When Should You Buy Life Insurance?

With each new phase of life, priorities can shift. What felt important as a teenager likely looks different now as a spouse, parent or grandparent. And as circumstances evolve, so do financial responsibilities—including the need for life insurance.

That’s why your stage of life, not just your age, is often one of the clearest indicators of when to consider buying life insurance.

When to Buy Life Insurance: Life Stages

Below are common life milestones that may prompt you to consider life insurance to help protect your loved ones.

Engaged or Already Married

Becoming a spouse means learning to share virtually everything—beyond just the duty of unloading the dishwasher. It also entails sharing the financial responsibilities of running a household. In fact, both the husband and wife were employed in 50 percent of married-couple families in 2024, according to the U.S. Bureau of Labor Statistics.

With many households depending on dual incomes to make ends meet, it’s more important than ever to assure that both you and your spouse have life insurance. That coverage could help replace lost income, should something happen to one of you. Even stay-at-home partners should consider life insurance. Their work—childcare, household management, transportation—would be expensive to replace. A life insurance policy can help cover those costs if needed.

Buying a Home

A home is more than a roof over your head — it’s where memories are made. If you passed away, you’d want to assure that your loved ones are able to stay in the home you shared together.

Life insurance can help cover mortgage payments or pay off a home loan, so your loved ones don’t have to worry about losing the place you built together.

Having a Child

Becoming a parent brings unmatched joy—and new financial responsibilities. According to the U.S. Department of Health and Human Services, the cost of childcare and related expenses up to age 18 can be as much as $280,800¹. That doesn’t even include college.

If something happened to you, life insurance could help to cover the everyday expenses of having a child, such as diapers, food and clothing, as well as long-term costs such as college.

Entering Retirement Years

The “golden years” should be filled with travel, hobbies and time with grandchildren — not financial uncertainty. Life expectancy continues to rise, and your spouse or partner may outlive you and need continued support.

Life insurance in retirement can help offset the loss of a pension or Social Security benefits. It can also help offset costs, such as final expenses or medical bills, so that your loved one can maintain the quality of life you worked so hard to establish together.

Best Age to Get Life Insurance

You might wonder, “What’s the best age to buy life insurance?” The truth is, there’s no one-size-fits-all answer. While getting coverage earlier typically means lower premiums, it’s never too early — or too late — to find a policy that fits your needs.

Whether you’re 20 or 70, Gerber Life offers life insurance options designed to support your goals and protect the people you care about. You can learn about the benefits of whole life insurance, understand how life insurance costs are calculated, and explore whether it’s too late to buy life insurance — spoiler alert: it’s not.

Types of Life Insurance Policies by Age

Choosing a policy that aligns with your current age and financial situation can make a big difference. Here’s a breakdown of life insurance options by age group:

Under 30 Years Old

If you're under 30, life insurance may not feel urgent — but it’s a smart financial move. Premiums are typically lowest when you're young and healthy. A whole life policy can lock in that low rate for life and build cash value over time. Term life is another budget-friendly option that provides high coverage at an affordable price.

30–60 Years Old

During this time, many people are raising families, paying off mortgages and planning for retirement. If that’s you, you can consider a term policy to cover large expenses like income replacement and tuition. You may also want to explore whole life insurance for long-term financial planning and peace of mind.

65+ Years Old

Looking for life insurance over 65? You’re not alone. Many seniors explore coverage to help with final expenses, estate planning or to leave a legacy. Guaranteed Life insurance is designed for older adults and doesn’t require a medical exam. It’s never too late to protect what matters most.

If you want to know more about life insurance, call us today at 1-800-704-2180. Our knowledgeable and friendly Customer Service Representatives will be happy to answer your questions.

¹ https://aspe.hhs.gov/sites/default/files/documents/c5e0f2838a22c21788aa03f06ce3bbdc/aspe-brief-health-care-child-care-costs.pdf