Insuring Life’s Stages

For Life Insurance Awareness Month (LIAM) Etler-Kettenacker Agency is discussing the facts of life insurance over four installments.  This week is the third installment that discusses insuring life’s stages and at what stages should you re-evaluate your current life insurance plan or purchase life insurance.  “Life Happens” and it is important to evaluate your life insurance coverage at each stage of your life.  By insuring life’s stages you are protecting the people you love according to the phase of life you are currently in.  Life insurance plans are not “one size fits all” and your financial protection changes as you move through your life’s stages.  This page discusses examples of each stage of life and why life insurance evaluation at each life stage is necessary.


Many people who are single and do not have children believe that they do not need life insurance.  This is typically an incorrect belief.  A single person should consider insuring their life for several reasons.  The single person may be caring for elderly parents or have siblings that are financially dependent on the single person.  What would happen if you, an unmarried person should pass suddenly?  Who would provide financial support to parents or siblings?  This is an example of the importance of life insurance for the single person.  Another example of insuring life’s stages such as a person who is unmarried is debt resolution.  Many single people have debt such as student loans, credit cards and car loans.  Life insurance can prevent a single person’s debt from becoming the responsibility of the loved ones you would leave behind.  This is a responsible act of love. 


Changing jobs is another life event that should trigger a re-evaluation of your life insurance policy.  Changing jobs is included in insuring life’s stages due to the lifestyle change you and your family may experience due to the change in your professional status.  It has been proven that when a person’s income rises, their spending also increases.  You and your family may be enjoying a more generous lifestyle.  Your life insurance plan may need to be increased to keep your family in the lifestyle they are accustomed to due to your increased wages.


Becoming a spouse and uniting in marriage is a life stage that triggers the re-visitation of your current life insurance plan.  In today’s economy many couples depend on two incomes to meet their financial obligations and to save money.  What would happen to you if your spouse should become terminally ill or pass away suddenly?  Would you be able to survive on only one income?  Increasing your life insurance coverage or purchasing life coverage after you marry is a gift of love for your new spouse and a reason to think about insuring life’s stages.


Becoming a parent is another life stage where your life insurance policy should be reviewed.  If your spouse should die tomorrow is there enough money to cover all the expenses that goes along with raising a child.  Diapers, school, school activities, clothing, college and cars are all expense that comes with the birth of a child plus many more that are not mentioned.  When a family of two becomes three or more your life plan should be revisited.


These are just a few life stages that trigger the need for life insurance or the increasing life insurance coverage.  “Life Happens” and Etler-Kettenacker Agency wants you to be prepared by insuring life’s stages.  No one wants to think about their death and departing from their family.  It is an uncomfortable topic.  EK Agency and its staff are always available to walk you through insuring life’s stages with compassion and understanding.  Please contact EK Agency to talk about your life’s stages and your life insurance needs.