What Does Your Life Stage Say About Your Insurance Needs?

What Does Your Life Stage Say About Your Insurance Needs?

February 8, 2021

From our early 20s, through marriage and into retirement, our needs change. At KSKJ Life, we understand that life happens, so we provide you the right amount of coverage in order to live comfortably and securely. Learn how to customize your insurance plans through the various milestones of your life.

  1. Young, Single & Free

At this stage of life, most people are convinced they’re invincible because good health, financial independence and limited responsibility all seem to be in their favor. So as a result, many young adults put life insurance aside when, in fact, it might be the best time for them to purchase a policy. For example, individuals who have a family history of heart failure, diabetes or high-blood pressure may be more prone to developing these diseases. Therefore, it would be in their best interest to purchase the proper coverage at this age before it’s too late. In the event that you are a single adult but provide care for a parent, child or relative, purchasing life insurance also secures your dependents if anything were to happen to you.

  1.  Before You Say I Do

Marriage provides a whole new insight into insurance coverage. With marriage comes a partnership that requires both partners to look out for one another “through sickness and in health, in life and in death.” For this reason, both partners must be insured to secure the other. This not only provides each partner the comfort of knowing they are not lost without the other, but it also offers overall peace of mind in the household. Additionally, if both spouses contribute equally to the financial income of the household and are without children, minimal coverage is most likely required.

  1. Baby On Board

Having life insurance as a parent is critical for the welfare and security of your child. Should anything happen to one parent, especially the breadwinner of the household, it could be financially challenging for the surviving parent and child. Additionally, the death of the stay-at-home parent could warrant daycare and household maintenance costs. Even in households supported by dual income, it would be extremely difficult for either parent to take care of the child and home—from a personal and financial standpoint—without his or her significant other.

  1. Financing Your Home

Buying your first home is an exciting yet stressful time. Mortgaging a home is difficult, which is why insurance is an important component of the process. In the event of job loss, partner separation, or any other unforeseeable circumstance, you may run the risk of losing your home or leaving your partner in serious debt. Life insurance is often sufficient to cover the loan amount of a mortgage so that upon passing, your beneficiaries will have enough to pay the remaining balance. However, remortgaging or upgrading to a more expensive home can increase the amount you owe the bank, and your life insurance policy can end before the mortgage is paid off.

  1. Marital Splits

Divorce can force both partners to adjust insurance plans. It can also create problems with beneficiaries and coverage, especially when there are children involved. In many cases, you might be able to adjust your beneficiaries to exclude your former spouse; but in other incidences, it’s not so easy. If your spouse is the sole owner of your family insurance policy, you will need to file for a new policy, naming your children as beneficiaries, which can be very expensive. Another factor to consider is that many couples don’t exactly have a “clean-break” in terms of divorce. When there are discrepancies and disagreements in decision-making, especially when it comes to the care of children, the court will make a decision for you.

  1. Retirement Planning (Now you’re free!) 

One of the main reasons people look into insurance coverage is to plan for a comfortable future. Not only do people want security in retirement, but they also don’t want to live a restricted lifestyle because they’re no longer working. Before you retire, assess your plan. Make sure your life insurance policy provides you affordable and reliable coverage, especially if you’re worried about tight finances or health conditions.

To make sure you’re receiving the proper coverage for your stage of life, contact your local KSKJ Life agent or call 1-800-843-5755. We will work with you to create a personalized plan that will suit your specific needs.

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