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3 best moments to buy life insurance

Section conseils - 3 meilleurs moments pour souscrire une assurance vie

Do you think you really need life insurance? If you have dependents or financial expenses, the answer is definitely yes. When you buy life insurance, you ensure that your family has enough income to cover expenses if you die. If you don’t have a family that depends on your income, you may also need life insurance to cover your debt or business.

Your insurance needs change throughout your lifetime. Here are the top three times to get life insurance:

To better understand what life insurance is, consult our article 5 things you need to know about life insurance.

In your twenties, as young adults

Most people in their twenties are finishing school or have been working for a few years. This is often the decade in which they take on their first debts: student loans, car loans or mortgages. All of these debts can fall on your family members if something happens to you. Life insurance helps cover the type of debt associated with your lifestyle.

For young people, the biggest benefit of buying life insurance in their twenties is the cost; since they are young and often healthy, they benefit from the lowest insurance premiums on the market. Permanent life insurance remains in effect for your entire lifetime; buying it earlier in life could save you thousands of dollars over the life of your policy.

However, buying life insurance when you’re young doesn’t just mean getting lower rates. You can also avoid the risk of being denied because of a health problem later in life. More than half of Canadians (52%) aged 50 and over live with a pre-existing health condition, which can make it more difficult for them to obtain coverage. Pre-existing health conditions can make buying an insurance policy more expensive; they may contain restrictions and exclusions or prevent you from qualifying.

The good news is that once you’re covered, you’re covered for the full life of your policy, no matter what happens to your health. If you apply when you’re in good health, then you’re more likely to get better coverage and more competitive products.

In your thirties or forties, as you start a family

Many things change over those two decades. Family and work life can progress and increase or change your insurance needs.

From a personal point of view, starting a life together also means planning for a financial future together. If your partner depends on your income or if you have other financial needs or commitments to consider, such as student loans or mortgages, make sure you have sufficient coverage to meet those needs.

The arrival of one or more children in your family should also prompt you to reflect on your life insurance needs. This insurance, designed for you, can help you cover any eventuality you might face, from groceries to tuition fees.

Similarly, buying a home entails significant costs. If you die, life insurance can help your family keep your property, ease financial insecurity and reduce or even pay down your home debt.

From a professional perspective, if you have received an increase or a new job, whether you are salaried or work on your own, make sure you have sufficient coverage to match any change in income. It is recommended that you buy coverage valued at seven to ten times your annual salary to ensure you cover your household’s daily expenses and bills.

Still have questions about the life insurance offered by Matcha Insurance? Our financial security advisors are available to answer any questions you may have and to reassure you.

Contact us now by calling 1 844 532-3228 or Book an Appointment.

In your fifties or sixties

While a variety of situations may prompt you to review your insurance needs, according to our firm’s brokers, people who buy life insurance when they are in their fifties or sixties are mainly looking to leave an estate or cover their funeral expenses. Be aware that it is never too late to revisit your insurance needs or plan for adequate future protection.

As a result, since their debts are largely paid off and the children have left the nest, this segment of the population has very different needs. Unlike young adults and thirty-year-olds, they feel that leaving a legacy to their loved ones is important, as is covering the remaining debts and the final costs associated with death.

Funeral expenses are numerous and can be high. Consider the following:

  • Embalming or cremation of the body
  • Purchase of a casket or urn
  • Ceremony
  • Burial and purchase of a lot in a cemetery, mausoleum or columbarium
  • Reception after the funeral
  • Estate settlement
  • Taxes and fees payable on certain assets

There is specific insurance to cover the costs associated with your death. It ensures that your heirs do not have to use their inheritance to pay the funeral expenses. You can learn more about it in our section 5 facts about funeral expense insurance.

However, traditional life insurance can also cover your funeral costs. We recommend that you discuss your situation with a financial advisor to make the most appropriate decision for you.

At any time, choose the life insurance that’s right for you

No matter where you are in your life journey, it’s also important to choose the life insurance that’s right for you. It is also recommended that you review these insurance needs annually or when major changes occur in your life. To do this, read our articles to understand the different types of life insurance and to choose the right amount of life insurance for your needs.

On the same subject

How do I file a complaint?

  • In case of dissatisfaction, start by getting in touch with our Director of operations, Mrs Sylvie Chartrand:
    Mrs Sylvie Chartrand
    Director of operations:
    sylvie.chartrand@matchaassurance.ca
    Telephone: 1-844-532-3228
  • If you are not satisfied with her response, you can contact our Complaints officer to make a formal complaint:
    Mr. Marc Peliel
    President and Chief Executive Officer
    1705-625, Avenue President-Kennedy
    Montreal (Québec) H3A 1K2
    Email: marc.peliel@humania.ca
    Telephone: 1-800-363-1334 or from Montreal: 514-485-1334, ext. 307
    Fax: 1-844-773-4999

The complaint must be filed in writing. If you need help filing your complaint, you may call Ms. Marie-Kim Larouche, Legal advisor, at 1-800-363-1334 ext. 479.

Any complaint made in writing to our Complaints officer will be recorded in Matcha Insurance’s complaints registry if it includes at least one of the following:

  • A reproach against Matcha Insurance;
  • The identification of real or potential harm that a consumer has sustained or may sustain; or
  • A request for remedial action.

A complaint file is opened for each complaint. The file includes all of the documents required to assess your complaint.

Laurent Goyette - Conseillers
Laurent Goyette
FINANCIAL SECURITY ADVISOR

Laurent’s proactive approach to finding the best insurance solution for each client and his sympathetic ear make him a trusted advisor.

Young and vibrant, Laurent has a mission to develop relationships of trust with his clients in the search for the best insurance of persons on the market.

Laurent listens to everyone’s needs and expectations and takes the time to explain all the intricacies of insurance policies in order to educate each of his clients about insurance.

Today, as a financial services advisor for Matcha Insurance, his mission is to make every effort possible to obtain the best insurance coverage for you wherever you are, based on your needs and financial means.

Karl Lenz Gravenhorst - Conseillers
Karl Lenz Gravenhorst
FINANCIAL SECURITY ADVISOR

With an ongoing commitment to protect the future of my clients through life’s uncertainties, I promise to guide and inform you with full transparency so that you are able to make the right decisions.

I am Karl Lenz Gravenhorst, a financial security advisor for Matcha Insurance, a Quebec-based financial services firm. As a financial security advisor since 2014, I have more than six years’ experience in the banking and financial services industries. I belong to that young generation of professionals who have developed a passion for working with people and an aptitude for clearly explaining at-times complex concepts.

My mission is to do the utmost to ensure you get the best insurance coverage, no matter where you are, based on your needs and your payment capacity.

Driss Labad - Conseillers
Driss Labad
Financial Security Advisor

With an ability to break things down in an easy-to-understand manner, Driss can clearly explain life and health insurance products and discuss their pros and cons.

With a master’s degree in computer science from the Université du Québec à Montréal and a bachelor’s degree in science, Driss has more than 15 years’ experience in the financial services industry. Before joining the Matcha Insurance team, he held various positions in the life and health insurance industry, particularly with Industrial Alliance and InfoPrimes as a financial advisor. Decoding an insurance policy and reading between the lines holds no secret for him. The more specific your needs, the more effective he can be.

Today, as a financial advisor for Matcha Insurance, his mission is to do the utmost to ensure you get the best insurance coverage, no matter where you are, based on your needs and your payment capacity.

Wahida Guellati
Wahida Guellati
FINANCIAL SECURITY ADVISOR

Efficient, dynamic and analytical,
Wahida will help you achieve your goals

Wahida Guellati has worked in personal insurance for more than 10 years.

In order to fully understand and protect your interests, Wahida will analyze your situation with you and advise you on how to protect your finances and increase your wealth.

Today, as a financial services advisor for Matcha Insurance, her mission is to make every effort possible to obtain the best insurance coverage for you wherever you are, based on your needs and financial means.

Anita Mpola Mbele - Conseillers
Anita
Mpola Mbele
Financial Security Advisor

Thanks to her keen analytical and synthesis skills, she will easily guide you through your process.

Anita Mpola Mbele is known for her thoroughness and professionalism. She quickly identifies her clients’ needs and supports them throughout their process.

She has worked as a financial security advisor since 2015 and has over five years of experience in managing the financial health of individuals, including roles at Industrial Alliance and Desjardins Financial Security. In addition, Anita has experience with life insurance products and in personal finance. She will be happy to help you and propose solutions that meet your needs.

Today, as a financial services advisor for Matcha Insurance, her mission is to make every effort possible to obtain the best insurance coverage for you wherever you are, based on your needs and financial means.

Roberto Sepulveda - Conseillers
Roberto Sepulveda
Financial Security Advisor

Known for his analytical mind and ability to synthesize information, he will assess your needs in a thorough and capable manner

With a Master’s degree in Civil Engineering from the École de Technologie Supérieure de Montréal, Roberto has over 8 years of experience in financial services. Before joining Matcha Insurance, Roberto held a number of management positions across Canada, including at Desjardins Financial Security, London Life and United Chartering in Vancouver.

Drawing from his experience in life insurance, disability and critical illness files, and wealth transfer and investment portfolio maximization, he has the skills required to provide the best solutions to his clients. He pays close attention to his clients’ needs to design strategies that will meet their objectives.

Today, as a financial services advisor for Matcha Insurance, his mission is to make every effort possible to obtain the best insurance coverage for you wherever you are, based on your needs and financial means.

Mickaël Miller - Conseillers
Mickaël Miller
Financial Security Advisor

Mickaël's thoroughness, his ability to listen and his drive make him a versatile advisor and unifier

With strong listening and analytical skills, Mickaël knows how to identify and understand his clients’ needs. His humour and drive also allow him to find new ways to take the analysis of his files to the next level.

A financial security advisor since 2015, Mickaël has over four years of experience in managing the financial health of individuals, including roles at RBC Insurance and Combined Insurance.

Today, as a financial services advisor for Matcha Insurance, his mission is to make every effort possible to obtain the best insurance coverage for you wherever you are, based on your needs and financial means.

Michael Stearns - Conseillers
Michael Stearns
FINANCIAL SECURITY ADVISOR

Known for his analytical skills and his judicious guidance and advice, Michael consistently rises to the challenge.

With a bachelor’s degree in business administration from the University of New Brunswick – Fredericton and a Certificate in Personal Finance from the Institute of Canadian Bankers in Montreal, Michael has more than 15 years’ experience in the financial services industry. Before joining the Matcha Insurance team, he held several positions where he was involved in managing the financial health of individuals and businesses, particularly for National Bank Insurance and Freedom 55 Financial. Perfectly bilingual, Michael is also a mutual fund representative.

Today, as a financial advisor for Matcha Insurance, his mission is to do the utmost to ensure you get the best insurance coverage, no matter where you are, based on your needs and your payment capacity.