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Why get life insurance

Life insurance preparation for every stage of your life

Your insurance needs are based on personal experience and different life stages. Each stage brings about different needs, so being prepared with the right type of life insurance and making the right choices can be vital.
From calculating your coverage needs to understanding term versus whole life insurance, there can be a lot to consider when it comes to buying a life insurance policy. But if you're young and healthy, should the subject of life insurance even be on the table? Do you really need coverage this early in life? And what about when you're older and nearing retirement? Should you continue your coverage now that the kids are grown?  

Life insurance when you are young

It may not be pleasant to think about, but have you considered how your family would survive financially if you were to die prematurely? When you're young and healthy, the last thing on your mind is the thought of dying young. But life can be unpredictable. And while the probability of dying at an early age when you're healthy can be low, have you thought about the financial consequences if it happens to your family? Or you may need short-term life insurance for a specific purpose for a short period of time .Life insurance is about having the protection you need, when you need it.

A good example would be having auto insurance. Even though you are an excellent driver and don't anticipate getting into an accident, you still buy coverage to protect your car. In other words, you're prepared if an accident happens. The same principle applies to having life insurance, except you're planning to financially protect the people who may depend on you for support. And, the younger a family is, the more protection you generally need.

Life insurance as you get older

Many people in or nearing retirement may be unsure as to whether life insurance is necessary especially if you now have kids that are grown and no longer depend on you for financial support. Making the decision to maintain or buy a life insurance policy as you get older generally depends on the answers to the following questions:

  • If you were to die, would someone you love experience a financial loss? For example, does your spouse continue to be financially dependent on you or children with special needs?
  • Do you have a large estate and are you concerned about tax liabilities that may substantially reduce an inheritance for the people you love? A life insurance policy can help your heirs cover this financial commitment.
  • Do you have a family business that you would like to continue after you die? The benefits from a life policy may be able help cover any commercial debt liability that you may have so your family isn't forced to sell the family business.

Another reason you may want to consider life insurance as you get older is longevity. The fact is, today's medical advances mean Americans are living longer than ever. As a result, most of us must plan for a retirement that could last another 20 or 30 years. A permanent* life insurance policy (such as whole or universal life) with its potential to earn cash value over time, may be a way to supplement your retirement income or any long-term care needs you may have. It may also provide your loved ones with the readily available funds to cover your final expenses.

Whether you are young or old, picking the right type of life insurance can be an important part of financial planning. Learn more about the different types of life insurance available for nearly every need.



*As long as required premium payments are timely made.




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All Learning Center articles are general summaries that can be used when considering your financial future at various life stages. The information presented is for educational purposes and is meant to supplement other information specific to your situation. It is not intended as investment advice and does not necessarily represent the opinion of Protective or its subsidiaries.

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