When you’re in your twenties and thirties, life insurance is probably the last thing on your mind. Especially if you are single without any kids or dependents. If you pay rent, monthly expenses, have any debt, including a car loan or consumer debt but have some savings, you may want to consider critical illness or disability insurance. This type of insurance will give you peace of mind that if you should become ill or suffer an unexpected accident, you will be able to meet your monthly payment obligations and focus on your recovery.  

Getting life insurance in your 20s can be a great idea because the payments are so low! It can be less than your gym membership or monthly coffee habit to protect your rent, car and other loans.   

If you’re buying a home for the first time or getting a bigger mortgage for a new house, you want to make sure you are taking the steps to protect your investment. Depending on your needs and beneficiaries, you may need mortgage life insurance which will pay down or pay off the mortgage if the borrower is no longer able. Be sure to understand your options to protect your home and those living in it.  

If you have chosen a life partner, there are some insurance considerations to keep in mind as you are planning for your big day and life together. If you have individual life insurance, you may want to consider getting a joint policy. It is important to incorporate both partners into a policy to protect your joint assets and set up your future. A joint policy can help lessen estate taxes on beneficiaries and help protect your future family or children from a previous marriage.  

Starting a family is the most common time that people decide to get a life insurance policy.  It is also important to remember that as your family continues to grow, you will need to revisit your policies.  

Life insurance can replace income and even cover the cost of your children’s expected tuition. The peace of mind that life insurance can give you is priceless. It will provide your expanding family with a financial cushion and an enormous sense of security.  

When the kids fly the nest and reach their own financial independence it might be time to look at your life insurance policy (while encouraging them to get their own!). Your kids might be less dependent on you, but your parents might be older and may need extra help. If you are anticipating caring for a parent or grandparent at home, in a retirement home or a long-term care facility, life insurance could help defray costs. Shifts in your policy can help ensure your financial future, no matter what changes are heading your way.  

Life insurance is personal risk management. If you or your partner work in a dangerous or high-risk environment or run a business, having coverage in your policy is essential. Even if you have coverage through your employer, if you leave your job, including if you retire, your coverage will likely end. If a person in your family is an entrepreneur, various types of insurance such as disability, critical illness and life insurance should be part of their business plan. Get a protection plan that will allow you to build your career while ensuring your family is protected if the unexpected happens.