Life insurance can help give you financial peace of mind.

They may be less obvious, but also worth evaluating.

Very Obvious Life Stages: 

• Buying a home is typically a long-term commitment that is accompanied by a mortgage. Life insurance can ensure that if anything happens to you, your co-owner won’t be solely responsible for paying off your mortgage.
• Getting married usually means making financial decisions based on your combined income. Whether you’re a dual- or single-income household, consider whether one of you could handle joint debt and maintain your current lifestyle, should something happen to the other. Don’t forget to attach a dollar value to the contributions of a stay-at-home spouse or partner when calculating your insurance needs.
• Having children is a well-known reason to purchase life insurance. If something should happen to you or your co-parent, life insurance can help your family handle expenses, including childcare costs and educational savings. If you plan to have children, but not just yet, you may want to purchase life insurance now in anticipation.

Less Obvious Life Stages:

• Asking someone to cosign your student loan is common, since as a student, you probably have little-to-no income or credit history. However, cosigners are as legally responsible for the loan as the student. So if someone has cosigned your student loan, consider life insurance to cover that financial risk should something happen to you.
• Opening a business obliges you to consider not only your family’s needs, but also those of your business and its employees. If you form a partnership, all owners should purchase life insurance to ensure business continuity. If you secure small business financing to fund your company, you may be required to have life insurance in place.
• Becoming an empty nester may reduce some financial concerns. Although your dependents may no longer count on your income for their living expenses, there are other reasons to re-evaluate your coverage needs. You may need less insurance in retirement, but you’ll want to make sure you leave enough in place to cover anticipated retirement income and savings, pay estate taxes, and help leave a legacy for your loved ones.

No matter your life stage, if you’ve got people depending on you financially, they need to be able to count on you, even if the worst should happen. Don’t wait, learn more about life insurance.