A Guide To Life Insurance By Age
Life insurance can be a fantastic safety net at any age
, helping you ensure financial security for your family and the resources they need to achieve their goals. However, our reason for having life insurance, as well as the overall necessity of a policy, varies according to your age. Today we give you a guide to life insurance according to your age decade.Life Insurance for Children
Life insurance policies for children are usually bought by parents for one of two reasons:
'If a child were to die, the family doesn't have the ready savings to allow time off work for the parents
'For guaranteed future insurability in the case of kids developing a chronic condition later in life
For families that are already living on the edge, these can be a fantastic option - but this is definitely not a critical decade.
Life Insurance for Teenagers
It is a rare teenager indeed that buys a life insurance policy for themselves! These are usually purchased by parents for the same reasons as above. However, death rates for teenagers are much higher than for under-10s, as they start going out, driving and experimenting with life in general.
Life insurance policies for teenagers are not necessary for all families, but this can be a good time to purcahse cover to guarantee insurability if you have a family history of various illnesses.
Life Insurance for 20-Somethings
In this decade, as the heady teenage years give way to the responsibilities of children and mortgages, life insurance becomes much more necessary. However, if you're a single twenty-something without children or a mortgage, there is little point in having a life insurance policy.
Life Insurance for 30-Somethings
In our thirties, most of us have become pleasantly tied down! This is the decade when most of us start to think seriously about life insurance. It is also an ideal time to begin a policy, before your health starts deteriorating. Make sure you get a good deal to begin with.
Life Insurance for 40-Somethings
With the trend towards starting a family later and having a bigger mortgage, life insurance policies should certainly be continued into your 40s. Again, the only people who should be without it are those without spouses, kids or significant debts.
Life Insurance for 50-Somethings
At this age our health starts to deteriorate, and it can be more difficult to find a life insurance policy. If you are still heavily indebted, still in relatively good health, or still have young children for whom you"re financially responsible, the time is very ripe to get a policy!
Life Insurance for 60-Somethings
If you haven't been on level premiums for your earlier life insurance policy years, people in their 60s often find it prudent to start reducing their benefit payout in line with their reducing debts and responsibilities, to help save on premiums.
Life Insurance for 70-Somethings
Life insurance is not a popular option for those in their 70s, but if you've maintained a policy for many years it often seems a pity to waste it now.
If you are looking for an insurance policy to help pay for some of the basics after you die and are not eligible for life insurance, funeral insurance may be an option.
Life insurance can create a warm sense of peace of mind at any age, though some decades are more critical than others!
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