Why Get Life Insurance

Now and Later: Life Insurance Is About Being Prepared at Every Stage of 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. 

Life Insurance Preparation for Every Stage of Your Life

Being prepared at every stage with the right type of life insurance

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? 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. If you'd like to read more about the different types of life insurance available for nearly every need, visit the Protective Learning Center. .


*As long as required premium payments are timely made.
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When do you need life insurance?

Do you need life insurance if you're young and healthy? What about when you're older and getting ready to retire? There are many different types of life insurance because people have different needs at various stages in their lives. This article looks at being prepared for whatever life throws at you - younger or older - with the right life insurance. For more information, visit the Protective Life Learning Center.


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 Life or its subsidiaries.

Learning Center articles may describe services and financial products not offered by Protective Life or its subsidiaries. Descriptions of financial products contained in Learning Center articles are not intended to represent those offered by Protective Life or its subsidiaries.

Neither Protective Life nor its representatives offer legal or tax advice. We encourage you to consult with your financial adviser and legal or tax adviser regarding your individual situations before making investment, social security, retirement planning, and tax-related decisions. For information about Protective Life and its products and services, visit www.protective.com.

Companies and organizations linked from Learning Center articles have no affiliation with Protective Life or its subsidiaries.

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