Type of Insurance You Need at Different Stages of Life

In each stage of life, your needs are different, which means that your need for the type of personal and health insurance may vary as you grow older. However, according to experts, the one insurance policy you must have, regardless of age and requirement, is a life insurance policy.

This blog discusses the type of life insurance coverage appropriate for each critical stage and why you should have that particular life insurance.

Carefree College Life

While you may not be burdened with too many responsibilities as a student since college education is expensive, you have likely taken a private student loan co-signed by one of your parents.

A life insurance policy in your name may help you cover your student loan. As it is a temporary requirement with a period lasting only till you finally settle the loan, the type of life insurance that best suits your purpose is the term life insurance policy.

Initial Work Years

Once you start your work life, besides other personal and life insurance coverage that you may have, the insurance coverage you need the most during this stage of life is disability insurance. If you cannot continue working due to an injury or illness, disability insurance covers monthly benefits to meet your living and medical expenses.

Based on your unique needs, you may choose short-term or long-term disability insurance. While short-term coverage typically replaces 40-70% of your income for 13-26 weeks, long-term insurance covers 60% of your income for several years if you can no longer work.

Post-Marriage Phase

After you marry and start a family, your priorities in life change. Consider settling down and buying a home or a bigger car to accommodate your growing family. This means that you are already paying off mortgages and have increased expenditures. However, depending on your lifestyle and specific needs, let us see the type of life insurance you may need now.

Planning ahead and saving for your children’s college education may be helpful. You can buy a term life policy to see you through the period. If you have added obligations such as long-term medical or specialized care for a loved one, permanent life insurance can help you cover the expenses.

On the Verge of Retirement

This is when you are almost done with your family responsibilities and think solely about your future. With advancing age, your needs change, and your insurance must cover your newer needs, like chronic health conditions. However, the earlier you decide on the type of life insurance you need, the less you pay.

Your Golden Years

For retired individuals, to ensure a lifetime of income, the best option, according to experts, is a single premium immediate annuity where you pay a lump sum to be guaranteed a continual stream of income.

Secure Your Finances with Leland Insurance

No matter your age, securing life insurance is a crucial step in safeguarding your future. Connect with us now to explore the range of policies tailored to your needs. At Leland Smith Insurance Services, we specialize in guiding you toward the perfect policy that offers optimum coverage. Your concern is our priority. Contact us today to get started with it.