This content is sponsored by MOAA Insurance Plans.

As your life changes, so does your need for life insurance. It’s wise to have coverage throughout your adult life, but the reasons vary as you grow older. Let’s take a look at how life insurance plays a key role as your financial needs evolve over the years:

20s and 30s: So Much to Look Forward to

At this point in your life, change happens quickly. Think about what the near future may hold for you: A new job? Buying your dream home? Starting (or adding to) a family? The more your life changes, the more reasons you have to plan ahead — and to be prepared for the unexpected.

Now is the time to put life insurance on your radar and make it a constant component of your overall financial plan. Whether you’re single or married, life insurance can help ensure that you won’t pass debts — such as credit cards and student loans — on to your loved ones. What’s more, buying life insurance when you’re young and healthy means you’ll benefit from paying a lower premium.

40s and 50s: Growing Family, Growing Income, Growing Financial Responsibilities

Life insurance can be critical during your peak earning years, when you have more assets. Chances are, you’re balancing your time with family responsibilities, a career, household activities and meeting your ongoing financial obligations. Perhaps you’ve bought a new home in recent years, or have children attending (or planning to attend) college.

Losing a breadwinner at this point in your life could have a dramatic impact on your family’s well-being. Having life insurance can be the difference between helping to maintain your family’s lifestyle or struggling to make ends meet. That’s why, during your 40s and 50s, it’s important to make sure your benefit amount is in sync with your current needs. The policy you purchased when you were younger might not be adequate anymore.

60+: Preserving Your Nest Egg

As you get closer to retirement, your life insurance needs will change once again. But the need for coverage remains strong. If you’ve diligently saved to build a nest egg, or you're looking forward to a financially secure retirement, you still have a lot to protect.

At this stage, your focus should be on preserving your financial legacy. Many people over 60 continue to make mortgage or rental payments, still pay for a child’s education, or even care for an elderly parent. Life insurance can be used to help pay off any outstanding debts, ensuring that they are not passed on to your loved ones. The proceeds of life insurance can also be used to pay final expenses, replace lost income (including Social Security), cover estate taxes, or to leave money to a favorite charity.

Make Sure Your Coverage Stays Up to Date

As you can see, getting the most out of life insurance means re-examining your coverage needs at different stages in your life. If you’re considering purchasing a new policy or increasing existing coverage, take advantage of your status as a MOAA member. You have access to affordable MOAA-sponsored life insurance plans at moaainsurance.com.