Most people rarely think about needing life insurance—especially while they’re young, healthy, or just getting started in life. But life insurance isn’t just for parents, homeowners, or high earners. It’s one of the few types of coverage that everyone should consider, no matter their age, marital status, or income level.
Think about it this way—if something happened to you tomorrow, would someone else be left with your financial obligations? Would they be responsible for covering your final expenses, like funeral costs or medical bills? Would your family struggle to pay the mortgage, keep up with daily living expenses, or afford future costs like college tuition?
That’s where life insurance coverage comes in. It provides a financial safety net for the people you love most. And the sooner you buy life insurance, the more affordable and accessible it tends to be.
Do I Need Life Insurance?
As an independent insurance agency, we believe that every household should have some form of life insurance. Why? Because no matter who you are, your passing will leave behind responsibilities—whether that’s loved ones who depend on you, unpaid bills, or even just your final expenses.
Life insurance is designed to lift that burden. It ensures your family can grieve without also worrying about how to pay the mortgage, cover living expenses, or make ends meet. The right policy can help with income replacement, debt repayment, and even long-term goals like college or retirement for those you leave behind.
And it’s not just about those who earn a paycheck. Stay-at-home parents contribute immensely to the household. If they were no longer there, families might need to cover the cost of childcare, meal preparation, housekeeping, and more. Life insurance provides the means to hire help and maintain stability after a loss.
Unfortunately, many people delay purchasing life insurance, thinking they have time. But death doesn’t wait until it’s convenient. While that may sound harsh, it’s simply a reminder that the best time to plan is before you need it. Buying life insurance early not only provides peace of mind—it also locks in lower premiums while you’re young and healthy.
Types of Life Insurance
Not all life insurance policies are created equal. Choosing the right type of life insurance depends on your financial goals, your family’s needs, and how long you want the coverage to last.
Here are the two main types of life insurance to consider:
Term Life Insurance
This is the most affordable and straightforward option for most people. Term life insurance provides coverage for a set period—typically 10, 20, or 30 years. If you pass away during that number of years, your beneficiaries receive the full payout.
Because it’s designed to cover a specific time frame, term policies usually offer higher coverage at a lower cost.
Permanent Life Insurance
Unlike term life, permanent life insurance lasts your entire lifetime—as long as you continue to pay the premiums. These policies often include a cash value component that can grow over time, acting as a type of savings or investment tool.
Within permanent policies, there are also subtypes such as whole life, universal life, and variable life insurance, each with different features and benefits.
Not sure which one is right for you? An independent agent can help compare your options and find the best fit for your budget and goals.
What Does Life Insurance Cover?
Life insurance provides a tax-free lump sum payment that your beneficiaries can use however they need. Every family is different, and the flexibility of life insurance coverage allows your loved ones to focus on healing—not finances.
Common uses include:
- Final expenses
- Income replacement
- Mortgage payment
- Living expenses
- Debt
- College tuition
- Future expenses
- Savings or investments
- Emergency funds
- Travel or entertainment
- Job retraining or education
Whether your goal is to pay off the house, fund college costs, or simply give your family breathing room, life insurance gives them options when they need it most.
How Much Life Insurance Do I Need?
Once you’ve decided to buy life insurance, the next big question is: How much coverage is enough?
The goal is to leave behind enough to cover both immediate needs and long-term financial obligations—without overpaying for coverage you don’t need.
A life insurance needs analysis can help you calculate the amount that makes sense for your situation. One popular method is the DIME formula, which considers debt, income, mortgage, and education:
- Debt: credit cards, car loans, personal loans
- Income: number of years your family will need income replacement
- Mortgage: the remaining balance on your home loan
- Education: future college costs for your children
Another approach is to multiply your annual income by a set number (usually 10 to 15) to get a rough estimate. This helps account for living expenses, inflation, and future expenses like weddings or healthcare.
Remember: you’re not just covering today’s bills—you’re protecting your family’s entire future. The right life insurance to cover your unique needs will bring peace of mind that lasts.
How Much Does Life Insurance Cost?
Many people assume life insurance is expensive—but the reality might surprise you. In most cases, it’s far more affordable than you think.
For example, a healthy 30-year-old in Florida can often get a 20-year term life insurance policy worth $500,000 for under $20 per month. That’s less than the cost of a few streaming subscriptions or a weekly coffee habit.
Several factors affect your premium, including:
- Age
- Health and medical history
- Tobacco use
- Type of life insurance (term vs. permanent)
- Coverage amount
- Term length (for term life policies)
The earlier you buy life insurance, the more affordable it usually is. Waiting until health issues arise—or until you’re older—is possible, but it can significantly increase your premiums or limit your options.
How To Buy Life Insurance
When it comes to purchasing life insurance, who you work with can make all the difference. And the best way to buy life insurance is through an independent insurance agency.
Unlike agents who represent a single life insurance company, independent agents have access to policies from a variety of carriers. This allows them to compare different options and tailor coverage to fit an individual’s specific financial needs, family situation, and long-term goals.
Independent agents can also offer guidance on choosing the right type of life insurance, determining an appropriate coverage amount, and finding a policy that balances protection with affordability. Because they aren’t tied to one provider, their recommendations are based on what’s best for the client—not a sales quota.
For anyone looking to buy life insurance with confidence and clarity, working with an independent agency provides the greatest flexibility, transparency, and value.
Protect What Matters Most
Life insurance isn’t just a policy—it’s a promise that your loved ones won’t have to face financial hardship while dealing with emotional loss. Whether it’s covering final expenses, replacing lost income, paying off debt, or securing a child’s college tuition, life insurance offers stability when your family needs it most.
And the truth is, none of us know what the future holds. That’s why the best time to plan is now—while coverage is affordable and your options are wide open.
If you’re ready to explore your life insurance options, the team at Darr Schackow Insurance is here to help. As an independent agency, they’ll walk you through your choices, compare quotes from trusted life insurance companies, and help you find coverage that gives you real peace of mind.
Contact Darr Schackow today to get started on a policy that protects what matters most.