We all know we need life insurance, but coverage depends on a variety of factors; most notably, age.

Here's 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 shouldn't be. In fact, it's important to have life insurance if you've

• 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 mortgage

And guess what? Life insurance when you’re young and healthy is less expensive, and can ensure that you benefit from a lower premium.

In your 30s...

When you've hit your 30s, you've likely had some major life milestones: purchased a house, had a few promotions or switched careers, gotten married or had kids. As such, it's more important than ever to make sure you have a life insurance policy that reflects these changes:

• Have a new job? Job changes generally come with salary changes - so your policy will need to reflect your current salary.
• Had children? Kids change everything, and you'll want to make sure your kids are protected should something happen. Life insurance can cover funeral costs and provide income to pay expenses after you’re gone.
• Buying a home: Buying a home is huge investment. If something should happen, it's important to ensure your family can stay in their home.

In your 40s...

In your 40s, you're likely well established in your career... and your insurance needs to be in step with your current salary. However, you might also need to adjust because some of your expenses will have decreased: home mortgages, car payments, student loans and other debt might be paid off at this point.

In your 50s and up...

By this point, you're likely looking toward retirement - and perhaps an empty-nester.  Debts are likely paid off, making you more financially independent. However, on the other hand, there may be health issues or illness that's caused expenses and cost of living to increase. As such, it's definitely important to speak to your agent regarding you and your family's situation.

Whatever your age, it's always a good idea to sit down with your insurance agent to evaluate your individual needs.

Photo credit: Flickr/toufeeq hussain

Sources: AARP, Health Insurance for Older Adults | Consumer Reports, 4 Insurance Mistakes to Avoid | Farm Bureau Financial Insurance, Life Insurance Coverage

by Decade