When Should You Buy Life Insurance (and When Might You Not Need It)?

Life insurance is one of those things people know they should think about—but often don’t until a major life event happens. It can be a smart financial tool, but it's not one-size-fits-all. Here's a quick guide on when buying life insurance makes sense—and when it might not.

✅ When You Should Buy Life Insurance:

1. You Have Dependents
If someone relies on your income—like a spouse, children, or aging parents—life insurance provides financial protection for them if something happens to you.

2. You're Married or Have a Mortgage
Your partner may be left with financial obligations like a mortgage, car payments, or other debts. Life insurance helps cover those costs.

3. You're a Stay-at-Home Parent
Even without a paycheck, your role has financial value. Life insurance can help cover the cost of child care and household needs if you’re no longer there.

4. You Own a Business
Life insurance can help protect business continuity and support succession planning or repay business debts.

5. You Want to Lock in a Low Rate
Life insurance premiums are lower when you're young and healthy. Buying early can save you money in the long run.

❌ When You Might Not Need Life Insurance:

1. You Have No Financial Dependents
If no one would face a financial burden if you passed away, life insurance may not be necessary.

2. You Have Significant Savings or Investments
If your assets are enough to cover end-of-life expenses, debts, and provide for loved ones, additional coverage may be optional.

3. You’re Older and Past Major Financial Obligations
If your mortgage is paid off and your children are financially independent, your need for life insurance may have passed—unless you're planning for estate or funeral expenses.

🧭 Still Not Sure? We Can Help.

Life insurance isn’t about fear—it’s about planning ahead with peace of mind. At Valora Benefits Group, we’ll help you decide whether you need coverage, what kind, and how much. No pressure—just honest guidance.

📞 Call us at (616) 287-3223 or book a free consultation to talk through your options.