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Who Has the Greatest Need for Life Insurance?

The value of planning for the unexpected

Most individuals have a need for life insurance during some portion of their lives. However, there’s no right answer to the question, “Who has the greatest need for life insurance?” If you’re younger, you may not have any dependents yet and think you don’t need life insurance. But if you’re planning for a family in the future or if someone is responsible for your debts, it may make sense to get coverage when you’re younger. Moreover, the older you get the more expensive life insurance generally costs. Not only is life insurance more expensive for older people, health conditions that develop later in life will also impact your coverage options. That being said, affordable and high-quality coverage may be available across a variety of age ranges. 

What age should you get life insurance?

You may be thinking, “Who needs life insurance anyway?” The interest in life insurance may depend on where you are in your life. Did you buy a new home? Are you growing your family? Did you have a recent life change? Different generations may be thinking about purchasing life insurance for a variety of reasons. Whether you’re part of the Baby Boomer generation, Gen X or are a millennial, there are many reasons to purchase a life insurance policy to help protect your loved ones.

Millennials (born 1982-2000)

Buying life insurance when you’re younger is a great way to plan for the future. Some millennials are getting married, purchasing homes and planning on having children later in life, so it makes sense to get coverage now.

  • Policies cost less

    Generally, life insurance premiums are lowest when you’re young and healthy. Health issues later in life can cause premiums to increase, so it makes sense to buy life insurance in your 20s while you’re younger and potentially healthier. Each year you wait, you’re missing the opportunity to secure a lower rate. 

  • Plan ahead

    By purchasing now, you can build a foundation for later in life when your life insurance needs may be greater. Remember that life insurance doesn’t have to be a one-time purchase. You can purchase an amount of coverage that suits your needs now, and revisit later if your needs change. 

  • Protect your co-signers

    Life insurance can help protect family members that may have cosigned on any loans you have – including student loans, home loans and personal loans. If you were to pass prematurely with a cosigned loan, paying off the rest of the loan could become their responsibility. Getting a life insurance policy can create peace of mind knowing your co-signers won’t need to pay your debt.

Gen X (born 1965-1981)

Individuals in Gen X usually have a need for life insurance, as they may have financial responsibilities, including dependents. From a spouse to growing children to a mortgage and retirement planning, there are a lot of things to consider for life insurance coverage. With these financial responsibilities, individuals in Gen X should be assessing their current life insurance needs, whether it’s seeking coverage for the first time or expanding on existing coverage. 

  • Maintain your family’s standard of living

    If your family is suddenly without your income or household contributions, life insurance can provide funds so they can live comfortably and meet ongoing expenses without your income.

  • Coverage for the mortgage

    Consider a term life insurance policy with coverage that is at least equal to the term and remaining balance of the mortgage. This can help ensure your loved ones can pay the mortgage and stay in the home after you pass.

  • Pay for college expenses

    College costs rise every year, and you want to help ensure your children can go to school even if you pass unexpectedly. Whether your children are ready to head off to college or they’re years away, life insurance can provide for these costs if you’re gone.

  • Support for family members who depend on you

    Sometimes, Gen X individuals are financially taking care of both their own children, spouse and their parents or other relatives. Life insurance can provide funds to care for all your dependents.

Baby Boomers (born 1946-1964)

With retirement in mind, you want to make sure the income you and your family rely on is protected. Most employer-provided coverage will expire upon retirement, so it’s important to consider an individual plan to continue coverage through retirement. You should also check the remaining years on a term policy purchased when you were younger; it may be near its end. It’s important to reevaluate your needs and seek additional coverage to avoid any gaps that could leave you uninsured.

  • Income protection

    Using life insurance as a means of income protection can help make sure your spouse can continue to meet ongoing expenses if you were no longer there.

  • Support for family members who depend on you

    Whether you’re taking care of aging parents or adult children, it’s important to have coverage in place to help protect them, so they’re able to get the care they need if you’re no longer there.

  • Final expense coverage

    Funerals and final expenses can be costly – having coverage in place will help to alleviate this burden on your family and allow them to grieve instead of worry about finances.

Do I need life insurance?

No matter what generation you’re part of, Amica Life offers many coverage options – from term policies ranging from 10 to 30 years to whole life policies that can last your entire life. Your premium and policy options are generally based on your age. The sooner you inquire about options, the more options and information you’ll have.

Having adequate life insurance is a great way to help plan for the unexpected. If you don’t have coverage in place now, Amica Life can help suggest coverage that’s right for your unique needs.

With people leading more active lives and living longer, life insurance is more affordable today than it’s ever been. In fact, more than half the population thinks term life insurance is three times more expensive than it is.1 Getting the coverage you need may be in closer reach than you think.

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1 LIMRA 2022 Insurance Barometer Study.

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ALIC89122 Jan-27