Life Insurance Planning for Every Stage: Newlyweds to Retirement

Early in a marriage or when starting a family, life insurance is about income replacement and ensuring your partner and children can continue their lifestyle if something unexpected happens. Policies with lower premiums—like term life insurance—are often popular at this stage, though it’s wise to assess whether you also need longer-term coverage to support future educational expenses.

As your career progresses, your income and personal assets typically grow. This is the right time to review coverage levels and explore whether a permanent life insurance policy is a better fit. Permanent policies can offer cash value growth and added long-term security, but a term policy “ladder” (multiple term policies with different end dates) may also make sense for those seeking flexibility.

Your life insurance needs may shift once your children are grown and your mortgage is nearly paid off. At this stage, it’s more about safeguarding any remaining financial obligations and leaving a legacy for loved ones. Regular policy reviews help ensure your coverage and beneficiaries still reflect your wishes and needs.

Insurance Information Institute. (2023). Life Insurance: A Key Tool for Financial Planning. https://www.iii.org/