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When should you get life insurance?

Many people tend to believe you need to reach a certain age to qualify for—or even to consider getting life insurance. However, there are a few reasons why buying a policy as early as your 30s could make sense for you and your family. Let’s look at how insurance could be beneficial throughout your lifetime.
January 11, 2023
5 min read
Learn at what age you should get life insurance.

Life insurance in your 30s

You might want to consider that, generally, the younger someone is when they get life insurance, the less they could pay for coverage. That’s because there are typically fewer health concerns in the earlier years, so insurance companies may offer lower monthly payments. So, at what age should you consider getting life insurance? If saving money is a priority, you may want to consider getting life insurance even in your 30s, for example.

There are some other reasons you might want to shop for insurance in your 30s. Do you have children or are planning to have some? Think about their financial future and potential expenses, including college education. As tuition costs continue to rise, many students need financial aid for college. Student loans potentially take years to pay off, so life insurance might be a good alternative to help cover your kids’ education costs if something were to happen to you.

Besides education, there’s another important reason you might want to consider getting life insurance in your 30s. With the right insurance coverage, your partner could get a lump-sum payout after you’re gone. This could be a great way to help provide for your surviving partner so they could continue to care for your children.


Life insurance in your 40s

In your 40s, your children may be ready to leave high school. But you still have time to get a policy that may leave enough money to help them finish college.

Also think about your mortgage. At this point in your life, you and your partner may have spent many years creating memories with friends and loved ones in your home. But you may have years left of mortgage payments. Make sure you shop for an insurance policy that could help your spouse keep the home after you’re not around.


Life insurance in your 50s

By your 50s, you and your partner may have decided to start downsizing and live on just one income. While this can be an exciting time, it can also present another problem.

If the working spouse dies without a life insurance policy, the surviving person would be left without that income. If you have life insurance in your 50s, you may be able to provide financial support for your loved ones.

Many people in their 50s also have to provide for people outside their immediate family. For example, you may have aging parents. If you’ve already cared for your parents or know people who have, you might know that caring for the elderly can be expensive. Suppose your relative needs help eight or more hours per day, and you need to find a home health agency with a good reputation. Typically, hiring a nurse or some other assistance in the home can cost thousands of dollars per month. That's why you might want to consider life insurance. Your policy could be a way of continuing to help the people you love even when you're not around.


Life insurance in your 60s

Today, people remain active and productive much longer than they did years ago. Also, the government has raised the retirement age for full social security benefits. So, it's not surprising to see people in their late 60s still putting in a full day’s work, whether it’s a part-time or full-time job or even having multiple jobs at once.

Sometimes they are still working because they love what they do. On the other hand, some people have no choice. They are still working because their families really need the income, and they want to do everything they can to support them. In that situation, it could be a daily worry over what could become of your family. In these scenarios, having life insurance in your 60s could be a wise decision that could have long-term benefits for those you care about most.

But what if you don't need to work in your 60s? You still might think about what you can leave behind. You want to do something financially for your children and grandchildren. For example, your adult children may struggle with their living expenses.

Also, if the cost of education continues to rise, your grandchildren can expect to experience significantly higher tuition rates when they reach college age. A life insurance policy in your 60s could be a gift to more than one generation of your family.


Can you get life insurance in your 70s?

Many people think that it's impossible to get life insurance once you reach the age of 70, but it’s important to know why this is a myth. There are insurance companies who regularly offer policies to older customers. Yes, you may have more health concerns than you did when you were much younger—but insurance companies are aware of this and will typically work with you to meet your needs. These needs can even include a payout for your loved ones to help cover final expenses, or funeral expenses. The requirements for getting life insurance may not be as demanding as you think, so consider how you could help provide for your family when you’re in your 70s.


You’re the right age for life insurance

Listening to unreliable or inaccurate information about life insurance can lead to wrong decisions. You might think that you don't need life insurance at certain points in your life, or that you're past the age for life insurance.

Fortunately, you can most likely get insurance at any age. Whether you’re a young adult or closer to your retirement years, there’s a life insurance policy out there that will likely work for you, no matter your age. Take the time to research your options and help protect yourself and your loved ones.

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