When You Start a Family
Life insurance helps maintain your family’s standard of living in case one parent dies, even if that person wasn’t the primary wage earner. It’s easy to underestimate the cost of hiring others to handle daily household tasks such as child care, laundry, and driving kids to school.
When You're Getting Close to Retirement
This might be time to consider permanent life insurance, a type of policy that increases in value as you pay your annual premiums. You can use it as collateral for children’s or grandchildren’s tuition and other expenses without incurring the penalties that dipping into your retirement funds might involve.
When You Retire
At this stage, life insurance serves its traditional purpose. The proceeds of the policy provide income for survivors after your death, cover the costs of estate taxes, and allow you to leave an inheritance to family members, dear friends, or a charity that’s close to your heart.