Who Needs Life Insurance? Everyone. Coverage Needs for Different Stages in Life.

Think life insurance sales are only applicable to a limited demographic? Think again. People need life insurance at all stages in life. Life insurance covers mortgage expenses, a portion of income, children’s education costs, and emergency and funeral expenses for a deceased person.

Of course, different types of customers have different needs in terms of life insurance, and it can be useful to develop targeted marketing campaigns that speak to these different needs. Here are a few of the target markets for life insurance—and a look at their motivations.

Childless couples who own property together. Young couples without children generally do not need to buy high levels of life insurance—that is, until they start owning property together or having children. Once that happens, life insurance is essential to make sure the surviving spouse is covered.

It’s easy to ignore young couples without children when selling life insurance, but homeownership is a good predictor of the need. Many couples can easily pay a mortgage together on two incomes, but if one spouse passes away, paying the mortgage can be a struggle for the surviving spouse. Life insurance can be crucial in helping surviving spouses keep their homes.

Couples with children. Once a couple has children, life insurance is crucial. Life insurance covers the children’s education costs as well as replacing critical income that can be invaluable in helping a surviving spouse support the family.

Divorced individuals. Divorced people may or may not end up with the house and the kids. But even those who don’t end up owning property or having custody will need life insurance, and will need to take a second look at an older life insurance policy that may have been bought when the family was together. Divorced people still need to make sure they provide for children and have money to pay for funeral expenses after their deaths.

Retirees. New retirees may not need high levels of life insurance, but they still need it—especially if there are older dependent children or a spouse that would be left behind in the event of a retiree’s death.

Life insurance is important for people in many different life stages, ages, and marital situations. When developing a marketing or advertising strategy for life insurance, consider casting a wide net—and targeting different marketing initiatives to the needs of the many different demographics who need this type of insurance.

Want to learn more about life insurance? Check out our insurance continuing education courses here.

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