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At What Age Do I Need Life Insurance?

Happy young parents talking to smiling toddler girl in baby car seat to illustrate life insurance

Life insurance—whether to get it, when to get it, and which kind to get—confuses a lot of people. Many people wait too long to purchase life insurance, or avoid purchasing it entirely. As a result, their family suffers financially when they pass. At Freeway Insurance, we are here to help you get the life insurance coverage you need and not a moment too late. Here’s some critical information about when you should get life insurance, which kind you should get, which risk factors could influence your premiums, when you don’t need life insurance, and how you can find life insurance quotes online. Read on to learn more.

When You Should Get Life Insurance

As soon as you have dependents, such as a spouse or children, you should purchase life insurance. It will give your loved ones financial protection in case you were to pass unexpectedly. Check out life insurance quotes online before your wedding or your baby’s birth, so that you’re covered in advance.

Which Kind of Life Insurance You Should Buy

There are two kinds of life insurance, term life and permanent life. Term life insurance gives you coverage for a specific period of time, such as 20 years or 30 years. It protects you in case you pass unexpectedly. Also known as pure life insurance, many people prefer term life insurance plans because the premiums are more affordable than permanent life insurance.

Permanent life insurance provides lifelong coverage. Your premiums stay the same throughout your life. As you contribute to the policy, its cash value grows at a predetermined rate. Your policy guarantees a payout to your beneficiary.

Which Risk Factors Will Increase Your Life Insurance Premiums

Like most forms of insurance, life insurance premiums correlate to your behavior patterns. High-risk behaviors like smoking, drinking, poor driving, overeating, and not exercising will dramatically increase your life insurance premium. Visit your primary physician to find out which risk factors could be affecting your health and, consequently, your life insurance rate.

When You Don’t Need Life Insurance

Not everyone needs life insurance for the entirety of their adult life. For example, if you and your spouse have accumulated a significant amount of wealth, you might no longer require life insurance. Your combined income streams and assets will financially sustain you should your partner pass.

You also may no longer need life insurance if your children are financially successful and self-sufficient adults. In other words, your estate won’t significantly affect their financial security one way or the other.

Finally, your need for life insurance depends on the size of your estate. Just as exceptionally wealthy people don’t need life insurance, those with very small estates don’t necessarily need it either. Specifically, for life insurance to be a viable option for your estate, it should be big enough to require estate taxes.

How You Can Find the Best Life Insurance Quotes

Freeway Insurance offers some of the best life insurance quotes. We encourage you to explore our coverage options, compare life insurance rates, and speak with one of our knowledgeable customer service representatives. Our team will help you find a life insurance option that suits your needs. To learn more, call us today at (888) 443-4662.

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