For many people, the topic of life insurance is uncomfortable and somewhat daunting to even think about. The innate reason for needing life insurance is to protect your family or provide an inheritance in the case that you or a loved one is no longer here- which is something that most people understandably avoid thinking about. While it is natural to feel this way, life insurance is not a topic that you want to put on the back burner at any point due to fear, anxiety, or apathy. The hope and desire is that you won’t need to use it, however in the unfortunate circumstance that your loved ones end up needing it, life insurance could help prevent an emotionally challenging time from becoming a dire financial situation as well.

Because life insurance is an added expense, it is important to consider *when* you should purchase a life insurance policy to avoid excess cost but also maintain proper coverage. As far as age, there is really no set number that you should or should not carry life insurance- it is more-so dictated by life circumstance. However, be aware that the younger and healthier you are, the cheaper and easier life insurance will be to obtain.

For the average person considering life insurance, it is an event such as marriage, the birth of a child, or changes in family dynamics and make-up that may trigger the decision to move forward with a policy. Let’s explore some of the major life cycles that one would want to consider purchasing life insurance around.

Getting Hitched

When you are single and without dependents, there isn’t much point to having a life insurance policy (although your personal situation would dictate this.) In the event of your passing, if there is no one depending on your income for any reason, it may not be necessary to purchase a policy. However, when you get married- especially if you have shared bills, debts, expenses where you contribute toward the bills and life would be harder without your income- it is time to consider life insurance. If your spouse doesn’t work or makes less than necessary to continue living at the standard they are accustomed to, it would be a wise consideration.

When You Grow Your Family

Any time you have dependents in your life- whether they are a biological, step, or adopted children- it is important to carry enough life insurance for yourself and possibly your spouse (depending on the income or work they provide for your family.) You will likely want to carry insurance for dependents until they are at least 18 or are no longer dependent on you. If you have a child with special needs that will be dependent on you longer, you may want to factor that into your life insurance and legacy plan (as well as a specialized trust for their care which you can speak with a professional regarding.)

Loan Stipulations

If you have student loans with cosigners and your loan stipulates that they are responsible for your debt in the event of your passing. This would apply to any debts that function this way. Before purchasing life insurance for this reason alone, check in to the legality and details of such stipulations on your debts. If you have co-signers on a loan and they are responsible for your debt after your passing, this could levy a huge burden on their lives in addition to the grief they are already experiencing.

Although life insurance is uncomfortable and rather sad to think about, having a plan in place “just in case” can be one of the most loving actions you can take for your family. If they end up in the unfortunate scenario that makes needing insurance a reality, they will have the financial side of the situation under control. That is a gift you can give from beyond.