Life Insurance Stages

Life Insurance for the Stages of Your Life


Throughout your life certain life insurance stages and events which occur may require the need for life insurance.

Life insurance provides financial security for those who depend on you for financial support throughout the different stages of your life.

Throughout your life you will experience life events during which you will want to review your life insurance plan. We have outlined for you several life events and the life insurance needs you may experience at these stages in your life.


Life Insurance for Students

Life insurance protects a family’s lifestyle and the way in which they live. As your child or children approach college, not only are families trying to decide how to pay for it, they should also be thinking of how to keep things on track if one of the parents passes away. Term life insurance provides an affordable way to provide funds to pay for your child’s college education, if you are no longer alive. Get a Free Life Insurance Quote


Single

When you are young and single, your life expectancy is much higher, so the cost of a life insurance policy is low. As you get older, the cost of life insurance increases. Life insurance becomes more important as you get older, or if you have others who depend on you for financial support, such as parents or grandparents who are getting older. Get a Free Life Insurance Quote


Married and Life Insurance

Getting married means sharing responsibility, obligations and commitment with and for someone else. There will be home loans, auto loans and other debts to pay off. At this stage in your life, it makes sense to provide financial protection for those who rely on your income for support. Term Life insurance is an inexpensive way of ensuring your surviving spouse is taken care of in the event of your death. Get a Free Life Insurance Quote

The main purpose for term life insurance is to provide your spouse, child, children or other beneficiaries with financial resources in case the insured dies. There are two basic types of life insurance coverage available:

  • Term life insurance provides protection for a specific number of years. There are several types of term insurance including –level, decreasing and renewable plans. The premium may stay the same for many years. However, when the term of the policy expires, the premium will likely go up if you purchase another policy; and

  • Permanent life insurance which provides lifetime coverage as long as you pay your policy premiums. Your life insurance premium will not increase over time. The younger a person is when buying a whole life insurance policy, the lower the life insurance premiums will be for the entire life of the policy. However, since the life insurance premiums remain level, permanent insurance is usually much more expensive than term life insurance. There are several types of permanent life insurance including – whole life, universal life, variable life and variable universal life insurance. Get a Free Term Life Insurance Quote


Raising Children

Having children is a special event in your life. It also is a time to review your life insurance plan and decide how you will provide financial security for your growing family. You want to be sure the family has the resources to maintain the home and have all the opportunities you want them to if you are not there. If you don’t have a strong savings program, a small life insurance policy on your children may make sense. Life insurance for your children provides guaranteed protection for them in the future. Get a Free Quote


Domestic Partners and Life Insurance

If you are in a domestic partnership, your partner may rely on your income to maintain their style if living. You could purchase a life insurance policy and name your domestic partner as the beneficiary. When deciding on the amount of coverage you need, consider:

  • How your lost income would affect your partner
  • Total debts including your mortgage and other loans
  • Costs to settle your estate

Get a Free Life Insurance Quote


Divorced

When a married couple divorces, many of their financial obligations still exist and life insurance may be part of the final divorce decree. Many married couples list each other as the beneficiary on their life insurance policy. Make sure you carefully consider any changes to your beneficiaries when you get divorced. There may be good reasons to continue your life insurance policy on a former spouse. If the former spouse providing child support and/or alimony dies, this would create a loss of income which you and your family rely on. Some divorced couples keep life insurance on the spouse who has the primary responsibility for raising the children. If that spouse dies, childcare will need to be arranged, which could be very costly. If a divorced couple is purchasing life insurance to provide financial security for the future of their children and money is tight, they may consider purchasing term life insurance instead of permanent insurance. Term life is usually much cheaper and it is designed to provide life insurance protection for a specific number of years – for example, until your children reach the age of 21, or when they are out of college or on their own. Get a Free Life Insurance Quote


Employment Change

Changing jobs probably means an increase in your salary. The higher your salary, the more your family depends on that income to support their changing lifestyle, and the more important it becomes to protect your income. The main reason to carry life insurance is to provide protection of lost income if a wage earner dies. If you had a group life insurance plan with your former employer, that life insurance coverage will probably end when you leave the job, especially if your prior employer purchased the plan. You might be able to convert this policy into an individual life insurance policy. But, if you bought your life insurance through a group life insurance plan and you paid the premiums through payroll deduction, those type of life insurance policies may be continued. You should check into that and see if you can continue the policy after you leave your job. Get a Free Life Insurance Quote


Seniors and Life Insurance

Life insurance policies are usually cheaper the earlier in life you purchase the coverage. Retirees can still buy a life insurance policy, but may have to pay much higher rates for their coverage. For seniors who already own life insurance, premiums may increase when you renew a term insurance policy. Permanent life insurance usually has level premiums that remain the same over the life of the policy. In order to continue the life insurance policy death benefit for your surviving spouse, you should continue to pay your life insurance premiums. Get a Free Life Insurance Quote


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