Who Needs Life Insurance?
Life changes fast – sometimes in wonderful ways, sometimes unexpected. Whether you’re starting a family, launching a business, or just getting your footing as an adult, life insurance helps protect the people who count on you.
Many think life insurance is only for certain people—like parents or older adults. But the truth is, most people need some kind of life insurance. Did you know that life insurance ownership has dropped over the past decade? In 2023, about half of U.S. adults owned life insurance, down from 63 percent a decade earlier.
Whether you’re young or old, married or single, a parent or not, life insurance can help protect the people you care about.
Let’s look at who needs life insurance and why it matters.
Why Parents Need Life Insurance
If you have kids, life insurance is one of the most important things you can get to secure their future. Raising children is expensive. Daily costs include food, rent, clothing, school supplies, and childcare. Then there are future needs—like paying for college or helping them start independently. If you’re not there to provide for your children, life insurance can help.
With a life insurance policy, you can ensure your children have financial support. It gives your loved ones money to help with daily bills and long-term needs. It’s one way to care for your family even after you're gone.
Why Couples Need Life Insurance
Life insurance is still a smart idea, even if you don’t have children. Think about what would happen if one of you passed away. Could your partner afford the rent or mortgage alone? Would they struggle to pay the bills? Many couples depend on both incomes to manage everyday life.
Life insurance helps cover those shared expenses. It can also help pay off debts you share, like a car loan or credit card. It gives your partner time to grieve without worrying about money. The Family Security Plan® offers affordable life insurance options that can give you both peace of mind.
Why Young Adults or Single Adults Need Life Insurance
You might think you don’t need life insurance if you're single. But that’s not always true. If you have debt—like student or personal loans—those might not go away when you die. Sometimes, your family may be responsible for paying those bills.
Life insurance can help cover those costs. It can also pay for funeral expenses, which can be very expensive. This way, your loved ones aren’t left with financial stress during an already painful time.
Also, buying life insurance when you’re young and healthy usually means lower rates. That can help you lock in coverage while it’s still affordable. It’s a good way to plan.
Older Adults
Some people think life insurance is only for younger people. But many older adults need it, too. You may want to leave a gift or legacy for your children or grandchildren. Maybe you want to help your family with funeral costs or medical bills.
Some types of life insurance, like whole life insurance, last your entire life. These policies also build cash value, which you can use while living. That means your life insurance can support you in more ways than one. The Family Security Plan® offers life options that grow in value and provide lasting peace of mind.
Business Owners
If you own a small business, you probably work hard to keep it going. You may have a business partner, employees, or family members who depend on that income. Life insurance can protect your business if something happens to you.
It can help cover business debts or keep things running while your family determines the next steps. Some business owners use life insurance to fund a buy-sell agreement. Your partner can buy your share of the business if you pass away. Life insurance helps keep your business strong, even during a loss.
Caregivers
Do you care for someone else? Maybe a child with special needs, an elderly parent, or a family member who depends on you. If something happens to you, what would happen to them?
Life insurance can provide the money needed to continue their care. It gives your loved one support after you're gone. With a good plan, you can ensure they have housing, food, medical help, and other essential needs. The Family Security Plan® helps caregivers create customized life insurance plans for long-term peace of mind.
People with Loans or Shared Debt
If you’ve taken out loans with someone else—like a parent, sibling, or spouse—life insurance is a smart way to protect them. If you pass away, the other person may still be responsible for that debt.
Life insurance can help pay off the loan and protect your loved ones from that burden. Whether it’s a student loan, car loan, or mortgage, life insurance gives you and your co-borrower peace of mind.
People Planning for the Future
Life insurance isn’t just about what happens after you're gone. It’s also about planning. Some policies, like whole life insurance, build savings over time. You can use that money later in life for retirement, emergencies, or a unique goal.
Having life insurance is one part of a competent financial plan. It shows that you’re thinking ahead and taking steps to care for the people who count on you.
Choosing the Right Plan
The Family Security Plan® offers different kinds of life insurance, like:
• Term Life Insurance – Affordable coverage for a set number of years.
• Whole Life Insurance – This lasts your whole life and builds cash value.
The right plan depends on your life, goals, and the people you want to protect. A licensed representative can help you find the best plan.
Choosing the Right Plan
No one likes to think about what could go wrong. But life insurance is really about love. It’s a way to care for the people who matter most—no matter what happens.
You don’t have to be rich. You don’t have to be old. You have to care enough to plan.
The Family Security Plan® is here to help. We make it easy to understand your options and take the next step. Visit familysecurityplan.com to learn more or talk to a licensed representative.
A short conversation today can make a big difference tomorrow.
