The type of life insurance you choose to get depends if you are single or married. Both statuses have different things to consider.
If you are single with no family or children, you may decide to either not get life insurance or opt for lower-premium life insurance. You may decide it’s better to keep the extra money for your current savings or lifestyle. However, if you have any loans with a co-signer, you may want to consider getting life insurance. Your life insurance can cover the cost of the loan in the event of your death, and your co-signer will not be left with that balance. If you have a child or care for a family member, you may also want to consider life insurance to help protect your loved ones.
If you are married, there are different considerations you will have. If you do not have children, you may consider getting a lower premium or lower coverage life insurance plan, especially if your spouse has an income. On the other hand, if you have a home, it may be wise to get life insurance to help pay for your mortgage or other debts, especially if you only have one income.
Once you have children, your life insurance needs will change, and you should consider having a higher coverage plan. Each parent should also be insured.
A final consideration to have is if you ever get a divorce. You will have to decide who will be your beneficiary and decide on your coverage. If you separate without children, changing coverage and your beneficiary will be more straightforward. If you divorce with children, there are more things to consider. Both you and your spouse should ensure your children are covered under each plan. You may have to get a new plan and change your beneficiary.
