You’re a legal adult at age 18, you can drink alcohol when you turn 21, you can run for U.S. president at 35, and you can start receiving Social Security at age 62. Each of these milestones happens during a unique stage of life, but one thing doesn’t change no matter how old you are: your need for life insurance! In honor of Life Insurance Awareness Month, keep reading to learn about life insurance through life’s stages.
Life insurance in your 20s
When you’re a young and healthy 20-something, life insurance may be the last thing on your mind. However, your 20s are actually an excellent time to secure life insurance coverage. That’s because insurance companies assume less risk to cover you, making your 20s the easiest, most affordable time to buy life insurance. When you lock in low, long-term life insurance rates in your 20s, you can enjoy them for decades to come.
You may need life insurance in your 20s if:
- You’re married or in a committed relationship.
- You have children.
- You’re a stay-at-home parent.
- You’re a single parent.
- You have a mortgage.
- A family member has cosigned your debts.
- You want to protect your loved ones from your burial costs.
How much life insurance you need in your 20s:
Enough to cover your debts and final expenses and replace your income if there are people who rely on you financially.
Life insurance in your 30s
With growing financial responsibilities, life insurance is a crucial part of your financial plan in your 30s. As someone who’s still young and in good health, there are many affordable life insurance options for people in this age range, including term life insurance policies and permanent life insurance policies with cash value components.
You may need life insurance in your 30s if:
- You’re married or in a committed relationship.
- You have children.
- You have a mortgage.
- You’re a stay-at-home parent.
- You’re a single parent.
- Your family relies on your income to cover day-to-day expenses.
- A family member has cosigned your debts.
- You want to protect your loved ones from your burial costs.
- You feel behind on your retirement savings.
How much life insurance you need in your 30s:
Enough to cover your debts and final expenses, replace your lost income, and help fund education and retirement expenses for your children and spouse.
Life insurance in your 40s
Your 40s are an important time to take a life insurance temperature check. If you don’t have enough coverage, or no coverage at all, now is the time to secure the life insurance you need. Consider how your financial situation has changed since the last time you purchased life insurance. For example, if you earn more income now—or you’ve upgraded to a more expensive home—you may need more life insurance coverage.
You may need life insurance in your 40s if:
- You only receive a minimum amount of life insurance at work.
- You’re married or in a committed relationship.
- Your partner wishes you had more life insurance coverage.
- You have children.
- You have a mortgage.
- You’re a stay-at-home parent.
- You’re a single parent.
- Your family relies on your income to cover day-to-day expenses.
- A family member has cosigned your debts.
- You want to protect your loved ones from your burial costs.
- You feel behind on your retirement savings.
How much life insurance you need in your 40s:
Enough to cover your debts and final expenses, replace your lost income, and help fund education and retirement expenses for your children and spouse.
Life insurance in your 50s
Your 50s are an exciting time of life. You may be reaching your peak earning years and you could be entering the empty nester stage. Your mortgage is dwindling, you have less debt, and you have more disposable income. However, despite the financial freedom you’re feeling, life insurance should still be part of your financial plan. Life insurance in your 50s may cost less than you expect—and it can add great value and peace of mind to your financial portfolio.
You may need life insurance in your 50s if:
- You want to ensure your partner has enough money for a secure retirement.
- You have financial dependents.
- You have aging parents.
- You have a mortgage or debts.
- Your family relies on your income to cover day-to-day expenses.
- You want to protect your loved ones from your burial costs.
- You feel behind on your retirement savings.
- You want to leave a financial legacy.
How much life insurance you need in your 50s:
Enough to cover your debts and final expenses, replace your lost income, help fund retirement expenses for your spouse or aging parents, and leave a financial legacy.
Life insurance in your 60s+
One of the greatest myths is that retirees don’t need life insurance. It simply isn’t true! Even in your 60s and beyond, life insurance can help protect the financial future of your loved ones. Plus, the right kind of policy with a cash value component can be part of your retirement income plan.
You may need life insurance in your 60s if:
- You want to ensure your partner has enough money for a secure retirement.
- You have financial dependents.
- You have aging parents.
- You have a mortgage or debts.
- You want to protect your loved ones from your burial costs.
- You want to use a policy to supplement your retirement income.
- You want to leave a financial legacy.
How much life insurance you need in your 60s:
Enough to cover your debts and final expenses, help ensure a comfortable retirement for your partner, and leave a financial legacy.
We’re here for you!
No matter your age or stage of life, life insurance should be part of your story. Get in touch with one of our agents for the support you need!
