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Do you know the stages of the life insurance cycle?

(BPT) – Many of life’s different stages offer challenges and rewards – whether you’re starting out on your own, raising a family, focusing on your career or preparing for a rewarding retirement. However, while each life stage is unique, making sure your loved ones are cared for financially is something that needs to be addressed along the way.

Here are some things to keep in mind as you enter each stage:

Early career

Surprisingly, when you’re young and at your healthiest is the ideal time to get your first life insurance contract. Your family and your financial future are counting on you continuing to earn a living. Life insurance will ensure your loved ones aren’t left dealing with your financial burdens if you pass away. Because you are young and healthy, a basic policy may be the most affordable depending on your needs.

Growing families (and income)

Young children at home can bring untold joy to a family. Unfortunately, this idyllic picture can be easily shaken if an untimely death occurs. Term life insurance can offer affordable coverage for you and your loved ones. Term insurance can be easily enhanced with additional options (called riders) to ensure your protection stays adequate as your family grows and your earning potential increases.

Legacy and retirement planning

As you enter your peak earning years and get closer to retirement, you will likely face more health risks. Converting from term coverage to permanent life insurance is a way to ensure lifelong financial protection. Permanent insurance is guaranteed to be with you for the rest of your life as long as you continue to pay the premium and your provider stays in business. This is one of the many reasons you should look for an organization with a track record of financial strength and stability. Permanent insurance contracts also allow you to begin to plan your legacy as they give you the option to include a favorite charity or cause as a beneficiary.


As you enter your later years, you are now ready to take advantage of all those years of planning for retirement. Make sure you take time to meet with a financial professional to ensure your retirement needs haven’t changed and that you still have the right financial plan in place. These years are also time to focus on the legacy you want to leave behind for your children and grandchildren, as well as organizations that you support financially.

Life insurance, like life itself, has many stages and options for you to consider. It is an invaluable tool to ensure that those you leave behind are financially protected. It can also have many additional benefits to you and your loved ones beyond the basic death benefits. Taking the time to obtain professional advice about protecting those you care about is an important first step to knowing your best options.

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