We all know we need life insurance, but coverage depends on a variety of factors; most notably, age. Heres a breakdown of life insurance coverage by age: In your 20s... Life insurance may be the furthest thing in your mind during your 20s, but it shouldnt be. In fact, its important to have life insurance if youve have had kids gotten married provide financial support to a parent and/or spouse have private debt, such as with student loans, a car or ...