Life insurance is essential, no matter how young or old you are. ​

And for millennials, buying now may be a smart move because it’s cheaper to buy a life insurance policy when you’re young and healthy. This kind of insurance can help your family cover unexpected costs in your absence, including student loan debt or a mortgage, in addition to end-of-life costs. And if you have children, a life insurance policy can also support their education or childcare expenses.

To some degree the need for life cover decreases as we get older.

• Hopefully the amount we owe in relation to the value of our assets is lower
• Hopefully our children become financially independent (maybe even leave home!!)

If the above is the case then the need for Life Insurance may have reduced. There’s still a need to cover final expenses and funeral costs on death.
(Of course, if you own a business, you may still be borrowing even in semi-retirement, in that case the need for life cover remains.)
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handy tip

One strategy is to have what is known as a level premium on at least some of your life cover. This means you pay a bit more now, but the premium remains the same and does not increase each year, right through to the age you have chosen.
You can have level premium right though to age 100 if you want! (Most people choose say, age 80, as the longer the term the higher the overall cost).