Life Insurance for Every Stage of Life

06/21/2022 Written by: Jenny Boudreau

Regardless of your family situation, financial assets, and age, life insurance can provide financial security and peace of mind to you and those you care about. Everyone’s needs are different, but there are many reasons to consider life insurance.

  • To provide financial support for young children if a parent dies unexpectedly.
  • Life insurance can help people in their peak earning years protect their wealth.
  • As part of an estate planning strategy to give more to future generations.
  • Business owners can use life insurance as a strategy to help secure their business.
  • Life insurance can be used to support charities.


As we transition through life’s stages, our needs change too. A young family with a mortgage and a newborn has different needs than a couple nearing retirement. Along the way, life also throws us a curveball or detour, reminding us to plan ahead.

In the early years of adulthood, it may seem unnecessary to purchase life insurance; however, that’s not necessarily true. Life insurance premiums are relatively low for young, healthy people. 

If you’re newly married, you both may want to secure life insurance as a way to replace future lost income. And if you’re raising a family, life insurance plays a more critical role.

In the middle years, there may be no spouse or children to provide for, but what about other family members, friends, charities, or organizations that currently rely on you for financial support? You can also invest in your financial security by considering life insurance as a way to accumulate additional tax-deferred wealth.

Empty nesters, retirees, and wealthy individuals can still benefit from life insurance. In addition to supporting a favorite charity, life insurance can be used to set up a trust for grandchildren, or it can help your heirs pay estate taxes on the transfer of your property without having to liquidate anything.

If you’re a business owner, you may want to ensure that a family member or partner can successfully take over the business when you’re gone. Life insurance is often employed as the funding agreement in buy-sell succession strategies. The death benefit provides cash, enabling the beneficiary—or beneficiaries—to buy out the deceased partner’s share of the business and continue operations.

Another potential threat to small businesses is the loss of a key employee, whose death would disrupt the business because of the loss of their experience or unique skills. Using life insurance in a key-person business-continuation plan can help provide funds needed to replace lost revenue when hiring and training a replacement.

No matter where you are in life, it’s essential to consider the benefits of life insurance. An experienced advisor can help you sift through the options to find solutions that best meet your needs. Contact us today to learn how life insurance can benefit you and those you care about.

Annuities Planning Meeting

Favorable tax treatment is one of the main reasons for buying an annuity. But what exactly are the tax benefits? And are there any drawbacks? It’s important to know the answers to these questions...

Aging Parents square
Caring for Your Aging Parents
Personal Planning05/15/2024

Caring for your aging parents is something you hope you can handle when the time comes, but it’s the last thing you want to think about. Whether the time is now or somewhere down the road, there are...

New Investors square
Fundamental Concepts for New Investors
Personal Planning05/08/2024

Investing involves setting goals for the future and weighing the risks and potential rewards associated with a wide variety of investment opportunities. If you are a new investor, this might seem...