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Insurance Policies for Each Stage of Life

By Laura Fitzsimons

Insurance is intended to protect you from risk and uncertainty that is simply part of life, whether that’s the unexpected death of a spouse or business partner, disability, critical illness or expensive long-term care costs. Because nobody can predict the future, insurance can play a vital part in your financial plan to cover such costs.

The problem is, how do you know what type of insurance you need, how much coverage to get, and when to re-evaluate your policies? Well, the answers are going to depend on what stage of life you are in. Here’s a breakdown to give you some direction as you make insurance decisions.

Young, Single, Working, and On Your Own

The most important types of insurance that those in this stage of life should consider include critical illness and disability insurance. If you are part of the 60% of Canadians with private health insurance, (1) it’s most likely your employer will provide health insurance for you, but if they don’t or you are a business owner, it’s important to research your options and reach out to us to find you the best rates and plan available.

For this stage of life, disability (income replacement) and critical illness insurance should be considered. Disability insurance pays a portion of lost wages if you are unable to continue your job due to an accident or illness. Because there are limits and gaps in coverage from your employer, it is vital that you also have your own disability policy especially if you are a business owner since your business depends on you working.

Often this monthly benefit just isn’t enough, this is where critical illness fills the gap. Critical Illness insurance pays a one time lump sum to cover debt or additional health expenses.

We recommend purchasing disability and critical illness insurance at a young age to qualify for both medically.

Newly Married With a Home

As newly married homeowners, it’s time to turn your attention to life, permanent or term insurance. The last thing you want to do is get married, buy a new home with your spouse, and unexpectedly pass away. In this extreme case, you would be leaving your spouse responsible for paying off the entire mortgage with one income. For business owners, life insurance can provide a way to pay off business debt and partners so your spouse won’t have to liquidate assets or sell the company to pay the debt.

Many clients ask if they should start with term or permanent life insurance, we recommend, if affordable to have a combination of both to lock in the rate at a young age. Because your net worth is growing and you have many assets to protect, don’t neglect obtaining life insurance.

Proud Parents

The most important types of insurance to have at this stage include life, disability and critical illness insurance. If you don’t already have a life insurance policy, now is the time to get one. If you do have a policy, be sure to boost your coverage to include the future cost of raising a child, college costs, and maybe even coverage for a stay-at-home parent. Either way, make sure your children and spouse are taken care of should anything happen to you.

Another type of policy to revisit is disability and critical illness insurance. Now that you are providing for children, possibly paying off a mortgage, and reworking your budget to include childcare, your income needs to be guaranteed. Make sure you cover the risk of not being able to work due to an injury, accident, or unforeseen complication. If you run your own business, make sure your business can continue if you cannot work.

Empty Nesters and Pre-Retirees

This is a pivotal life stage where making decisions for the future comes into play. You may still need many of the above-mentioned policies, but you should also look into long-term care insurance. This type of insurance covers the future costs of long-term care, which may include in-home care or the costs of living at a nursing home to assist with the basic personal tasks of everyday life. There could come a time when you cannot take care of yourself independently, and you likely don’t want to tap into the inheritance you want to leave behind for your children. We have access to plans that cover out-of-pocket expenses by completing a simplified application, no medical is needed. We can provide details and find the best choice for your situation.


Once you retire, your insurance priorities change. For the most part, you will not need to protect your ability to earn income since you are no longer working. As discussed in an earlier stage, it is important to review all of your insurance policies to ensure your estate planning goals and needs are covered. You should also review your wills and make sure they are up to date.

What Stage Can We Help You With?

Different life stages bring different insurance needs. Our Lifecycle Wealth team would love to help you determine which insurance policies and coverage would benefit you in your unique life circumstances and stage of life. To learn more about what we do, contact our office by calling 416-792-2333 or emailing

About Laura

Laura Fitzsimons is an Insurance Advisor at Lifecycle Wealth, a firm providing proprietary insurance solutions to high net worth professionals and business owners in Ontario, Canada. With over 35 years of experience, Laura is passionate about helping affluent Canadians keep more of what they’ve earned so they can spend their money how they want. Laura and her team do this through the Lifecycle Wealth Plan, implementing innovative tax-minimization strategies tailored to each client’s individual needs and circumstances. By working with other professionals and integrating wealth management, risk management, and personal financial planning, Laura strives to help her clients reduce their tax exposure in every stage of life, grow their business, and enhance their lifestyle.

Laura loves empowering her clients with the solutions and ideas that allow them to spend their time and money on what’s most important to them. Laura has been awarded the Top Canadian Female Producer title with major insurers for the past 20 years. Outside of work, Laura enjoys live music, staying active, and spending time with friends and family. To learn more about Laura, connect with her on LinkedIn.



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