There's a common misconception that only older folks need life insurance. Any legal adult can benefit from the protections offered by a life insurance policy, which pays a designated beneficiary a specific sum upon the death of the policyholder. Below are a few life events that typically signal the need for this type of protection.

You Have a Long-Term Partner, Are Engaged, or Are Newly Married

Consider for a moment what would happen if you or your partner unexpectedly passed away. The household would be out an income, which could have serious effects on the surviving partner's financial well-being. If you're recently engaged or married, now is the time to buy a life insurance policy to help protect your spouse. A nonmarried partner can also be named a beneficiary if insurable interest exists; this means that the couple has verifiable proof of jointly owned assets or debts.

You're Starting a Family

If the sudden death of a partner is financially perilous for the surviving spouse, it can be downright devastating for the children. It's no secret that it costs a lot of money to raise a child and saddling one spouse with all this burden can make it hard for them to meet the daily expenses of child-rearing. No parent wants to see their child do without the things they need and want. If you're starting a family or planning on starting one, have a life insurance plan to ensure your kids are looked after.

You're Approaching Retirement

People are living longer than they have at any other point in history. It's not inconceivable for one spouse to outlive another by many years, even decades. Life insurance can provide much-needed financial support after the death of a spouse. This support can be used to pay for healthcare, which only gets more complicated with age; to replace the lost income, pension, or retirement benefits of the deceased spouse; and to maintain the surviving spouse's standard of living.

When you're in the market for life insurance, contact Farmers Insurance - Andrew Chao. Serving the St. Louis County, MO, region, Andrew is a trusted insurance agent with years of experience and a variety of policies to suit all needs and budgets. From life, home, and auto insurance to business and liability policies, he has the solutions you need for maximum peace of mind. Call (314) 300-7690 to request a life insurance quote or see tips and advice on Facebook.