Life moves fast, and it changes constantly. The type of life insurance we might need at each stage of our lives varies too.

For instance, in your twenties, you may not even think about life insurance, but once you start building a family, this can change. Even life events such as buying a house can affect how you feel about life insurance. When you’re north of fifty, it can seem a lot more important than it did in your youth.

The type of insurance you need will often depend on your age, but here is a rundown of different life insurance for every stage of life.

Your 20s

You may have graduated not long ago, and there may be other things on your mind. However, this is one of the best times to get life insurance. This is because the premiums are generally the most affordable at this stage of life. Buying a 20-year plan in your twenties will cost you a lot less overall if you delay it for ten years.

If you’re planning a family or a marriage, then it’s worth considering life insurance at this stage as well. It’s even more critical if you haven’t managed to build up a savings account yet.

If you have a family, it isn't just the breadwinner who needs to be covered. If a stay at home parent dies, the other parent will need to continue earning as well as arrange child care. This is why both parents need to consider life insurance.

A term life insurance policy that lasts for twenty years might provide $250,000 worth of coverage for as little as $25 a month.

Your 30s

You may have the same responsibilities as your twenties, but they may have expanded in terms of value.

It’s possible that your thirties will mean you have a larger loan on a bigger car, a bigger mortgage, and a more expensive lifestyle than you had in your twenties. This is when it’s time to consider whether you have the right level of coverage. Some policies offer income replacement on top of a lump sum payment upon death.

This might be the time to make sure your policy has accidental death insurance as well.

Whole life insurance might be something worth considering too. Starting this in your twenties or thirties allows you to build up the cash value over time.

Your 40s

Your forties are typically the time when your finances will become a more significant part of your life.

For many people, this decade represents a time when their outgoings are highest. Also, your children may be thinking about, leaving for college at this time.

The right insurance can give you and your family peace of mind at this stage of your life. You’ll never stop worrying about your children. However, at some point, they will be more able to look after themselves.

Because the price of an insurance policy increases as you get older, your forties is generally a better time to get covered than it will be when you’re in your fifties.

A lot of people will rely on their workplace life insurance policy. This is unlikely to be able to provide enough coverage for your loved ones in the same way a life insurance policy will.

Your 50s

This is the stage of your life when retirement might be in sight. At this point, you may think that policies are becoming too expensive.

You’re more likely to be asked to do a medical exam for policies with more coverage when you reach fifty. Medical insurance is another policy to consider adding on if you don’t have this already.

Retirement

Just like when you’re in your fifties, life may be a bit more stable when you reach retirement.

Hopefully, you will already have life insurance by this stage, although it isn't too late to find a good policy. You may be considering whether you need such an expense at this stage of your life, but consider the fact even at 70, your spouse could realistically live for many more years.

If you still have a sizable estate, then it might require a more substantial amount of finances for the upkeep. Also, consider the cost of extra help when you are less capable of doing things yourself.

Whatever the stage of life you are currently in, life insurance protects your family from whatever the future might bring. The hope is always that you do not need it, but it is still good to know it’s there.