At what age do I need life insurance?

There is no exact age at which you will need life insurance. A simple answer would be that everyone needs life insurance, if only for the fact that everyone eventually passes away. But this is far too simplistic of an answer and is not realistic for each individual’s specific needs. A more accurate answer would be that if you have a family that relies on your income, life insurance is a necessity. When you have dependents, the need for life insurance is much clearer, since they would be put in peril without your provided income. Even if your spouse provides a portion of the family’s income, you will need some sort of life insurance in order to continue your family’s standard of living.

Another factor that needs to be taken into account is how much debt you have accrued through mortgages, car loans, and even credit cards. This is especially the case for term life insurance. Ideally, your term policy should cover the vast majority of your debts. This is not a burden that you would want to leave for your family to take care of since this is something that you can easily take care of with a term policy.

Because term life insurance is so cheap in most cases, it truly makes sense to have a policy at the time of your life when you most need it. Young families, on average, are the demographic most in need of this type of coverage. While there is no exact age that you should have insurance, you do need to take into account your lifestyle when making this decision. If there is any doubt in your mind, a meeting with an insurance agent or financial professionals will more than likely be to your benefit.

Matthew G Young – TermLifeInsurance.org Expert is a New York State licensed Life, Accident, and Health Insurance agent. He is also the author of The Complete Guide to Investing in Annuities: How to Earn High Rates of Return—Safely. Matthew currently resides in Western New York with his wife and family.