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Life insurance for every stage of life

20 February 2024
5 minute read

Life insurance is for life! With the right insurer and a tailor-made life insurance policy, your life cover can meet your needs at every stage of your life!

One of the best financial decisions you can make is to take out a life insurance policy that can meet your needs for your different life stages. Life insurance safeguards the financial future of your loved ones, and if you have any financial obligations, your life insurance coverage ensures these obligations can be met when you are no longer around.

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Do you need life insurance if you are young and single or is it only for families? Life insurance is for any adult in every life stage who has financial obligations and commitments, whether they are old or young, single or attached, sons or daughters, parents or grandparents!

Understanding your life stages

Life stages are those times in your life marked by big changes, such as having a child or empty nesting. Typical life stages include:

  • Young single professionals
  • New couples
  • Young parents with toddlers to teens
  • Older adults
  • Retirees

You may go through all these life cycles consecutively. You start your career, get married, have children, retire. However, you may not experience every life stage, and can even revisit a life stage! You may be a single parent and never a couple, you may have young children when you are older and financially established, and you may also be a retiree but working and starting a new career!

The good news is that life insurance can ensure your loved ones have financial security when you pass, whichever life stage you may find yourself in.

Young professional

This is an exciting time of life, especially when you get your first job and your first pay check! You’re tempted to spend what you earn, but you also want to be responsible, save some money and protect your future! And you may have debts such as a student loan or car finance to repay, and support family and extended family members. What would happen to those debts if you passed, and what about the extras you share with your family, such as a shopping trip for your grandmother? Who would fund those?

Answer: Your life insurance policy!

New couples

Entering into a civil partnership, getting married or cohabiting with your partner brings new financial commitments and obligations. You may buy a home together and contribute to your partner’s family’s expenses. Plus, with two incomes you can improve your lifestyle, such as buy a new car, TV, overseas vacations, even perhaps pay for additional studies for your partner. But, what happens if you or your partner pass away? Would you be able to afford the home and the more affluent lifestyle, as well as helping out any family members?

Yes, if you have coverage with life insurance!

Young parents

Children are a blessing and a privilege. But caring for them requires an ever-expanding wallet! You need to feed, clothe, shelter, educate and stimulate your children. While you, and your family, use your income to pay for these expenses, life insurance can ensure they are paid if you pass on before your child reaches adulthood.

Older and established

As you progress through your career or even build your own business, you will earn more. It is human nature to spend more when we earn more, and buy that nicer house, bigger car, and enjoy some of life’s luxuries. You can get used to these very quickly, so it is important to always make sure your insurance coverage keeps up with your lifestyle! If it doesn’t, and you pass away, your loved ones may not be able to continue enjoying their lifestyle and have to downgrade, such as move to a smaller home.

And, even though your children may be ready to leave home, or already making their own way in life, consider all the extras you pay for such as university fees, help with the first car or home, even a wedding or other celebration! Who would pay if you passed on? How about your life insurance policy!

A retiree’s legacy

Even when you are no longer supporting children financially, you may still support other family members, and your grandchildren. Your life insurance policy will ensure you leave a lasting financial legacy that can be used to build generational wealth.

Match your life insurance to your life stages

As you go through the cycle of life, your life insurance policy should reflect your needs and be affordable. As a young professional you can take out a small amount of cover to make the premium more affordable. If you have children and/or marry, you can increase your sum assured in line with your increased financial commitments.

At each life stage you need to consider how much cover you need as well as your budget so that you know you can pay the premiums. You can also consider adding benefits to your policy such as dread disease and disability cover. These will ensure you receive a pay-out you can use to cover costs or replace income if you are diagnosed with a critical illness, such as cancer, or suffer a disability and are unable to earn an income.

Tailor-made insurance solutions

1Life Insurance offers flexible life insurance policies for different life stages that meet your needs and your budget! With 1Life Insurance, you can apply for changes to your cover throughout your policy life so that your cover will always meet your family’s needs.

1Life Insurance life policies may also have a terminal illness benefit that will pay the full sum assured on a valid claim if a terminal illness is diagnosed and the life assured has less than 12 months to live, making the end of life as comfortable as possible.

Why not visit 1Life and get a quote today! You can change your life and the lives of those you love – for your lifetime and theirs!

Life insurance is for every life stage

Life insurance is not just for parents with young children! It is for anyone and everyone with a financial obligation and commitment that would be missed when they pass. Your life insurance policy safeguards your loved one’s future and can build generational wealth. Are you ready to make sure your policy aligns with your life stage and your needs? Contact us today and chat to one of our skilled consultants or choose to buy your cover online and save up to 13% on your monthly premiums.

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