{"id":40801,"date":"2026-08-17T14:00:50","date_gmt":"2026-08-17T18:00:50","guid":{"rendered":"https:\/\/www.rbcinsurance.com\/en-ca\/?p=40801"},"modified":"2026-08-17T15:11:51","modified_gmt":"2026-08-17T19:11:51","slug":"life-insurance-at-every-stage-of-life","status":"publish","type":"post","link":"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/life-insurance\/life-insurance-at-every-stage-of-life","title":{"rendered":"Life Insurance at Every Stage of Life: When to Update Your Insurance"},"content":{"rendered":"\n<div class=\"wp-block-rbc-template-selector templateSelector template__article articleSingle\" data-template=\"article\">\n<div class=\"wp-block-group articleSingle__container tabListStickyWrapper is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group articleSingle__container__hero is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group articleSingle__container__hero__inner is-layout-flow wp-block-group-is-layout-flow\">\n<span class=\"rbc-yoast-breadcrum-span\"><span><a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/personal\/\">Home<\/a><\/span><\/span>\n\n\n\n<div class=\"wp-block-group articleSingle__featuredImage__group is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group articleSingle__title__group is-layout-flow wp-block-group-is-layout-flow\"><h1 class=\"wp-block-post-title\">Life Insurance at Every Stage of Life: When to Update Your Insurance<\/h1>\n\n\n<div class=\"wp-block-group articleSingle__date__group is-layout-flow wp-block-group-is-layout-flow\"><div class=\"wp-block-post-date\"><time datetime=\"2026-08-17T14:00:50-04:00\">August 17, 2026<\/time><\/div>\n\n\n<span class=\"wp-block-rbc-html-element articleSingle__readTime\">18 Min Read<\/span>\n<\/div>\n\n\n\n<div class=\"wp-block-group articleSingle__author__group is-layout-flow wp-block-group-is-layout-flow\">\n<img decoding=\"async\" src=\"https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/06\/Lisa-Jackson.webp?quality=80&w=1024\" alt=\"Lisa Jackson\">\n\n\n\n<div class=\"wp-block-group articleSingle__author__details is-layout-flow wp-block-group-is-layout-flow\">\n<span class=\"wp-block-rbc-html-element articleSingle__author__name\">Lisa Jackson<\/span>\n\n\n\n<span class=\"wp-block-rbc-html-element articleSingle__author__designation\">Insurance Writer<\/span>\n<\/div>\n<\/div>\n<\/div>\n\n\n<figure class=\"articleSingle__featuredImage wp-block-post-featured-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2026\/08\/Life-Insurance-at-Every-Stage-Of-Life.webp?quality=80&amp;w=1024\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" style=\"object-fit:cover;\" srcset=\"https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2026\/08\/Life-Insurance-at-Every-Stage-Of-Life.webp 1024w, https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2026\/08\/Life-Insurance-at-Every-Stage-Of-Life.webp?resize=300,200 300w, https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2026\/08\/Life-Insurance-at-Every-Stage-Of-Life.webp?resize=768,512 768w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group articleSingle__container__main is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group articleSingle__container__page__nav is-layout-flow wp-block-group-is-layout-flow\">\t\t<div class=\"socials-block\">\n\t\t\t\t\t\t<p class=\"socials-block-title\">\n\t\t\tShare this article\t\t<\/p>\n\t\t<div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n\t\t\t\t\t<a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=Life Insurance at Every Stage of Life: When to Update Your Insurance &#038;body=Hi, I thought you might be interested in this article from RBC Insurance: https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/life-insurance\/life-insurance-at-every-stage-of-life\" aria-label=\"Email\">\n\t\t\t\t<img decoding=\"async\" src=\"https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n\t\t\t\talt=\"envelope icon\">\n\t\t\t\t<span>\n\t\t\t\tEmail\t\t\t\t<\/span>\n\t\t\t<\/a>\n\t\t<div class=\"social-button-wrapper sharing-copy-wrapper\">\n\t\t\t<button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/life-insurance\/life-insurance-at-every-stage-of-life\" aria-label=\"Copy URL\">\n\t\t\t<img\n\t\t\t\tsrc=\"https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n\t\t\t\talt=\"copy icon\">\n\t\t\t<span id=\"sharing-copyUrl-Label\">\n\t\t\t\tCopy URL\t\t\t<\/span>\n\t\t\t<\/button>\n\t\t\t<input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n\t\t<\/div>\n\t<\/div>\n  \t\t<\/div>\t\n\t\t\n\n\n<div class=\"wp-block-rbc-tabs-list tabsList\" data-switch=\"lgBp\" data-target-heading=\"h2\"><p class=\"tabsList__heading\">On this page<\/p><div class=\"tabsList__wrapper\"><button class=\"selectDropdown__button\" aria-haspopup=\"listbox\" aria-expanded=\"false\"><span class=\"selectDropdown__title\">Why life insurance needs change<\/span><span class=\"selectDropdown__chevron\"><\/span><\/button><ul class=\"tabsList__items selectDropdown__list\"><li class=\"selectDropdown__list__item tabsList__item selected\"><a href=\"#h-why-life-insurance-needs-change\">Why life insurance needs change<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-life-insurance-in-your-20s\">Life insurance in your 20s<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-life-insurance-in-your-40s\">Life insurance in your 40s<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-life-insurance-in-your-50s-60s-and-beyond\">Life insurance in your 50s, 60s, and beyond<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-7-reasons-to-revise-your-life-insurance-needs\">7 reasons to revise your life insurance needs<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-how-much-life-insurance-do-i-need\">How much life insurance do I need?<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-take-the-next-step-in-updating-your-life-insurance-coverage\">Take the next step in updating your life insurance coverage<\/a><\/li><\/ul><\/div><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group articleSingle__content__main tabListHeadings is-layout-flow wp-block-group-is-layout-flow\">\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<p>Few things say \u201cwelcome to adulthood\u201d quite like buying life insurance. It\u2019s something people find themselves doing, along with assembling furniture and building a career.<\/p>\n\n\n\n<p>For other Canadians, life insurance becomes a priority after a major milestone \u2014 getting married, buying a home, or having a child. But while those big moments often spark the conversation, life insurance shouldn\u2019t be a \u201cset it and forget it\u201d purchase. Life changes, and the policy that made perfect sense a decade ago may not reflect your reality today.<\/p>\n\n\n\n<p>This guide looks at how life insurance for different life stages changes, including how much life insurance costs and when it may be time to review, update, or rethink your coverage.<\/p>\n\n\n\n<div class=\"wp-block-rbc-callout-card calloutCard calloutCard__article\" data-bg-hero-desktop=\"\" data-bg-hero-mobile=\"\">\n<h3 class=\"wp-block-heading calloutCard__article__heading\" id=\"h-key-takeaways\">Key takeaways<\/h3>\n\n\n\n<div class=\"wp-block-group calloutCard__article__content is-layout-flow wp-block-group-is-layout-flow\">\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Life insurance isn\u2019t a one-time decision. As your income, family, debts, and goals shift, your coverage needs may change, too.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Buying life insurance earlier in life helps you lock in lower premiums and protect your insurability while you\u2019re healthy.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Major life events \u2014 such as getting married, having kids, buying a home, changing jobs, or approaching retirement \u2014 are good times to review your coverage.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>The role that life insurance plays can evolve over time, from income protection and debt repayment to estate planning, charitable giving, and supporting loved ones.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Life insurance coverage of five to seven times your annual net income is a good benchmark, but the right amount depends on your circumstances.<\/p>\n<\/li>\n<\/ul>\n<\/ul>\n<\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-why-life-insurance-needs-change\">Why life insurance needs change<\/h2>\n\n\n\n<p>Your life insurance needs are usually closely tied to your financial life, including your current income, assets, debts, dependents, and long-term goals. As those things shift, or new responsibilities arise, your coverage needs may change.<\/p>\n\n\n\n<p>A policy that made sense when you were renting an apartment and driving a used hatchback probably won\u2019t provide the same level of protection once you\u2019ve bought a home, had kids, or built a business. That\u2019s why it\u2019s a good idea to revisit your coverage, especially after a major life event.<\/p>\n\n\n\n<p>Another reason? Life insurance generally becomes more expensive as you age. Buying coverage earlier often means lower premiums, since younger, healthier applicants typically present less risk to insurers. Depending on the policy, you may also be able to lock in that rate for many years, helping create predictability as your financial responsibilities grow.<\/p>\n\n\n\n<p>In Canada, life insurance generally falls into two categories:<\/p>\n\n\n\n<div class=\"wp-block-rbc-callout-card calloutCard calloutCard__article  is-style-list list\" data-bg-hero-desktop=\"\" data-bg-hero-mobile=\"\">\n<div class=\"wp-block-group calloutCard__article__content is-layout-flow wp-block-group-is-layout-flow\">\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Term life insurance: <\/strong>Provides coverage for a set period of time (10 to 40 years) and is often chosen to help protect major financial obligations, such as a mortgage or growing family.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Permanent life insurance:<\/strong> Provides lifelong coverage and can often be used as a tool for estate planning, building long-term wealth, leaving a legacy, or helping support long-term financial goals.<\/p>\n<\/li>\n<\/ul>\n<\/ul>\n<\/div>\n<\/div>\n\n\n\n<p>If you\u2019re debating <a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/life-insurance\/term-life-vs-permanent-life-insurance\/\"><a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/life-insurance\/term-life-vs-permanent-life-insurance\/\" target=\"_blank\" data-dig-id=\"LP-LifeInsurance-40801-6b0ab396\" data-dig-category=\"LP-LifeInsurance\" data-dig-action=\"link click\" data-dig-label=\"term life vs. permanent life insurance\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">term life vs. permanent life insurance<\/a><\/a>, just remember that each serves a specific purpose, and the right choice largely depends on where you are in life \u2014 and where you\u2019re headed next.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-life-insurance-in-your-20s\">Life insurance in your 20s<\/h2>\n\n\n\n<p>If you\u2019ve ever thought, <em>\u201cI\u2019m young and healthy. I don\u2019t need life insurance yet,\u201d<\/em> you\u2019re not alone. Many people put off buying coverage for this reason.<\/p>\n\n\n\n<p>But hold that thought; the reality is that your 20s can be one of the <em>best times<\/em> to explore life insurance options. Premiums are typically lower when you\u2019re younger, and you\u2019re more likely to qualify while you\u2019re in good health.<\/p>\n\n\n\n<p>Not having a spouse, children, or a mortgage yet, doesn\u2019t mean you have nothing to protect. Student loans, a car loan, financial obligations, and final expenses are all worth considering. If something happened to you, those costs could fall to family members to manage.<\/p>\n\n\n\n<p>Plus, none of us has a crystal ball. A health condition that seems unlikely today could make coverage more expensive \u2014 or harder to get \u2014 later. Locking in coverage now while you\u2019re healthy can help protect your options if your health changes down the road.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-key-takeaway-start-early\">Key takeaway: start early<\/h3>\n\n\n\n<p>If you\u2019re asking, <em>&#8220;Do I need life insurance?&#8221;<\/em> or \u201c<a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/life-insurance\/am-i-too-young-to-buy-life-insurance\/\"><a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/life-insurance\/am-i-too-young-to-buy-life-insurance\/\" target=\"_blank\" data-dig-id=\"LP-LifeInsurance-40801-f5ff4f6b\" data-dig-category=\"LP-LifeInsurance\" data-dig-action=\"link click\" data-dig-label=\"Am I too young to buy life insurance\" rel=\"noreferrer noopener\" class=\"rbc-link-format\"><em>Am I too young to buy life insurance<\/em><\/a><\/a><em>?<\/em>\u201d, the answer largely depends on your circumstances. There are benefits of life insurance at a young age, including securing lower rates and creating a financial buffer before major financial commitments arise.<\/p>\n\n\n\n<p>For many young adults, term life insurance tends to be an affordable and flexible option. Coverage is available for terms ranging from 10 to 40 years, and some policies can be converted to permanent coverage later if your needs change.<\/p>\n\n\n\n<p>Coverage is probably cheaper than you think. This <a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/life-insurance\/life-insurance-quote\/\"><a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/life-insurance\/life-insurance-quote\/\" target=\"_blank\" data-dig-id=\"LP-LifeInsurance-40801-16573bfd\" data-dig-category=\"LP-LifeInsurance\" data-dig-action=\"link click\" data-dig-label=\"term life insurance quote tool\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">term life insurance quote tool<\/a><\/a> is a good place to start. And your future self may thank you.<\/p>\n\n\n\n<p><strong>Read more: <\/strong><a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/life-insurance\/should-i-buy-life-insurance-in-my-20s-or-30s\/\"><strong><a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/life-insurance\/should-i-buy-life-insurance-in-my-20s-or-30s\/\" target=\"_blank\" data-dig-id=\"LP-LifeInsurance-40801-c7ad62db\" data-dig-category=\"LP-LifeInsurance\" data-dig-action=\"link click\" data-dig-label=\"Should I Buy Life Insurance in My 20s or 30s?\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">Should I Buy Life Insurance in My 20s or 30s?<\/a><\/strong><\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Life insurance in your 30s<\/h3>\n\n\n\n<p>For many Canadians, your 30s are when life starts to become more expensive. You may be sharing finances with a partner, paying down a mortgage, raising children, or saving for long-term financial goals \u2014 or a combination of these things.<\/p>\n\n\n\n<p>That\u2019s why this is often the most critical stages of life to have coverage. More people likely depend on your income, and without adequate life insurance, a surviving spouse or family member could be left dealing with the financial fallout.<\/p>\n\n\n\n<p>As you <a href=\"https:\/\/www.rbcinsurance.com\/life-insurance\/life-insurance-calculator\/index.html\"><a href=\"https:\/\/www.rbcinsurance.com\/life-insurance\/life-insurance-calculator\/index.html\" target=\"_blank\" data-dig-id=\"LP-LifeInsurance-40801-0bb986ab\" data-dig-category=\"LP-LifeInsurance\" data-dig-action=\"link click\" data-dig-label=\"review your coverage needs\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">review your coverage needs<\/a><\/a>, consider what you\u2019d want protected, such as:<\/p>\n\n\n\n<div class=\"wp-block-rbc-callout-card calloutCard calloutCard__article  is-style-list list\" data-bg-hero-desktop=\"\" data-bg-hero-mobile=\"\">\n<div class=\"wp-block-group calloutCard__article__content is-layout-flow wp-block-group-is-layout-flow\">\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Paying off a mortgage so your family can remain in the home<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Replacing income for a surviving spouse, partner, or dependents<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Paying off debts, like student loans or a car loan<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Helping cover future education costs for children<\/p>\n<\/li>\n<\/ul>\n<\/div>\n<\/div>\n\n\n\n<p>If you don\u2019t already have coverage, your 30s are still a great time to buy life insurance. Rates are often lower than they\u2019ll be later in life, and you\u2019re still likely to have access to a wide range of coverage options.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Key takeaway: protect the people who depend on you<\/h3>\n\n\n\n<p>For many families, <a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/life-insurance\/term-life-insurance\/\"><a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/life-insurance\/term-life-insurance\/\" target=\"_blank\" data-dig-id=\"LP-LifeInsurance-40801-796cd5e7\" data-dig-category=\"LP-LifeInsurance\" data-dig-action=\"link click\" data-dig-label=\"term life insurance\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">term life insurance<\/a><\/a> is a popular choice at this stage. It\u2019s typically more affordable than permanent coverage, and terms of 20 to 30 years can help protect against many of the financial risks that come with everyday life.<\/p>\n\n\n\n<p>Even if you have an employer-sponsored policy, it\u2019s worth looking at how much coverage you <em>actually <\/em>have. Workplace benefit plans can provide valuable protection \u2014 but it may not stretch as far as you think. If something happened to you tomorrow, would it be enough to help your loved ones carry on financially?<\/p>\n\n\n\n<p><strong>Read more: <\/strong><a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/life-insurance\/what-does-life-insurance-cover-complete-guide\/\"><a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/life-insurance\/what-does-life-insurance-cover-complete-guide\/\" target=\"_blank\" data-dig-id=\"LP-LifeInsurance-40801-d992fda4\" data-dig-category=\"LP-LifeInsurance\" data-dig-action=\"link click\" data-dig-label=\"What Does Life Insurance Cover? A Complete Guide\" rel=\"noreferrer noopener\" class=\"rbc-link-format\"><strong>What Does Life Insurance Cover? A Complete Guide<\/strong><\/a><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-life-insurance-in-your-40s\">Life insurance in your 40s<\/h2>\n\n\n\n<p>By the time you reach your 40s, your income may be at, or near, its peak \u2014 but so are many of your responsibilities. Between a mortgage, growing children, caring for aging parents, post-secondary education savings, and retirement planning, there\u2019s a lot depending on your financial stability.<\/p>\n\n\n\n<p>If you purchased life insurance in your 20s or 30s, now is a good time for a <strong>coverage gap check<\/strong>. Has your income increased? How much remains on the mortgage? Is your coverage enough to fund a child\u2019s post-secondary education? A policy that seemed like plenty 15, or even 10 years ago may be outdated.<\/p>\n\n\n\n<p>This is also when many 40-somethings start to <strong>layer coverage<\/strong>. That could mean keeping an existing term policy in place to help protect income and debts, while adding additional coverage, such as <a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/life-insurance\/whole-life-insurance\/\"><a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/life-insurance\/whole-life-insurance\/\" target=\"_blank\" data-dig-id=\"LP-LifeInsurance-40801-8d84c1e2\" data-dig-category=\"LP-LifeInsurance\" data-dig-action=\"link click\" data-dig-label=\"whole life insurance\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">whole life insurance<\/a><\/a>, to support estate planning goals.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-key-takeaway-make-sure-your-coverage-keeps-up-with-your-success\">Key takeaway: make sure your coverage keeps up with your success<\/h3>\n\n\n\n<p>Your 40s are when the conversation shifts from building wealth to thinking about how to protect it and who will benefit from it in the future.<\/p>\n\n\n\n<p>But one thing that doesn\u2019t change? <a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/life-insurance\/what-affects-your-life-insurance-premiums\"><a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/life-insurance\/what-affects-your-life-insurance-premiums\/\" target=\"_blank\" data-dig-id=\"LP-LifeInsurance-40801-c84240b6\" data-dig-category=\"LP-LifeInsurance\" data-dig-action=\"link click\" data-dig-label=\"What affects your life insurance premiums\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">What affects your life insurance premiums<\/a><\/a>. The cost of life insurance generally increases with age, which is why reviewing your coverage in your 40s can be a smart move. Waiting until your 50s \u2014 or until your health changes \u2014 could mean paying more for the same amount of coverage.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-life-insurance-in-your-50s-60s-and-beyond\">Life insurance in your 50s, 60s, and beyond<\/h2>\n\n\n\n<p>By your 50s and 60s, life may feel a bit lighter than it did a decade or two ago. The kids may be grown, the mortgage balance may be shrinking, and retirement could be just around the corner \u2014 or already here!<\/p>\n\n\n\n<p>As a result, the role of life insurance in your financial plan often shifts, too. While income replacement is typically the top priority in your 30s and 40s, approaching 60+ is when Canadians shift their focus to zero in on estate planning, tax-efficient giving, covering final expenses, and leaving a tax-free financial legacy for people or causes they care about.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/retirement\/do-you-need-life-insurance-when-retired-canada\/\"><a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/retirement\/do-you-need-life-insurance-when-retired-canada\/\" target=\"_blank\" data-dig-id=\"LP-LifeInsurance-40801-fcdf86ce\" data-dig-category=\"LP-LifeInsurance\" data-dig-action=\"link click\" data-dig-label=\"Do you need life insurance when retired in Canada?\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">Do you need life insurance when retired in Canada?<\/a><\/a> For some people who are focused on building wealth or legacy, the answer may be yes. But depending on what you\u2019re hoping to accomplish, there are several types of life insurance for 50 and over:<\/p>\n\n\n\n<div class=\"wp-block-rbc-callout-card calloutCard calloutCard__article  is-style-list list\" data-bg-hero-desktop=\"\" data-bg-hero-mobile=\"\">\n<div class=\"wp-block-group calloutCard__article__content is-layout-flow wp-block-group-is-layout-flow\">\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Term life insurance:<\/strong> A 10-year policy can act as a bridge into retirement or provide coverage until debts are paid or other financial obligations ease up.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Permanent or whole life insurance: <\/strong>Provides lifelong coverage and can help support estate planning goals by leaving a tax-free benefit to beneficiaries. Depending on your goals, it can also support charitable giving and help with tax-efficient transfer of wealth to future generations. A licensed tax professional can offer more guidance.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Guaranteed acceptance life insurance:<\/strong> Designed for Canadians who may not qualify for traditional coverage due to age or health concerns. If you\u2019re between ages 40 to 75, <a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/life-insurance\/guaranteed-life-insurance\/\"><a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/life-insurance\/guaranteed-life-insurance\/\" target=\"_blank\" data-dig-id=\"LP-LifeInsurance-40801-963e3654\" data-dig-category=\"LP-LifeInsurance\" data-dig-action=\"link click\" data-dig-label=\"RBC\u00a0 Guaranteed Acceptance Life Insurance\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">RBC\u00a0 Guaranteed Acceptance Life Insurance<\/a><\/a> can help cover final expenses, pay off outstanding debts, or leave a small lump sum for loved ones. Coverage is available without a medical exam or health questionnaire and provides up to $40,000 in protection.<\/p>\n<\/li>\n<\/ul>\n<\/ul>\n<\/div>\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-key-takeaway-plan-with-purpose\">Key takeaway: plan with purpose<\/h3>\n\n\n\n<p>With some major financial obligations now behind you, this can be a good time to review your coverage \u2014 whether that\u2019s <a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/life-insurance\/term-permanent-whole-and-universal-life-insurance-what-are-the-differences\/\"><a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/life-insurance\/term-permanent-whole-and-universal-life-insurance-what-are-the-differences\/\" target=\"_blank\" data-dig-id=\"LP-LifeInsurance-40801-af917ea3\" data-dig-category=\"LP-LifeInsurance\" data-dig-action=\"link click\" data-dig-label=\"term, permanent, whole, or universal life insurance\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">term, permanent, whole, or universal life insurance<\/a><\/a> \u2014 and decide whether it still aligns with your goals.<\/p>\n\n\n\n<p>Whether you\u2019re reviewing an existing policy or researching a new one, this chapter of life is often less about protecting your paycheque and more about the impact you can have on future generations.<\/p>\n\n\n\n<p><strong>Read more: <\/strong><a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/life-insurance\/best-life-insurance-options-for-seniors\/\"><a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/life-insurance\/best-life-insurance-options-for-seniors\/\" target=\"_blank\" data-dig-id=\"LP-LifeInsurance-40801-5f63d9d4\" data-dig-category=\"LP-LifeInsurance\" data-dig-action=\"link click\" data-dig-label=\"Best Life Insurance Options For Seniors\" rel=\"noreferrer noopener\" class=\"rbc-link-format\"><strong>Best Life Insurance Options For Seniors<\/strong><\/a><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-7-reasons-to-revise-your-life-insurance-needs\">7 reasons to revise your life insurance needs<\/h2>\n\n\n\n<p>Reviewing your policy every year or so is a good habit, but some events deserve more immediate attention. Here are seven moments that should trigger a closer look at your coverage.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">1. Getting married or entering a common-law partnership<\/h3>\n\n\n\n<p>Joining your life with someone else\u2019s often means sharing more than a mailing address or the utility bills. Your income, debts, and financial goals may become intertwined, and your partner could come to depend on your earnings.<\/p>\n\n\n\n<p>If you\u2019ve recently married or entered a common-law partnership, review both partners\u2019 coverage amounts and make sure your beneficiary designations are up to date.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2. Having a child or adopting<\/h3>\n\n\n\n<p>The minute you become a parent, the stakes change. Suddenly, you\u2019re thinking years (or even decades) into the future. Childcare, education, everyday expenses, and your family\u2019s long-term financial security all become part of the picture. Would your family be able to manage financially without your income?<\/p>\n\n\n\n<p>Reviewing your life insurance before or shortly after having a child can help ensure your coverage keeps up with your growing family (and the responsibilities that come with it).<\/p>\n\n\n\n<p><strong>Read more:<\/strong> <a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/life-insurance\/life-insurance-for-children-guide-for-parents\/\"><a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/life-insurance\/life-insurance-for-children-guide-for-parents\/\" target=\"_blank\" data-dig-id=\"LP-LifeInsurance-40801-ee1c9b17\" data-dig-category=\"LP-LifeInsurance\" data-dig-action=\"link click\" data-dig-label=\"Life Insurance for Children: A Guide for Parents\" rel=\"noreferrer noopener\" class=\"rbc-link-format\"><strong>Life Insurance for Children: A Guide for Parents<\/strong><\/a><\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">3. Buying a home<\/h3>\n\n\n\n<p>For many Canadians, a mortgage is the biggest financial responsibility they\u2019ll ever make. If something happened to you, would your loved ones be able to stay in the family home? Consider whether your coverage would be enough to help pay off the mortgage and stay afloat.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">4. Changing or losing a job<\/h3>\n\n\n\n<p>If you have a policy through your employer, don\u2019t assume it will follow you from job to job. In most cases, workplace coverage ends when your employment does.<\/p>\n\n\n\n<p>A job change, layoff, promotion, a salary boost, or retirement are all good reasons to review your coverage. New responsibilities, a higher income, or the loss of workplace benefits can all affect how much protection you might need.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">5. Starting or growing a business<\/h3>\n\n\n\n<p>If you\u2019re the driving force behind a business, it\u2019s worth considering what would happen if you suddenly couldn\u2019t run it. Would your family be able to manage business debts or obligations? Would employees, clients, or business partners feel the impact? Could the business continue operating successfully?<\/p>\n\n\n\n<p>Business owners, especially sole proprietors, often need extended coverage beyond just protecting their family and <a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/general-insurance\/what-is-business-insurance-canada\/\"><a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/general-insurance\/what-is-business-insurance-canada\/\" target=\"_blank\" data-dig-id=\"LP-LifeInsurance-40801-8bfcad95\" data-dig-category=\"LP-LifeInsurance\" data-dig-action=\"link click\" data-dig-label=\"business liability\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">business liability<\/a><\/a>. For example, <a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/business-insurance\/key-person-insurance\/\"><a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/business-insurance\/key-person-insurance\/\" target=\"_blank\" data-dig-id=\"LP-LifeInsurance-40801-2b952b3c\" data-dig-category=\"LP-LifeInsurance\" data-dig-action=\"link click\" data-dig-label=\"Key Person Insurance\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">Key Person Insurance<\/a><\/a> can help provide financial support to a business if an owner, partner, or key employee dies or becomes unable to work. The benefit can help cover expenses, replace lost income, hire and train a replacement, or simply help the business navigate a difficult transition.<\/p>\n\n\n\n<p><strong>Read more:<\/strong> <a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/life-insurance\/life-insurance-for-small-business-owners\/\"><a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/life-insurance\/life-insurance-for-small-business-owners\/\" target=\"_blank\" data-dig-id=\"LP-LifeInsurance-40801-5e8f236c\" data-dig-category=\"LP-LifeInsurance\" data-dig-action=\"link click\" data-dig-label=\"Life Insurance for Small Business Owners\" rel=\"noreferrer noopener\" class=\"rbc-link-format\"><strong>Life Insurance for Small Business Owners<\/strong><\/a><\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">6. Divorce or separation<\/h3>\n\n\n\n<p>When a relationship ends, life insurance paperwork doesn\u2019t automatically update itself.<\/p>\n\n\n\n<p>Beneficiary designations, coverage amounts, and ownership details should all be double-checked following a divorce or separation. If you\u2019ve previously relied on a spouse\u2019s coverage or don\u2019t have an individual policy of your own, this may also be the right time to explore your options.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">7. Approaching retirement<\/h3>\n\n\n\n<p>Retirement doesn\u2019t always mean closing the book on life insurance. In many ways, it\u2019s the start of a new chapter \u2014 one that focuses on how you\u2019d like your wealth to support others in the years ahead.<\/p>\n\n\n\n<p>Depending on your goals, life insurance can play an important role in <a href=\"\/www.rbcinsurance.com\/en-ca\/advice-learning\/retirement\/what-is-estate-planning\/&amp;sa=D&amp;source=docs&amp;ust=1781105423927117&amp;usg=AOvVaw0QQAtR9G8D0_PPgXrV1zIl\"><a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/retirement\/what-is-estate-planning\/\" target=\"_blank\" data-dig-id=\"LP-LifeInsurance-40801-18212281\" data-dig-category=\"LP-LifeInsurance\" data-dig-action=\"link click\" data-dig-label=\"estate planning\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">estate planning<\/a><\/a>, charitable giving, or providing a tax-free benefit to loved ones. It can also help make it easier to divide assets among multiple beneficiaries.<\/p>\n\n\n\n<p>Before cancelling any policy, consider <a href=\"https:\/\/www.rbcinsurance.com\/request-a-call\/personal-insurance\/contact-us\/index.html\"><a href=\"https:\/\/www.rbcinsurance.com\/request-a-call\/personal-insurance\/contact-us\/index.html\" target=\"_blank\" data-dig-id=\"LP-LifeInsurance-40801-c00b0519\" data-dig-category=\"LP-LifeInsurance\" data-dig-action=\"link click\" data-dig-label=\"speaking with a licensed insurance advisor\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">speaking with a licensed insurance advisor<\/a><\/a>. The coverage that no longer seems necessary may still play a role in supporting the people, priorities, and causes that matter most to you.<\/p>\n\n\n\n<p><strong>Read more: <\/strong><a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/retirement\/how-much-money-do-you-need-to-retire-canada\/\"><a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/retirement\/how-much-money-do-you-need-to-retire-canada\/\" target=\"_blank\" data-dig-id=\"LP-LifeInsurance-40801-2269c17c\" data-dig-category=\"LP-LifeInsurance\" data-dig-action=\"link click\" data-dig-label=\"How Much Money Do You Need to Retire in Canada?\" rel=\"noreferrer noopener\" class=\"rbc-link-format\"><strong>How Much Money Do You Need to Retire in Canada?<\/strong><\/a><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-much-life-insurance-do-i-need\">How much life insurance do I need?<\/h2>\n\n\n\n<p>If you\u2019re wondering, \u201c<a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/life-insurance\/how-much-life-insurance-do-i-need\/\"><a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/life-insurance\/how-much-life-insurance-do-i-need\/\" target=\"_blank\" data-dig-id=\"LP-LifeInsurance-40801-049c9d6c\" data-dig-category=\"LP-LifeInsurance\" data-dig-action=\"link click\" data-dig-label=\"How much life insurance do I need\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">How much life insurance do I need<\/a><\/a>?\u201d the answer is: it depends.<\/p>\n\n\n\n<p>Your ideal coverage amount hinges on a variety of factors, including your income, debts, mortgage, family situation, and future goals. That\u2019s why there isn\u2019t a magic number that works for everyone.<\/p>\n\n\n\n<p>Still, many Canadians may be putting off the conversation altogether. According to <a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/newsroom\/whats-the-plan-when-life-happens-most-canadians-dont-have-one-rbc-insurance-poll\/\"><a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/newsroom\/whats-the-plan-when-life-happens-most-canadians-dont-have-one-rbc-insurance-poll\/\" target=\"_blank\" data-dig-id=\"LP-LifeInsurance-40801-12fbbbf3\" data-dig-category=\"LP-LifeInsurance\" data-dig-action=\"link click\" data-dig-label=\"a survey from RBC Insurance\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">a survey from RBC Insurance<\/a><\/a>, 58 per cent of Canadians say life insurance is important, but only 39 per cent have a policy. The same survey found that nearly one in three Canadians say their savings would run out within six months if they faced a major health setback.<\/p>\n\n\n\n<p>A common guideline is to carry coverage equal to <strong>five to seven times your net annual income<\/strong>.&nbsp; So, if you earn $80,000 annually after taxes, a starting point might be between $400,000 and $560,000 in coverage.<\/p>\n\n\n\n<p>Of course, real life is rarely that simple. Someone with young children, a mortgage, or a single-income household may opt to extend their coverage beyond that.<\/p>\n\n\n\n<p>Luckily, you don\u2019t have to figure it all out on your own. <a href=\"https:\/\/www.rbcinsurance.com\/life-insurance\/life-insurance-calculator\/index.html\"><a href=\"https:\/\/www.rbcinsurance.com\/life-insurance\/life-insurance-calculator\/index.html\" target=\"_blank\" data-dig-id=\"LP-LifeInsurance-40801-12a4cd00\" data-dig-category=\"LP-LifeInsurance\" data-dig-action=\"link click\" data-dig-label=\"Our online life insurance calculator\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">Our online life insurance calculator<\/a><\/a> can help you estimate your coverage needs. From there, a licensed RBC Insurance advisor can help you fine-tune the numbers and build a plan that fits your life and budget.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-take-the-next-step-in-updating-your-life-insurance-coverage\">Take the next step in updating your life insurance coverage<\/h2>\n\n\n\n<p>If there\u2019s one takeaway from this article, it\u2019s that life insurance isn\u2019t necessarily a one-time purchase. Your coverage should ideally keep up with your age and stage.<\/p>\n\n\n\n<p>Not sure where to start? Here\u2019s a checklist:<\/p>\n\n\n\n<div class=\"wp-block-rbc-callout-card calloutCard calloutCard__article  is-style-list list\" data-bg-hero-desktop=\"\" data-bg-hero-mobile=\"\">\n<div class=\"wp-block-group calloutCard__article__content is-layout-flow wp-block-group-is-layout-flow\">\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Review your current policy<\/strong>. How much coverage do you have? What type of policy is it? How many years remain on your term? And perhaps most importantly, are your beneficiaries still the people you\u2019d want to receive the benefit today?<\/p>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Make a list of what\u2019s changed<\/strong>. Even positive life changes, such as buying a home, can affect how much coverage you need.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Compare your coverage to your current needs<\/strong>. A quick review can go a long way. Use the five to seven times income guideline as a starting point, or a free <a href=\"https:\/\/www.rbcinsurance.com\/life-insurance\/life-insurance-calculator\/index.html\"><a href=\"https:\/\/www.rbcinsurance.com\/life-insurance\/life-insurance-calculator\/index.html\" target=\"_blank\" data-dig-id=\"LP-LifeInsurance-40801-4876bd71\" data-dig-category=\"LP-LifeInsurance\" data-dig-action=\"link click\" data-dig-label=\"online life insurance calculator\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">online life insurance calculator<\/a><\/a> to get a ballpark number.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Talk to a professional<\/strong>. Sometimes, the next best step is a conversation. <a href=\"https:\/\/www.rbcinsurance.com\/request-a-call\/personal-insurance\/contact-us\/index.html\"><a href=\"https:\/\/www.rbcinsurance.com\/request-a-call\/personal-insurance\/contact-us\/index.html\" target=\"_blank\" data-dig-id=\"LP-LifeInsurance-40801-1c29612a\" data-dig-category=\"LP-LifeInsurance\" data-dig-action=\"link click\" data-dig-label=\"A licensed RBC Insurance advisor\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">A licensed RBC Insurance advisor<\/a><\/a> can review your existing policy, pinpoint any gaps, and recommend solutions that fit your goals \u2014 whether that\u2019s increasing your coverage, adding a <a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/life-insurance\/guide-to-common-life-insurance-riders-canada\/\"><a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/life-insurance\/guide-to-common-life-insurance-riders-canada\/\" target=\"_blank\" data-dig-id=\"LP-LifeInsurance-40801-db272b21\" data-dig-category=\"LP-LifeInsurance\" data-dig-action=\"link click\" data-dig-label=\"life insurance rider\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">life insurance rider<\/a><\/a>, updating beneficiaries, or exploring a different type of policy.<\/p>\n<\/li>\n<\/ul>\n<\/ul>\n<\/div>\n<\/div>\n\n\n\n<p>A policy review doesn\u2019t have to take long, but it can make a big difference. Afterall, the goal isn\u2019t to have the most coverage possible. It\u2019s to have a policy that fits the life you\u2019re living today.<\/p>\n<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner block-wpr bg-light-blue rounded-corners pos-rel pad-l pad-r mob-pad-r centered-block mob-pad-l pad-t mob-pad-t pad-b mob-pad-b section-ads\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading has-text-align-center mar-t mar-b-hlf mob-mar-b-hlf mob-mar-t\" id=\"h-rbc-life-insurance\">RBC Life Insurance<\/h2>\n\n\n\n<p class=\"has-text-align-center mar-b-hlf mob-mar-b-hlf pad-r mob-pad-r pad-l mob-pad-l has-text-reg-font-size\">Protect Your Loved Ones With Dependable Life Insurance.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-a89b3969 wp-block-buttons-is-layout-flex\"><div>\n<div class=\"wp-block-button aligncenter btn is-style-primary primary\"><a class=\"wp-block-button__link has-text-lg-font-size has-custom-font-size wp-element-button\" href=\"https:\/\/www.rbcinsurance.com\/life-insurance\/life-insurance-quote\/index.html\" rel=\"noreferrer noopener\" data-dig-id=\"LP-283-476a44f4\" data-dig-category=\"LP\" data-dig-action=\"button click\" data-dig-label=\"Get a quote-https:\/\/www.rbcinsurance.com\/life-insurance\/life-insurance-quote\/index.html \">Get a quote<\/a><\/div>\n<\/div><\/div>\n\n\n\n<p class=\"has-text-align-center mar-t-hlf mob-mar-t-hlf pad-b mob-pad-b has-text-reg-font-size\"><a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/life-insurance\/\" data-dig-id=\"LP-273-18de2c2e\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Learn More\" class=\"rbc-link-format\">Learn More<\/a><\/p>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<div class=\"wp-block-rbc-callout-card calloutCard calloutCard__article  is-style-faqs faqs\" data-bg-hero-desktop=\"\" data-bg-hero-mobile=\"\">\n<h3 class=\"wp-block-heading calloutCard__article__heading\" id=\"h-frequently-asked-questions-faqs-about-insurance-needs-at-different-life-stages\">Frequently asked questions (FAQs) about insurance needs at different life stages<\/h3>\n\n\n\n<h4 class=\"wp-block-heading\">How do life insurance needs change at different life stages?<\/h4>\n\n\n\n<p>Life insurance isn\u2019t a one-time decision. As your life changes, your coverage needs may shift, too.<\/p>\n\n\n\n<p>In your 20s and 30s, life insurance is often focused on protecting income and covering major debts. In your 40s, it may help protect a growing family and support long-term financial goals.<\/p>\n\n\n\n<p>By your 50s and beyond, the focus often moves toward estate planning, final expenses, charitable giving, and providing a tax-free benefit to loved ones.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">How much life insurance do I need in Canada?<\/h4>\n\n\n\n<p>A common starting point for life insurance needs is <strong>five to seven times your annual net income<\/strong>. From there, consider factors such as your mortgage, outstanding debts, childcare costs, future education expenses, and how long your family would need financial support if you were no longer there to provide it.<\/p>\n\n\n\n<p>The DIME method \u2014 adding your debts, income replacement needs, mortgage balance, and education costs \u2014 can help you get a more precise target. <a href=\"https:\/\/www.rbcinsurance.com\/life-insurance\/life-insurance-calculator\/index.html\"><a href=\"https:\/\/www.rbcinsurance.com\/life-insurance\/life-insurance-calculator\/index.html\" target=\"_blank\" data-dig-id=\"LP-LifeInsurance-40801-6ce6501e\" data-dig-category=\"LP-LifeInsurance\" data-dig-action=\"link click\" data-dig-label=\"An online life insurance calculator\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">An online life insurance calculator<\/a><\/a> can also estimate your coverage needs in just a few minutes.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">When should I update my life insurance policy?<\/h4>\n\n\n\n<p>It\u2019s a good idea to review your life insurance whenever your life takes a major turn. Getting married, having a child, buying a home, changing jobs, starting a business, going through a separation, or approaching retirement can all affect your coverage needs.<\/p>\n\n\n\n<p>Even if nothing major has changed, reviewing your policy every few years can help ensure it still reflects your current circumstances.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Do I need life insurance in my 20s if I have no dependents?<\/h4>\n\n\n\n<p>Whether you need life insurance in your 20s depends on your needs as life insurance isn\u2019t just for people with spouses, kids, and mortgages.<\/p>\n\n\n\n<p>One of the biggest benefits of buying coverage in your 20s is that you\u2019re often young, healthy, and able to lock in lower rates. Buying early can also help protect your options if your health changes later in life.<\/p>\n\n\n\n<p>And while no one likes to think about worst-case scenarios, life insurance can help cover final expenses and reduce the financial burden that might otherwise land on your family. For example, if you have student loans with a co-signer, it helps protect that person from taking on your debt.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Is life insurance still worth it at 60?<\/h4>\n\n\n\n<p>It can be. While your children may be grown and your mortgage payments may be behind you, life insurance can still play an important role in your financial plan. For many Canadians, it\u2019s a way to help cover final expenses, support loved ones, and pass on wealth in a tax-efficient manner. Speak to a licensed tax planning professional and they can offer you guidance.<\/p>\n\n\n\n<p>RBC Insurance offers options including <a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/life-insurance\/term-life-insurance\/\"><a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/life-insurance\/term-life-insurance\/\" target=\"_blank\" data-dig-id=\"LP-LifeInsurance-40801-5dd7e965\" data-dig-category=\"LP-LifeInsurance\" data-dig-action=\"link click\" data-dig-label=\"10-year term\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">10-year term<\/a><\/a>, <a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/life-insurance\/what-is-permanent-life-insurance-and-how-does-it-work\/\"><a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/life-insurance\/what-is-permanent-life-insurance-and-how-does-it-work\/\" target=\"_blank\" data-dig-id=\"LP-LifeInsurance-40801-30b27965\" data-dig-category=\"LP-LifeInsurance\" data-dig-action=\"link click\" data-dig-label=\"permanent life insurance\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">permanent life insurance<\/a><\/a>, and <a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/life-insurance\/guaranteed-life-insurance-how-it-works\/\"><a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/life-insurance\/guaranteed-life-insurance-how-it-works\/\" target=\"_blank\" data-dig-id=\"LP-LifeInsurance-40801-ba2bf724\" data-dig-category=\"LP-LifeInsurance\" data-dig-action=\"link click\" data-dig-label=\"guaranteed acceptance coverage\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">guaranteed acceptance coverage<\/a><\/a>.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Does my workplace life insurance cover what I actually need?<\/h4>\n\n\n\n<p>While workplace life insurance might cover your needs \u2014 don\u2019t assume it does.<\/p>\n\n\n\n<p>Employee-sponsored life insurance can be a valuable benefit, however it typically provides one to two times your annual salary. If you have a mortgage, children, or other people depending on your income, the coverage provided through your employer is often not enough to cover these costs. It\u2019s also worth remembering that workplace coverage usually doesn\u2019t follow you if you change jobs.<\/p>\n\n\n\n<p>A quick review of your workplace and personal coverage can help you determine whether you have enough protection in place for the life you\u2019ve built.<\/p>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse2de7ba0a\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse2de7ba0a\" data-dig-id=\"LP-10384-2de7ba0a\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things Our Lawyers Want You to Know\"><div>Things Our Lawyers Want You to Know<\/div><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse2de7ba0a\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p class=\"has-text-sm-font-size\">*Home and auto insurance products are distributed by RBC Insurance Agency Ltd. and underwritten by Aviva General Insurance Company. In Quebec, RBC Insurance Agency Ltd. Is registered as a damage insurance agency. As a result of government-run auto insurance plans, auto insurance is not available through RBC Insurance in Manitoba, Saskatchewan and British Columbia. Not everyone who uses online platforms or calls in will be able to get a quote or buy an insurance policy.<\/p>\n\n\n\n<p class=\"has-text-sm-font-size\">This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Life changes and with it, so should your life insurance. Learn how your coverage needs shift from your 20s to retirement, and when to review or update your policy.<\/p>\n","protected":false},"author":222,"featured_media":40804,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"templates\/new-rbci-design.php","format":"standard","meta":{"_acf_changed":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[54],"tags":[4,210],"article-type":[80],"ppma_author":[188],"class_list":{"0":"post-40801","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-life-insurance","8":"tag-life-insurance","9":"tag-mistakes","10":"article-type-advice-learning"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.1 (Yoast SEO v28.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Life Insurance at Every Stage of Life: When to Update Your Insurance | RBC Insurance<\/title>\n<meta name=\"description\" content=\"Life changes and with it, so should your life insurance. 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