Life Insurance Awareness Month Week 2: How to Determine the Right Life Insurance Coverage for Your Life Stage

Your needs evolve. So should your coverage.

Disclaimer: This content is for informational purposes only and should not be considered personalized financial advice. Please consult a licensed professional before making any decisions.

Life Insurance Isn’t One-Size-Fits-All

Choosing the right life insurance coverage isn’t just about picking a number — it’s about aligning with your life stage, goals, and financial responsibilities. Whether you’re just starting out or planning your legacy, your coverage should reflect where you are today and where you’re headed tomorrow.

Life Stage Snapshot: What to Consider

👤 Young Professionals & Singles

• Coverage Goal: Income replacement, student loan co-signers, final expenses

• Why It Matters: Locking in lower premiums while healthy can be cost-effective

• Tip: Even modest coverage can help support loved ones when facing unexpected financial burdens

👨‍👩‍👧‍👦 Young Families

• Coverage Goal: Income replacement, mortgage payoff, education funding

• Why It Matters: Your family depends on your income — life insurance helps support their lifestyle

• Tip: Consider term coverage that aligns with major milestones (e.g., 20 years until kids finish college)

🏢 Business Owners & Entrepreneurs

• Coverage Goal: Key person replacement, business continuity, buy-sell agreements

• Why It Matters: Life insurance can help your business and partners manage financial risk

• Tip: Review both personal and business coverage needs with a licensed advisor

👴 Pre-Retirees & Retirees

• Coverage Goal: Estate planning, charitable giving, final expenses

• Why It Matters: Life insurance can help transfer wealth efficiently and cover end-of-life costs

• Tip: Permanent policies may offer legacy benefits, but suitability depends on your full financial picture

Coverage Isn’t Static — It Should Evolve

Major life events often signal the need for a coverage review. Ask yourself:

• Have I recently married, divorced, or had children?

• Has my income or debt level changed?

• Have I started or sold a business?

• Are my beneficiaries still accurate?

If you answered “yes” to any of these, it may be time to revisit your policy.

How Much Is Enough?

While there’s no universal formula, many professionals suggest starting with:

• 10–15x your annual income

• Plus: outstanding debts, future education costs, and final expenses

• Minus: existing savings and assets

A personalized review can help refine this estimate based on your goals.

Next Steps

Life insurance is more than a policy — it’s a plan for peace of mind. If you haven’t reviewed your coverage recently, now’s the time.

📅 Schedule a Complimentary Coverage Review

We’ll walk through your current life stage, financial goals, and potential gaps — no pressure, just clarity.

Final Thought: The right coverage isn’t just about shielding what you’ve built — it’s about ensuring your loved ones can move forward with confidence, no matter what life brings.

Investment advisory services offered through Redhawk Wealth Advisors, Inc., an SEC

Registered Investment Advisor. SEC Registration does not imply any level of skill or

understanding. Redhawk Wealth Advisors and Patten Financial Group are unaffiliated and

separate legal entities.