Life Insurance Coverage Considerations for the Stages of Life

The needs for life insurance change over the course of a person’s life. The agents at The Select Insurance Agency, serving Coppell, TX and the surrounding area, offer this guide showing how to get the benefits from life insurance for the different stages of life.

Youth (infants to 18 years old)

Is there life insurance for babies and children? Yes, there is. Parents who get life insurance for their children usually do so because whole life insurance is an investment that increases in cash value over time. The investment in life insurance is very modest for children and it makes a nice present to give them on their birthday when they turn 18.

Millennials (age 18 to 30)

These young adults are starting out in life with opportunities to make good financial decisions. Those who get life insurance at a young adult age reap the benefits much sooner than others who wait until later. If they choose a whole life or universal life insurance policy, it can be fully paid up within 15 to 20 years. This means the cash value will exceed the total amount of insurance premiums paid at that time providing a nice asset that can be borrowed against or cashed in.

If they choose a term insurance policy or one of the many other insurance variations available, which provides insurance coverage but does not accrue cash value, they will pay lower premiums for the coverage they need. For many young adults who are on a tight budget and those that get married and have children, these life insurance solutions are a good choice.

Mature Adults (age 30 to 65)

During this stage of life, life insurance becomes an effective tool for retirement planning, estate planning, and protection of family members.

Elderly (65+)

Wise people who reach this age with paid-up whole life insurance will be very satisfied with the asset they created. The value in the life insurance can be used for retirement, healthcare expenses, vacations, or become part of an estate left to heirs. Term life insurance is also available in many variations, depending on the needs and goals.


At every stage in life, having life insurance is a good idea. Consult with an agent at The Select Insurance Agency in Coppell, TX to learn more about how to get the benefits from life insurance during the different stages of your life.