The truth of the matter is, they needed that life insurance 20 years ago. Now that doesn’t mean there is not a need for life insurance in a middle age couples plans. The purpose of life insurance is to protect the financial well-being of your spouse and children in the event you are no longer around to do so.
However, a young, newly married couple starting their lives together is probably in a much more vulnerable position financially (Mortgage, Children, Car or Student Loans) then that empty-nest middle aged couple who has already raised their children and paid off most of their debts.
Stop for a moment. Think about all the outstanding financial commitments you currently have. Now, do some quick math. What is your number? If it’s even a little bit scary, and there is someone or multiple someone’s in your life that could find themselves responsible for your number, life insurance should have just made its way to the top of your priorities list.
I’m sorry for continuing to fuel your anxiety attack, but here are a couple of questions to consider. Do you have children? If so, how much do you spend on them a year? What about college? How much is your spouses annual income? Will he or she still be able to work those hours and take care of your family if you are no longer around to help out? Can your spouse afford to keep your family in the home you built together? Alright, I think you get my point. I will stop the train of despair there for now. However, as you can see, the scope of your absence is much wider then you probably ever imagined.
This is not an exercises in how to inflict panic via blogging. It is simply an important step in realizing how to appropriately protect your family. If you want some good news after all that, life insurance is almost always cheaper the earlier you buy it. Also, keep in mind that if you ever run into a serious or semi serious health problem you may not be able purchase life insurance after that. If you can, it will be much more expensive. I know, this was suppose to be the good news section.
Bottom line: Will the need still exist for life insurance when you become that middle aged married couple? Sure. It just probably won’t be as great.
Life insurance will never replace your spouse or the role they fill in your life, but it will make a lot of things a lot easier if the worst were to happen.