Life Insurance: How You Can Be Prepared at Every Stage of Life

A mom buckles her son's helmet knowing that her life insurance policy keeps her family prepared at every stage of life

As your life changes, so does your need for life insurance. Life insurance can provide financial security for your loved ones in the long term, and in the short term, peace of mind knowing they’re protected if anything happens to you. So how do you know what life insurance policy makes the most sense for you? Here’s a guide to approaching life insurance at different stages of life:

Single Adults

You might be thinking, why would I need life insurance as a single adult? Unpaid student loans, credit card debt, mortgage payments as well as funeral expenses are all great reasons to get a term life insurance policy. It could ensure your family and loved ones are supported if something were to unexpectedly happen to you. More importantly, the sooner you purchase a life insurance policy, the lower your rates will be.

Newly Married

There’s so much to celebrate at this time in your life, but getting married brings up many financial decisions, one of which is life insurance. To identify how much coverage you might need, it’s important to think through how much you would need to replace future lost income and any other debts that would potentially burden your new spouse. An easy way to get started with figuring that out is with our term life insurance calculator.


As a parent, you’re always looking out for your child’s best interest. Life insurance is a smart way to plan for your child’s future in the case you’re not around. Even if only one parent works, it’s important that both parents consider a life insurance policy, as the cost of raising a child could have a significant impact on a budget. Not only will you want to consider enough coverage for the 18 years your child is a minor, but it’s important to also consider the cost of college expenses. You’ll also want to take into consideration how much it would cost to cover bills that directly affect your child in the case that one parent’s income is lost.

Starting Over

A divorce or the loss of a loved one are life events that often make you reassess your finances. From the beneficiaries to the amount of coverage you need, your life insurance policy should accommodate your new budget and life changes. You might want to consider a policy that could provide income during retirement or a term policy that can cover the cost of something like child support payments. 


You might be wondering if you still need life insurance once you’re retired. While the need for coverage may not be as substantial as before, there are a few benefits that can come from continuing your life insurance policy.  A permanent life insurance policy that earns cash value over time can be a good way to supplement your retirement income as well as provide lost social security income for a surviving spouse. The funds received from life insurance can also help cover the tax bill that can come from passing on assets to your children or grandchildren. 

Find the Life Insurance That’s Right For You

Life insurance isn’t always fun to think about, but it can play an important role in securing the financial future of your loved ones. Sifting through all the options, prices and fine print can be overwhelming, though, so consider letting SelectQuote do the legwork for you. We can shop some of the most trusted carriers on your behalf and compare prices and coverage to provide you with your best options.

We do the shopping. You do the saving.