The ideal time to buy life insurance is the time when less people are doing the same.

Canadians buy life insurance all year long, but according to the first four months of the year are the most popular.

Of all the life insurance quotes Canadians obtained on quote comparison website in 2010, over 44 per cent were in the first third of the year: January, February, March and April.

Of all the life insurance quotes Canadians compared:

  • 44.2% occurred in the first third of the year
  • 29.8% happened in May, June, July and August, and
  • 26.1% took place in September, October, November and December.

When to buy life insurance

What makes the first four months of a year the most popular? With the start of a new year, many Canadians begin to consider all of the events they're planning for the coming 12 months; life events like getting married, buying a home and having children.

These are not the only times when a person should consider life insurance. Life insurance should be considered when:

  • Getting married
  • Having children
  • Changing employment (particularly if moving to a contract position or self-employment where benefits may not be available)
  • Buying a new home
  • Refinancing an existing home
  • Fulfilling financial obligations like child or spousal support
  • Retiring
As changes in your life happen, your life insurance needs will change too. Regularly review the life insurance you have and keep it up-to-date to reflect the changes in your life.

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