Empower Blog

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June 09, 2020

Your Life Stage Guide to Life Insurance


Life is full of big moments. And while many are cause for celebration, they can also be a good time to reflect and evaluate your life insurance needs. In fact, where you are in life can be a major determinant of whether you need life insurance and how much coverage is right for you

Young Adulthood

Young adults often assume they don't need life insurance. And if you don't have any dependents or debt, that may be true. But even without a family or a mortgage, a policy could still be a good idea for covering funeral expenses. In this case, you could join a group plan through an employer, which might be enough for where you are right now.

Getting Married

After the wedding, it's time to start thinking more seriously about your life insurance plan. Both spouses should have a policy in place. This is when to start considering things like income replacement and debt coverage to make sure your spouse is taken care of financially, no matter what. A policy would enable your partner to maintain their standard of living without your income.

Buying a Home

Once you own property, you'll want to make sure the loan wouldn't become a burden on your loved ones if something were to happen to you. Creating a policy with enough coverage for monthly mortgage payments and maintenance costs can give you the peace of mind that your family would be able to keep a roof over their head.

Growing Your Family

When you add children to the family dynamic, you should take another look at your policy to see if the potential payout would still be enough to provide for your entire family. This again includes things like income replacement and debt coverage, but with additional factors, such as college tuition and other childcare expenses. For example, the absence of a stay-at-home parent could strain a family budget with the addition of childcare services.

Changing Jobs

While an employer-offered policy may be enough depending on your financial situation, it's also a good idea to get additional coverage outside of your employer. That's because anytime you switch jobs, you can’t take your policy with you. In addition, it’s likely your employer-provided policy isn't customizable to your individual needs, and, most importantly, it may not offer enough coverage.

Planning for Retirement

Whether you're planning for retirement or recently retired, now is the time to factor any large future financial goals into your life insurance plans. If you're still paying off a home or working to build your retirement savings, you'll want to make sure those expenses are considered. This would also be a good time to think about whether you'd like to leave behind a legacy or inheritance for any children or loved ones, which can be built into certain life insurance policies. 


No matter where you are on life's journey, the CommunityAmerica Insurance Agency is here to guide you, every step of the way. From which policy type is right for you to how much it might cost, we can answer your questions to find the coverage that best fits your needs. If you'd like to get in touch with an insurance advisor, call 913.905.7795 or toll free 833.202.9595. Or, request a quote online:


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About the Author
Meet Kat Hnatyshyn
Kat Hnatyshyn

Indirect Lending Program Director

Kat Hnatyshyn currently serves as the Indirect Lending Program Director at CommunityAmerica Credit Union, overseeing the program and our partnership with approximately 160 auto and Harley Davidson dealerships throughout the Kansas City metro. This partnership gives CommunityAmerica members a smooth auto buying experience by allowing them to finance their vehicle through us, directly from the dealership.