Do I Need Life Insurance at My Age?

In Your 20s

Why you might need it: You're young and healthy, which means the lowest premiums. If you have student loans, a co-signed mortgage, or dependents, coverage protects those who rely on you.

What to consider: Term life is often the most affordable option. Even if you don't have dependents yet, locking in low rates while you're healthy can save money long-term.

In Your 30s

Why you likely need it: This is often when major life changes happen—marriage, kids, buying a home. Your financial obligations increase, and your family depends on your income.

What to consider: This is typically when coverage needs are highest. Consider enough coverage to replace income, pay off mortgage, and fund kids' education. Term life is popular, but some start building permanent coverage here.

In Your 40s

Why you likely need it: You're in your peak earning years, and financial obligations may be at their highest. Kids are still dependent, mortgage is substantial, and you're building wealth.

What to consider: Premiums are higher than in your 20s-30s, but coverage is still affordable. Many people consider permanent coverage here for estate planning or cash value building. Review and update coverage as needs change.

In Your 50s

Why you might need it: Kids may be grown, but you might still have a mortgage, and you're planning for retirement. Coverage can protect a spouse and help with estate planning.

What to consider: Premiums are higher, but if you don't have coverage yet, it's still worth considering—especially if you have dependents or want to leave a legacy. Permanent coverage becomes more attractive for estate planning.

In Your 60s and Beyond

Why you might need it: If you have a spouse who depends on your income or pension, coverage can provide security. It's also valuable for estate planning and leaving a legacy.

What to consider: Premiums are highest, but if you have permanent coverage with cash value, you may be able to use that. Coverage can help with final expenses and estate taxes.

Key Factors to Consider

• • Do you have dependents who rely on your income?
• • Do you have debts (mortgage, loans) that would burden others?
• • Do you want to leave a legacy or help with final expenses?
• • Do you have business obligations or partners?
• • Are you planning for estate taxes or wealth transfer?

The Bottom Line

Life insurance needs vary by individual, not just age. The best time to get coverage is when you're healthy and can lock in lower rates. If you have dependents or financial obligations, coverage provides peace of mind regardless of your age.