Having life insurance is important for anyone regardless of their age or situation. However, the amount and type of coverage needed can vary depending on personal circumstances.
It's important for people to review their insurance policies periodically. A follow-up on coverage levels can be particularly important for life insurance plans.
A representative from a major insurance provider says coverage isn't something that should be purchased and then forgotten about.
"As we age, our lives and insurance needs change," notes the representative. "A 30-year-old woman may require comprehensive maternity benefits, but once she's 60, these needs shift."
A person with a young family may want to purchase term life insurance coverage to ensure their children will be cared for financially in the event of the policyholder's death. However, a plan which offers income throughout retirement may make more sense later in life.
If a person is unsure of what their life insurance needs are, they should sit down with a trusted agent to discuss options. Furthermore, consumers can educate themselves on different offerings by researching online.