​There are many stages in our lives and each one gives new and different adventures. As your life shifts and changes, so will your financial needs, and that includes insurance.  

Over the years, it is likely that your insurance papers have been buried in a desk drawer and the payments automatically withdraw from your account each month. Once we set up our policies, updating them rarely makes its way to our to-do lists. The question is: when was the last time you reviewed your policy? 

Life tends to rearrange itself, change constantly. It can bring new surprises that can change the coverage you need. It also ensures that if a tragedy should occur, you or those in your life are well taken care of.  

The bottom line is that life insurance is to protect those that depend on you, prepare for the unexpected and safeguard your future. Consider these life stages and how your insurance needs may change:  
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Young and single

When you’re in your twenties and thirties, life insurance is probably the last thing on your mind. Especially if you are single without any kids or dependents. If you pay rent, monthly expenses, have any debt, including a car loan or consumer debt but have some savings, you may want to consider critical illness or disability insurance. This type of insurance will give you peace of mind that if you should become ill or suffer an unexpected accident, you will be able to meet your monthly payment obligations and focus on your recovery.  

Getting life insurance in your 20s can be a great idea because the payments are so low! It can be less than your gym membership or monthly coffee habit to protect your rent, car and other loans.   

Homeowner  

If you’re buying a home for the first time or getting a bigger mortgage for a new house, you want to make sure you are taking the steps to protect your investment. Depending on your needs and beneficiaries, you may need mortgage life insurance which will pay down or pay off the mortgage if the borrower is no longer able. Be sure to understand your options to protect your home and those living in it.  
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Love and marriage  

If you have chosen a life partner, there are some insurance considerations to keep in mind as you are planning for your big day and life together. If you have individual life insurance, you may want to consider getting a joint policy. It is important to incorporate both partners into a policy to protect your joint assets and set up your future. A joint policy can help lessen estate taxes on beneficiaries and help protect your future family or children from a previous marriage.  

Expanding your family  

Starting a family is the most common time that people decide to get a life insurance policy.  It is also important to remember that as your family continues to grow, you will need to revisit your policies.  

Life insurance can replace income and even cover the cost of your children’s expected tuition. The peace of mind that life insurance can give you is priceless. It will provide your expanding family with a financial cushion and an enormous sense of security.  

Emptying the nest  

When the kids fly the nest and reach their own financial independence it might be time to look at your life insurance policy (while encouraging them to get their own!). Your kids might be less dependent on you, but your parents might be older and may need extra help. If you are anticipating caring for a parent or grandparent at home, in a retirement home or a long-term care facility, life insurance could help defray costs. Shifts in your policy can help ensure your financial future, no matter what changes are heading your way.  

Career shifts 

Life insurance is personal risk management. If you or your partner work in a dangerous or high-risk environment or run a business, having coverage in your policy is essential. Even if you have coverage through your employer, if you leave your job, including if you retire, your coverage will likely end. If a person in your family is an entrepreneur, various types of insurance such as disability, critical illness and life insurance should be part of their business plan. Get a protection plan that will allow you to build your career while ensuring your family is protected if the unexpected happens. 

Life changes constantly  

It is important to buy insurance for your budget, needs, and to revaluate when things change. You and your life have changed over the years. Those who depend on you will grow and when that happens, you want to make sure you have the proper coverage.  

Life changes out of the blue, and you are never too young to invest in your future and to set up those you love for the long term. Review and re-evaluate your policies in each life stage. Be sure to talk to one our Life Insurance Advisors and your Financial Advisor about your insurance needs during every stage of life!  

Valley First Wealth Management is a division of FW Wealth Management Ltd. which is a wholly owned subsidiary of First West Credit Union. 

FW Wealth Management Ltd. is a licensed life insurance agency offering financial planning, life insurance and investments. All insurance products are subject to the limitations, terms and conditions in the applicable policy or insurance contract in force at the time of purchase or enrollment and applicable legislation. The products sold through FW Wealth Management Ltd. are not guaranteed or insured by a deposit insurer.