How Long Should You Carry Life Insurance?
May 7, 2023
Jamie Fleischner

Jamie Fleischner

7 May, 2023
How long should you carry life insurance?
  1. Dependents: If you have dependents who rely on your income, you may want to carry life insurance until your dependents become financially independent. This is typically around age 25. Therefore, if you are starting a family, consider a 30 year term.
  2. Debt: If you have significant debt, such as a mortgage or student loans, you may want to carry life insurance until your debts are paid off.
  3. Retirement savings: If you have sufficient retirement savings to provide for yourself and your spouse in retirement, you may not need life insurance later in life.
  4. Business needs: If you own a business, you may want to carry life insurance until you retire or until the business is sold or transferred.
  5. Estate planning: If you have significant assets that you want to leave to your heirs, you may want to carry life insurance until your estate is distributed.

It’s a good idea to carry life insurance for as long as you have financial dependents or obligations that would be difficult to cover without your income. However, as your financial situation changes, you may want to adjust your coverage or reevaluate your need for life insurance. It’s a good idea to periodically review your life insurance coverage with a financial advisor to ensure that it still meets your needs.

Related Posts

Life Insurance Provides Family with Silver Lining Copy

When Frank and Laura Ames, parents of two young children, applied for life insurance, Laura qualified for preferred rates while Frank was only able to buy a small policy due to a disability. Though Laura died several years later, the policy she purchased has left...

We're here to help

Getting the right disability insurance can be downright confusing. At Set For Life, we'll help you understand the options and work with you to select just the right product for you and your family. These articles will help you understand some of the complexities involved, but we're happy to walk you through it! If you're ready to get set, reach out for a quote today!