Like many things in life, there’s no instruction manual for when to buy life insurance. So how do you know it’s time to take the plunge?

In general, if someone who relies upon you financially would be worse off if you died, you likely need life insurance. While some people think of life insurance as a safety net they won’t need for years, there are plenty of reasons to get covered sooner than later.

From student loans to medical bills, a life insurance policy can help your loved ones pay for any expenses you leave behind. If you die while your policy is active, your family can receive a lump sum of cash to cover whatever they need: credit card or other debts, everyday expenses, mortgage payments, or even funeral costs.

While your financial obligations might change as you age, the need to protect your family doesn’t. That’s why Fidelity Life offers products that provide options at each stage of life. Here’s our guide to the best coverage to consider at each life stage.

When you’re just starting out

Why buy: One of the best times to buy life insurance is when you have your whole life ahead of you. You can buy your own policy from Fidelity Life as soon as you turn 18. In general, the younger you are, the lower your rates and the better your options will be. Buying young also prevents you from being denied coverage later if you develop a health condition. While you may not have big financial responsibilities like a house or children yet, your life insurance policy can help cover the cost of student loans, funeral costs, or any other debts you may have.

What to buy: Term life insurance will cover the needs of most young adults and is typically the most affordable plan out there, especially when you’re young. If you’ve been putting off buying life insurance because of budget issues, prepare for some reverse sticker shock – 44% of millennials overestimate the cost of life insurance by more than 500%. At Fidelity Life, a healthy 30-year-old male can get a $250,000 term life policy for $13.48 a month.  Plus, once you’ve established your coverage, you can build it over time to meet your changing needs.

While you’re raising a family

Why buy: Getting covered is especially important if you have a partner and kids. You want to protect your family for the long term, and that means making sure their financial needs are met. Life insurance can help your family replace your income, cover mortgage or debt payments, and help take care of your children and support their future. There’s no time like the present, and you can still often get competitive rates into your 40s if you’re in good health.

What to buy: Every family is different, which means your coverage needs are unique, too. At Fidelity Life, we offer a range of products, coverage amounts, and policy lengths to fit your family. Some options to consider include:

• Term life. This affordable option covers you for a specific period of time, typically anywhere from 10 to 30 years, making it a good bet for families who are raising young children, paying off a mortgage, or looking to send the kids to college.
• Permanent life. A permanent policy keeps you covered your entire life and comes with a cash savings component you can build over time. It’s more expensive than term life, but works well for families who have lifelong financial needs.
• Accidental death benefit. A good option on its own or to add to another life insurance plan, this inexpensive policy provides up to $300,000 in coverage if you have an accident. It’s also simple to qualify for, with no medical exam or health questions asked.

As you get older

Why buy: Think you’re past your prime for buying life insurance? If you’re over 50 and interested in life insurance, you still have options. While you might not have major financial needs like dependent children or a mortgage any longer, a life insurance policy can help protect your spouse, cover funeral costs, and even leave a legacy for your kids or grandkids.

What to buy: The best policy in your later years depends on your health, budget, and financial goals. Some products to explore include:

• Term or permanent life. If you still have big expenses or a spouse who depends on your income, a term or permanent life policy can be a good way to go. Even during retirement, you may be able to qualify for more traditional policies if you’re in relatively good health.
• Final expense. This small permanent life policy is designed for people between 50 to 85 to help them cover end-of-life and funeral costs. A final expense policy from Fidelity Life doesn’t require a medical exam, offers up to $40,000 in coverage, and is affordable for many people because of the lower coverage amount.
• Guaranteed issue. If you’re having health issues, this plan is exactly what it sounds like: a guaranteed way to get covered, with no medical exam or health questions asked. Coverage amounts are lower and rates are higher than other types of policies, but the peace of mind it provides can be worth it if you’re in poor health.

Keeping you covered, for life

While it pays to take care of it early, there’s a life insurance policy out there for nearly everyone.

At Fidelity Life, we’re here to protect you each step of the way, with options that keep you covered at every age and stage. Start your quote online or give one of our agents a call to find the right policy for you.

At Fidelity Life, our goal is to make life insurance simple, affordable, and understandable for everyday families. This content is intended for educational purposes only. Each post is carefully fact-checked, reviewed, and updated regularly to ensure the information is as relevant as possible.