According to ancient Greek philosophy, the only thing that is constant is change. This is especially true of life. We all go through different stages, each bringing new excitement and new challenges. One of the challenges is understanding our responsibilities at each stage, and making sure we plan ahead so our loved ones are protected financially throughout their lives.

Your 20s: Starting out: A lot to gain, still something to lose

You have a great job and you’re on your way. Nothing is holding you back, right? Well almost nothing—there are the college loans, the car payments, and some credit card debt. If something happened to you, would your parents or another family member be responsible to pay those debts? According to Ashley Durham of LIMRA, “63% of millennials worry about burdening loved ones if they die.” 1 Life insurance would relieve your family of a financial burden should you not be there. The best part is that the earlier you buy, the better the rate.

Your 30s: On track for success, running with responsibility

You’ve tied the knot and are starting a family. You’re working hard to achieve your financial goals. Whether you’re a family of two or six, if your paycheck were no longer available, would your family have the resources to continue their current lifestyle? This is a critical time to build life insurance into your financial plan. Life insurance can cover the mortgage, living expenses and could even go towards college tuition should you not be around.

Your 40s: Cruise control, but within limits

All the hard work has put you in the driver’s seat. The spouse and kids are the light of your life. However, do you have a little knot in your stomach when you think about what would happen if your paycheck were no longer available? According to Ms. Durham, 25% of consumers say that “the surviving members of their household would have immediate trouble paying living expenses if they were to lose the primary wage earner.”

Your 50s and beyond: Looking back, looking forward

We all remember what life was like when we were starting out. Perhaps it was that first apartment: barely any heat, the plumbing was bad and paint flaked off the ceiling. Or maybe it was the first car you bought, a junker, but one you were you proud of.

You’ve come a long way since then, and are enjoying your success. And while the memories may be charming to think about, would you or your family want to go back to those days? However, should something happen to you, just what would happen to your family? You can’t predict the future, but you can put life insurance in place that will enable your family’s lifestyle to continue after you’re gone.

No matter where you are in life, adequate life insurance should be an important part of your financial plan. At different stages, it is important to re-evaluate your financial plan, including your life insurance. A John Hancock Coverage Coach can design a free, no-obligation assessment, customized to meet your current and future goals. Contact us today.


1 Durham, A. (2016). Insurance barometer study. LIMRA. Retrieved from