Is Your Insurance Keeping Up with Your Life? 5 Questions Every Young Canadian Should Ask

Your 20s and 30s can feel like a whirlwind—new jobs, new cities, new relationships, and new responsibilities. With so much change, it’s easy to treat insurance like a “set it and forget it” item on your adulting checklist.

But your coverage should grow with you. And the good news? Reviewing your insurance doesn’t mean starting from scratch. It just means making sure your current plan still fits your life today, not the one you had five years ago.

 

Here are five questions that can help you figure out whether it’s time to take another look:

 

1. Have There Been Any Big Life Changes Lately?

Bought a home? Started a business? Got married or welcomed a new baby? These milestones aren’t just exciting; they also come with new financial risks and responsibilities.

Like mortgages, many first-time buyers assume that mortgage insurance through the bank is enough. Still, in most cases, personal life insurance offers more flexibility and control. And suppose you’ve left your job to freelance or launch something of your own. In that case, you may no longer have access to workplace benefits like extended health or disability coverage.

When life changes, your coverage should too.

Did you know? Many millennials (around 49%) say they don’t have life insurance, mostly because they think they don’t need it yet. But getting insured when you’re young and healthy is often easier and more affordable.

 

2. Do You Know What You’re Covered For?

Many people assume that if they have benefits through work, they’re good. But it’s common to overestimate what’s included in a group plan.

Group life insurance is often limited to one or two times your annual salary, not always enough to cover a mortgage, debt, or family support. You might also face caps on drug coverage, limits for therapy, or restrictions on seeing specialists.

A quick review with an advisor can clarify:

• What coverage you have
• What’s missing
• What options exist to fill the gaps

 

3. Is Your Coverage the Right Size?

As your income grows, so do your financial commitments. Whether it’s a student loan, a mortgage, or saving for the future, your insurance should reflect what you’re responsible for now, not what you were earning fresh out of school.

Being underinsured can leave your loved ones financially exposed. But being overinsured may mean you’re paying for protection you don’t need.

An advisor can help you find the right balance based on your current income, lifestyle, and goals.

 

4. Has Your Health or Lifestyle Changed?

Maybe you’ve made some big strides, like quitting smoking, improving your fitness, or taking care of your mental health. These changes can sometimes qualify you for better premiums or improved coverage.

On the flip side, a new diagnosis, surgery, or regular medication use could make some insurance options harder to access down the road. Getting covered while you’re healthy is usually your best bet.

 

5. Are You Getting the Best Value?

Just because you’ve had a policy for years doesn’t mean it’s still the right fit. Insurance providers regularly update their offerings, and newer products may come with lower rates, better features, or more flexibility.

If your budget has changed, or you want to get more value from what you’re already paying, it’s worth exploring what’s out there.

 

Final Thoughts

Your life moves fast. Your insurance should be able to keep up.

Whether you’re starting in your career, buying your first home, or just trying to make smart financial decisions, reviewing your coverage is a simple but powerful step toward protecting your future.

And you don’t have to go it alone. Licensed advisors can help you understand your options, spot gaps, and choose a plan that fits where you are right now—and where you’re going next.