A simple guide to choosing the right life insurance at every stage of life
Life Insurance by Age
The best time to buy life insurance is usually sooner rather than later. As we age, coverage typically becomes more expensive and health changes can affect eligibility. Here’s a general guide to how life insurance needs often change at different stages of life.
How Age Affects Life Insurance
Life insurance pricing is largely based on age and health. In general:
- Younger applicants qualify for the lowest premiums
- Health changes later in life can affect eligibility
- Coverage needs often increase as families and financial responsibilities grow
Many people purchase life insurance during major life events such as getting married, buying a home, starting a family, or launching a business.
Life Insurance in Your 20s
Many people in their 20s assume they don’t need life insurance yet, but this is often when coverage is most affordable.
- Reasons people consider coverage in their 20s:
- Locking in very low premiums
- Covering student loan cosigners
- Protecting a young family
- Future insurability
Common option:
Term life insurance with 20- or 30-year coverage.
Life Insurance in Your 30s
For many families, the 30s are when life insurance becomes most important.
Typical reasons include:
- Mortgage protection
- Income replacement for a spouse and children
- Protecting growing financial responsibilities
Many people choose 20- or 30-year term policies during this stage because they align well with child-raising and mortgage timelines.
Life Insurance in Your 40s
In your 40s, coverage is still very attainable, but premiums start to increase compared to earlier years.
Common goals at this stage:
- Protecting family income
- Covering remaining mortgage balance
- College planning for children
- Beginning estate planning
Some individuals also begin exploring permanent life insurance options such as whole life or indexed universal life.
Life Insurance in Your 50s
People in their 50s often focus on protecting assets and planning for retirement.
Common reasons for coverage include:
- Income protection during final working years
- Leaving a financial legacy
- Covering final expenses
- Long-term care planning
Both term and permanent life insurance can still be options depending on health and goals.
Life Insurance in Your 60s and Beyond
While premiums are higher later in life, coverage can still provide important benefits.
Common goals include:
- Final expense coverage
- Estate planning
- Leaving a legacy to family or charities
Permanent life insurance products are often considered at this stage.
Get Help Choosing the Right Coverage
Every situation is different. The right policy depends on your age, health, financial responsibilities, and long-term goals.
If you'd like help exploring options, a licensed advisor can walk you through coverage amounts and policy types that may fit your situation.