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Life Insurance at Various Life Stages
Yourneed for life insurance changes as your life changes. When you're young, youtypically have less need for life insurance, but that changes as you take onmore responsibility and your family grows. Then, as your responsibilities onceagain begin to diminish, your need for life insurance may decrease. Let's lookat how your life insurance needs change throughout your lifetime. Footloose and fancy-freeAsa young adult, you become more independent and self-sufficient. You no longerdepend on others for your financial well-being. But in most cases, your deathwould still not create a financial hardship for others. For most young singles, life insurance is not a priority. Somewould argue that you should buy life insurance now, while you're healthy andthe rates are low. This may be a valid argument if you are at a high risk fordeveloping a medical condition (such as diabetes) later in life. But you shouldalso consider the earnings you could realize by investing the money now insteadof spending it on insurance premiums. Ifyou have a mortgage or other loans that are jointly held with a cosigner,[link widoczny dla zalogowanych], yourdeath would leave the cosigner responsible for the entire debt. You mightconsider purchasing enough life insurance to cover these debts in the event ofyour death. Funeral expenses are also a concern for young singles, but it istypically not advisable to purchase a life insurance policy just for thispurpose, unless paying for your funeral would burden your parents or whomeverwould be responsible for funeral expenses. Instead, consider investing themoney you would have spent on life insurance premiums. Yourlife insurance needs increase significantly if you are supporting a parent orgrandparent, or if you have a child before marriage. In these situations, lifeinsurance could provide continued support for your dependent(s) if you were todie. Going to the chapelMarriedcouples without children typically still have little need for life insurance. If both spouses contribute equally to household finances and do not yet own ahome, the death of one spouse will usually not be financially catastrophic forthe other. Onceyou buy a house, the situation begins to change. Even if both spouses havewell-paying jobs,[link widoczny dla zalogowanych], the burden of a mortgage may be more than the survivingspouse can afford on a single income. Credit card debt and other debts cancontribute to the financial strain. Tomake sure either spouse could carry on financially after the death of theother, both of you should probably purchase a modest amount of life insurance. At a minimum, it will provide peace of mind knowing that both you and yourspouse are protected. Again, your life insurance needs increase significantly if you are caring for an agingparent, or if you have children before marriage. Life insurance becomesextremely important in these situations, because these dependents must beprovided for in the event of your death. Your growing familyWhenyou have young children, your life insurance needs reach a climax. In mostsituations, life insurance for both parents is appropriate. Single-incomefamilies are completely dependent on the income of the breadwinner. If he orshe dies without life insurance, the consequences could be disastrous. Thedeath of the stay-at-home spouse would necessitate costly day-care andhousekeeping expenses. Both spouses should carry enough life insurance to coverthe lost income or the economic value of lost services that would result fromtheir deaths. Dual-incomefamilies need life insurance, too. If one spouse dies, it is unlikely that thesurviving spouse will be able to keep up with the household expenses and payfor child care with the remaining income. Moving up the ladderFormany people, career advancement means starting a new job with a new company. Atsome point, you might even decide to be your own boss and start your ownbusiness. It's important to review your life insurance coverage any time youleave an employer. Keepin mind that when you leave your job,[link widoczny dla zalogowanych], your employer-sponsored group lifeinsurance coverage will usually end, so find out if you will be eligible forgroup coverage through your new employer, or look into purchasing lifeinsurance coverage on your own. You may also have the option of converting yourgroup coverage to an individual policy. This may cost significantly more, butmay be wise if you have a pre-existing medical condition that may prevent youfrom buying life insurance coverage elsewhere. Makesure that the amount of your coverage is up-to-date, as well. The policy youpurchased right after you got married might not be adequate anymore, especiallyif you have kids, a mortgage, and college expenses to consider. Business ownersmay also have business debt to consider. If your business is not incorporated, your family could be responsible for those bills if you die. Single againIfyou and your spouse divorce, you'll have to decide what to do about your lifeinsurance. Divorce raises both beneficiary issues and coverage issues. And ifyou have children, these issues become even more complex. Ifyou and your spouse have no children, it may be as simple as changing thebeneficiary on your policy and adjusting your coverage to reflect your newlysingle status. However, if you have kids, you'll want to make sure that they, and not your former spouse, are provided for in the event of your death. Thismay involve purchasing a new policy if your spouse owns the existing policy, orsimply changing the beneficiary from your spouse to your children. Thecustodial and noncustodial parent will need to work out the details of thiscomplicated situation. If you can't come to terms, the court will make thedecisions for you. Your retirement yearsOnceyou retire, and your priorities shift,[link widoczny dla zalogowanych], your life insurance needs may change. Iffewer people are depending on you financially, your mortgage and other debtshave been repaid, and you have substantial financial assets, you may need lesslife insurance protection than before. But it's also possible that your needfor life insurance will remain strong even after you retire. For example, theproceeds of a life insurance policy can be used to pay your final expenses orto replace any income lost to your spouse as a result of your death (e. g., froma pension or Social Security). Life insurance can be used to pay estate taxesor leave money to charity. Written byLife Insurance Calculator | Life Insurance Companies: BeamaLife.Topics related articles：

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