« Back

September 15, 2019

Life Insurance at Different Phases of Life

life insurance at all ages

Life insurance coverage, at its simplest, is to help provide financial security to the ones you left behind in the event of your death. While there are policy types that help narrow down options, no two policyholders would have the same amount of coverage for the same reasons. That’s because life insurance is tailored specifically to your needs at the time of purchase and the foreseeable future. Because of this, your life insurance needs will likely change overtime depending on what your financial priorities look like.

We all will go through journeys and phases in life, or big milestones such as getting married and starting a family. During this time, your focus may be in a wedding, a house, child care, and college savings accounts. As your life continues to grow, you’ll likely concentrate on the future, such as the empty-nesters and retirement phase. Let’s look at what you may consider in terms of coverage at each phase in life.

Family Planning Phase

It’s at this early phase where more people discover life and supplemental health insurance. As you begin to plan for a family, many things are reconstructed to fit a family’s expansion such as budgets, houses, and maybe even jobs. One of the many parental instincts is to ensure your family’s well-being at all times, even if you weren’t able to be with them. In the event of family breadwinner’s death, life insurance could help protect the family’s financial security by helping cover things such as:

  • Final expenses
  • Debts and loan payoffs
  • Mortgage payments
  • Income supplement
  • College tuitions
  • Future events such as weddings, house down payments, etc. Many couples aggressively look into life insurance around this time because this may be the most expensive phase of their life and the most assets on the line that need protection.

Retirement and Savings Phase

As your children grow up and become more independent, you don’t have so many financial risks at play, but you still are conscious of the future and want to aggressively prepare for it. Many people at this stage find themselves focusing on work, their newly sovereign livelihood, and retirement savings. While some could choose more or less coverage during this stage, life insurance can help leave your family with funds for:>

  • Mortgage payment
  • Business loans
  • Medical debt
  • Disabled dependents
  • Grandchildren
  • Charitable legacy

Life insurance can help protect the things you’ve worked so hard for at every phase of your life. Whether a term or whole life policy, the security of knowing your family will be able to pay the bills and mourn without financial hardships are the reasons why people choose to purchase life insurance coverage. If you are looking to discover or learn more about life insurance, contact a licensed life insurance agent to help define your coverage and what option is best for your family.

Categories: Insurance, Life Insurance, Medicare Supplement

« Back