Life Insurance: What Age is the Right Age to Get Insured?

It’s common to wonder when it’s really the right time to explore life insurance, and the answer is relatively simple: it’s always the right time to secure a policy that meets your needs according to your age, family status, lifestyle, and other factors. However, while your need for life insurance doesn’t change, the value and purpose of that policy will change over the years as you move through different stages in your life. 

Let’s explore that further: 

Single adults often overlook life insurance needs, but are surprised to learn that if they have a cosigner on any debt when they pass, the debt becomes the sole responsibility of that cosigner. Additionally, end-of-life expenses can be burdensome for loved ones without a life insurance policy. For single adults, life insurance is typically secured with these factors in mind.

Married adults without children begin to consider what their income means to their spouse and how they might replace lost income or pay off shared debts in the event of their passing. Married adults without children should consider both lost income and any marital debt when calculating the appropriate amount of life insurance. 

Parents have new factors to consider, like the cost of raising a child without one income or sending a child to college. When parents take out life insurance, they typically think about any debt, lost income, and the future expenses associated with raising children. Life insurance needs are typically greatest for married adults and new parents. 

Empty nesters and retirees begin to notice that the value of their life insurance may not need to be as high as it once was. Empty nesters and retirees should consider supporting the remaining spouse and paying off debts, if any exist at this life stage. 

To explore your life insurance options, visit Right Choice Insurance and Taxes serving Tuscon, AZ today.