That's why getting life insurance in your 20s and 30s is ideal. But don't worry if you're older - life insurance can still be affordable and benefit you at a later age.
Life insurance benefits at different life stages
Life insurance offers peace of mind at key moments in your life, such as:
When starting a family
As you welcome children into your life, having life insurance helps ensure they're financially protected in case you die. It can cover childcare costs, education, and daily expenses.
When buying a home
A life insurance policy can help your family maintain and keep your house if you're not there to pay the mortgage.
Learn more about life insurance when buying a home
When taking on other debts
In the event of your death, life insurance can cover your debts so they don't burden your family. This includes car loans, credit cards, and business loans.
When you have financial dependents
If you have loved ones who rely on your income, life insurance helps ensure they're taken care of in case you die. This means financial protection for your children, a spouse, or aging parents.
When you want to save for the future
Some life insurance policies build cash value over time. This can be a smart way to save for retirement or other long-term goals.
When you’re single
Even without dependents, life insurance can cover final expenses and help you leave behind a legacy to a charity.
When you’re retired
During retirement, life insurance can help cover final expenses or leave an inheritance for loved ones.
Remember, life insurance is a versatile financial asset that can adapt to your changing needs throughout life. Whether you're just starting out or nearing retirement, it's worth exploring how life insurance can provide peace of mind and financial security for you and your loved ones.
What’s the minimum age to buy life insurance?
The minimum age to get life insurance is generally 18 years old. However, parents can purchase policies for babies and children. The exact age eligibility can vary depending on the type of policy you’re applying for. Connect with an advisor for more detailed information.
What’s the maximum age to get life insurance?
The maximum age to get life insurance depends on the type of policy you’re buying, but the average age limit is around age 85. Connect with a Sun Life advisor for more detailed information.
Life insurance in your 20s and 30s
Getting life insurance at a very young age is a smart move. Your premiums will be lower, and you'll start building financial protection early. Sun Life advisor, Paula MacMillan offers her advice on which options to consider in your 20s and 30s, below.
Your life insurance premium – which is your monthly or annual fee – depends on your:
- age,
- assigned sex at birth,
- lifestyle habits,
- medical history and
- current state of health.
“If you’re a healthy individual in your 20s, you would fall under a low health-risk category. This means your premiums will be lower,” says MacMillan.
Two of the most common kinds of life insurance are:
- term life insurance (coverage for a set period of time) and
- permanent life insurance (lifelong coverage that never expires).
For 20-somethings who just started their careers, MacMillan suggests starting with term life. This can provide temporary coverage and can be renewable. This could be every 10, 15, 20 or even 30 years, depending on the policy.
“Term life can be more affordable [than permanent] for young Canadians who are just starting out,” she says. “You’ll be able to buy a large amount of coverage at a lower price.”
You could also get a small amount of permanent life insurance to go with your term policy. This is where your youth pays off.
While having some permanent coverage will cost you more, the younger you are the lower your premium will be. Permanent life insurance can offer more protection than term alone (more on this later). And, having some permanent coverage can help set up a financial foundation while you’re in your 20s.
As you get older, your financial situation will most likely change. When you reach your 30s, you may have:
- children to look after,
- a mortgage to carry, or
- added living expenses.
“The advice is more or less the same, though,” MacMillan says. “You still want to purchase life insurance according to your needs and budget.”
But, if you already have term life insurance, this is the time to consider changing your policy. “Most term life policies allow you to convert to permanent life insurance,” she says. “It can be more expensive, but permanent life offers lifelong protection from the financial impact of death.”
It also pays off. “Many permanent life policies have guaranteed costs . Whereas with term life, your premium increases upon renewal,” MacMillan adds. The younger you are when you buy permanent life insurance, the lower the premium you’ll pay.
Permanent life insurance is more expensive than term when you first buy it. But the premium cost doesn’t typically increase as you get older. So, after a few term renewals, permanent insurance can end up costing you less.
Read more: Term life vs. permanent life insurance
Many Canadians in their 30s settle into a job with benefits, which may include life insurance. “I often encourage people to max out the insurance they have at work,” MacMillan advises. “Because up to a certain point there are no medical questions or requirements. And it’s less expensive because it’s in a group.”
“Having workplace insurance is great. But I always caution about how there’s less job security nowadays,” MacMillan says. “When you move from an employer, you leave behind the insurance they offered. And hopefully the next one will have equal, similar or better coverage.”
Plus, there’s no law stating a Canadian employer must provide life insurance. “That’s why it’s best to think of your workplace insurance as a top-up to your own policy,” MacMillan suggests. “So, no matter what happens at work you’ll have your own insurance to fall back on.”
Life insurance in your 40s, 50s, 60s and beyond
Life insurance can provide financial security for you and your loved ones if you’re middle aged or an older adult. But is it still worth it?
This depends on your insurance company and the policy you want to buy. Some insurers have policies with age limits that can range from 60 to 85. “If your health doesn’t impede your ability to buy life insurance, it may still be available if you need it,” MacMillan says.
At this stage of your life, you may be paying more attention to retirement or estate planning. So, you may need more financial stability and protection.
MacMillan suggests looking into permanent life insurance for these reasons:
- Depending on your policy, your insurance costs may not rise.
- The plan might let you pay for a limited time and then never again.
- It gives your family or other beneficiariesa tax-free payment after you die.
- Some permanent policies generate dividends, which refers to money paid back to policyholders.*
- Here’s how you can use dividends:
- Increase the death benefit
- Cover your premium payments
- Take them out in cash
*Keep in mind, policy dividends aren’t guaranteed.
At a later stage in life, you may need life insurance to cover final expenses. Or perhaps, you’ll want to leave an inheritance and provide financial protection for your loved ones. Older adults have several options, including term life insurance, whole life insurance and guaranteed life insurance. Some policies don't require a medical exam, making them easier to qualify for. Learn more about life insurance for seniors.
How do you know what’s right for you?
Choosing the right life insurance can feel overwhelming, but you don't have to do it alone. A Sun Life advisor can be your guide through all your options. They'll look at your unique situation - your age, health, family needs, and financial goals. Then, they'll help you create a plan that fits your life. Don't hesitate to reach out - they're here to help you protect what matters most.
This article is meant to provide general information only. Sun Life Assurance Company of Canada does not provide legal, accounting, taxation, or other professional advice. Please seek advice from a qualified professional, including a thorough examination of your specific legal, accounting and tax situation.
