Life Insurance for Different Stages of Your Life
We recommend getting life insurance for different stages in your life because you have different responsibilities at each stage in your life. Each major stage is a reason to review your insurance coverage and make decisions regarding buying more or different types of coverage. Suggested events that might demand more coverage include graduation, marriage, the birth of a child, and retirement.
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UPDATED: Jul 16, 2021
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Many of the major events we experience in life also provide us with new responsibilities to insure. Whole life policies are perfect starter packages for newly wedded couples or for an offspring as they head off to college. Each major stage is a reason to review your insurance coverage and make decisions regarding buying more or different types of coverage.
In addition to being a perfect way to protect your family’s financial future, life insurance also makes an excellent gift for birthdays, anniversaries, weddings, or even graduation. The beauty of life insurance is that it not only serves as a buffer against financial concerns when someone passes away, whole life policies also include savings plans and other financial tools that can be useful during the lifetime of the policyholder, such as borrowing against the cash value of the policy.
Some types of life events and stages would be best represented with term life insurance while others are better applications for whole life. If the event you are insuring has a time limit when the money would be useful, a term life policy is the better choice. This might include a policy to make
sure your kids have college tuition, or it could be a policy to cover the mortgage on the family home. Whole life policies are better suited for long range goals, and term life policies are designed to help your family achieve more immediate aims.
Each time you enter a new stage in life, review your existing life insurance policies to make sure you have enough coverage. Suggested events that might demand more coverage include graduation, marriage, and the birth of a child, among other things. Life insurance is important, and the total value of your policies should match or exceed your total net value, plus policies purchased for specific goals. If your net worth is not fully insured, a new life insurance policy may be something to consider.