Insurance and Finance

Life Insurance for Every Era

By Staci Parks 4.4.24

Life insurance isn’t just for parents or older folks. It can be a critical tool at nearly any stage of life, from toddler to teen and new grad to new grandparent. While there are many life insurance myths out there, a Texas Farm Bureau Insurance Agent can answer your life insurance FAQs and clear up any misconceptions about these types of policies.

In the meantime, take a closer look at life insurance for every phase of life.


Life insurance for children has several benefits outside the typical use. Here are some of the top benefits:

  • Guaranteed future insurability. Even if your child develops a health issue later in life, they’ll have coverage. Getting a life insurance policy for your child might make sense if there are genetic medical conditions (e.g., diabetes, muscular dystrophy, etc.) in your family.
  • Lock in a low rate. Life insurance rates for a newborn are low, but they’ll increase as your child grows.
  • Earn cash value. When buying a policy for a child, “a bigger portion of the premium will go toward the cash value because the cost of insurance is low, and there’s more time for the cash value to build,” according to Forbes Advisor.

As a parent or grandparent, it’s one of the best gifts you can give your little love. Learn more about life insurance for children.

College Years

A young person’s time on a Texas college campus can be some of their most exciting and transformational. Entering college signals the transition to adulthood, which means making adult decisions. Many students pay for college with student loans, sometimes with the assistance of a cosigner. If the student passes before the debt is paid, the remaining balance could fall to the cosigner. Student loans aside, parents sometimes decide to assist with education costs by dipping into home equity credit or 401(k) loans, which could leave them in a difficult financial situation. Learn more about term life insurance, which could help cover college debt expenses.

Early Career

Life insurance seems like a future consideration when you’re first starting out in your career — especially if you aren’t married and don’t have children. But there are advantages to getting a life insurance policy in your 20s. For one, life insurance premiums are typically more affordable for younger people. If you choose permanent, or whole life, insurance, you can use it as a tax-advantaged savings mechanism. Over time, the policy’s cash value provides a way to build savings, while having insurance protection. Read our young professional’s guide to life insurance.


Once the cake’s been cut, it’s time to tackle your post-wedding insurance checklist. It’s never too early to think about estate planning — not even in that post-nuptial glow. In addition to creating a will, this is the perfect time to review your life insurance policy — or get one if you haven’t already! — and add your new spouse as a beneficiary. Your Agent can answer any questions you have about life insurance as a newly married couple.

New Parents

Becoming a parent changes everything about your life — from late-night (or early morning) diaper changes to babyproofing your home! So, it only makes sense that your life insurance needs as a new parent would shift, too. Invest in a policy that will adequately cover your growing family, should they need it. The right policy would prevent your family from draining savings or getting by on one income in your absence. Your Agent can talk over policy coverage to help you get the best fit for your needs.

Starting a Business

Starting a business is a lifelong goal for some Texans. After all, it’s the ultimate professional autonomy. While business owners have various commercial insurance needs, life insurance should be at the top. The right policy can help replace a portion of your income, shielding your family from financial turmoil. A key person insurance policy helps keep your business running should you, the co-owner, or a critical employee die.

No matter what stage of life you’re in, a 360 Review can help. You’ll get one-on-one time with your Agent and a comprehensive look at what you have — and what you need. Before you go, know what questions to ask.

© 2024 Texas Farm Bureau Insurance