Who should get life insurance?
Determining if life insurance is necessary for you — and how much life insurance you need — can hinge on your financial situation and if you have dependents, so first consider your circumstances. You have good reason to consider getting a life insurance policy in these situations, among others:
You're planning to get married
Married couples often develop lifestyles that rely on both spouses' incomes. If something were to happen to you unexpectedly, your spouse likely wouldn't be able to maintain the same lifestyle on their income alone.
To ensure this doesn't happen, consider obtaining a life insurance policy to lessen the financial burden on your spouse.
You have kids or are planning to have a baby soon
Although children bring excitement and happiness, they also bring added expenses. Adding a life insurance policy for both you and your partner when you have children is a smart financial investment.
Opting to not get life insurance when you have children can result in the surviving parent having to work multiple jobs or completely change their lifestyle. Ask yourself simple questions like, "Will my family survive on my partner's income if something happens to me?"
You financially support aging parents
In general, if someone relies on your income to live, it's crucial to consider a life insurance policy. According to a recent AARP report, more than 6 million millennials are caregivers to parents and grandparents. If you're the primary breadwinner responsible for providing for your elderly loved ones, a life insurance policy can guarantee that your parents or grandparents can afford long-term care should anything happen to you.
You're currently in debt
While federal student loans are automatically forgiven upon death, private loans and mortgages may not be. In the event of your passing, any remaining debt could get transferred to your beneficiaries. A life insurance policy may help pay these debts.
You want to cover your funeral or estate expenses
Whether you have dependents or not, you may want life insurance designed to cover your final expenses so those costs don't fall to someone else.
Finding the right life insurance policy through Progressive
Determining the best time to get a life insurance policy isn't always cut and dried. We all experience life at a different pace — so answering questions like, "Do I need life insurance after 30?" or, "Do I need life insurance after 60?" depends less on your age and more on your circumstances at that age. You might need life insurance after having a baby when you're in your 30s or if you're taking care of an ailing parent when you're in your 60s.