Lang Insurance Blog

All You Ever Wanted to Know About Insurance

Insuring Your Love in All of Its Stages

By Life Happens

Think of your life as a series of stages: youth, adulthood, parenthood, maturity. Each stage has its own loves, its own rewards – and its own reasons to purchase life insurance.

As you reach different stages of life and your needs change, consider how different life insurance products can help.

Youth

It may not be obvious to most people, but childhood is actually a great time to get life insurance, when health is not normally an issue and costs are lower. A parent or grandparent can purchase life insurance for a child or grandchild that offers three important advantages: it’s inexpensive; it provides protection for the unexpected; and certain types of life insurance could help protect your child’s or grandchild’s insurability. Term or permanent life insurance may be appropriate, depending on the situation. 

Young adulthood

Young adults often struggle to manage debt from student loans while trying to get a start in their careers. Whether single or married, life insurance should still be a priority to protect the future. As with the youth stage, most young adults are in better health than they will be later in life – a major insurability factor. And, even if they don’t have children, young adults may have others who depend on their income: aging parents, younger or disabled siblings, business partners or close friends. Purchasing term insurance as a young adult is an inexpensive way to plan for the future.  

Parenthood

This is the stage when a large number of people decide to buy life insurance. When children depend on you, a permanent life insurance plan can ease your mind. If you already purchased term life insurance, this may be a time to convert it to permanent coverage. Some parents also find it useful to supplement a permanent life insurance plan with term insurance during their children’s preschool or college years. Consider a low-cost option of adding a children’s rider on your policy to protect the little ones as well. 

Maturity

The children are on their own. You’re winding down your business, looking to pass it on to a relative or a trusted employee. You’ve earned your retirement. Life insurance can help you achieve your goals of financial security as you mature. We can assist in a permanent life insurance policy to safeguard your future. 

Whatever your stage of life, whoever you love, whatever your plans – a well-designed life insurance program can help secure your future.

Coverages described here are in the most general terms and are subject to actual policy conditions and exclusions. For actual coverage wording, conditions and exclusions, refer to the policy.