Deciding on the type of life insurance you need depends heavily on where you are
in life — and where you’ll be decades from now. Each stage of your life, and the needs that arise when you get there, can significantly affect how you approach coverage as you progress through these life stages.
Let’s evaluate where your life insurance needs lie currently and how changing
circumstances in your life could mean altering your coverage to help meet these
needs as they arise. Review the following chart to pinpoint your current needs to help ensure you make the right decision when choosing a life insurance policy.
| 20s + 30s | 40s + 50s | |
|---|---|---|
| Life Insurance Needs | ● Marriage/family ● Education ● Career building ● Home/mortgage ● Investing for retirement Death benefit need: MEDIUM | ● Growing family ● College savings ● Investing for retirement ● Home/mortgage ● Long-term care and chronic illness planning Death benefit need: HIGH |
| Considerations | Looking to lock in coverage when you’re typically at your healthiest ● Considering coverage for a specified duration to cover immediate needs ● Covering final expenses, debts, mortgage, income protection ● Planning for children’s future educational expenses | Considering permanent insurance or life insurance in retirement planning (LIRP) ● Covering final expenses, debts, mortgage, income protection ● Planning for children’s future educational expenses ● Thinking about wealth transfer and estate planning ● Long-term care and chronic illness protection |
| 60s | 70s | |
|---|---|---|
| Life Insurance Needs | ● Grandchildren ● Social Security income ● Long-term care and chronic illness planning ● Home/mortgage Death benefit need: HIGH | ● Grandchildren ● Long-term care and chronic illness coverage ● Leaving a legacy Death benefit need: LOW |
| Considerations | ● Long-term care and chronic illness protection ● IRA maximization strategies ● Legacy planning | ● Long-term care and chronic illness protection ● Legacy planning ● Wealth transfer strategies ● Charitable giving strategies ● Estate planning |
Work with your financial professional, who can help you explore life insurance options and determine a clear path forward that’s right for you.