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Scenario 1: I would consider getting term life insurance, since I'm just starting out. Plus I'll be getting my first job, I'll need the insurance to pay off any student loans/debt I have.
Scenario 2: I would consider getting long term life insurance because I have kids and I'm getting older. This means I'm more at risk and since I bring in a lot of income, I don't want my family to be affected by the loss of it. Insurance will have them live comfortably.
Scenario 3: I would get Long Term Life insurance, with maybe disability insurance since I'm retired and my children are out of the house

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When should you get this?
-If you develop a chronic illness or become disabled and can no longer care for yourself for an extended period of time, you’ll need long-term care services.
What types of care are covered?
- Skilled
- Intermediate
- Custodial

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In the event you sustain a disabling injury or illness, there are several sources of disability benefits you might be able to tap into, including from the government and your employer.

Worker's Compensation- If you’re employed and you suffer a disabling illness or injury that is work related, you might be able to count this to replace some of your salary

State Disability Programs- In some states, they provide short-term disability coverage, typically for up to six months, which workers pay for through a payroll deduction.

Social Security- The federal government administers a disability insurance program that covers most workers

Employer Sponsored Coverage- The main source of disability income protection is provided or sponsored by employers.

Individual Disability Insurance- The most flexible and reliable source of coverage is an individual disability insurance policy that you purchase on your own. A privately owned policy is portable, meaning you won’t have to worry about losing coverage if you change jobs.

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- Are retired and no longer working  (If you can live off of your assets you can safely drop your coverage as you can rely on your own resources to live.)
- If you have had an adverse change in health (f it has been a few years since you initially purchased your policy, your new policy may be more expensive since you are now older. consider replacing your insurance)
- Fixed monthly expenses are less (Once you are in a position where your fixed monthly expenses are less such as paying off a mortgage or student loans or your kids are out of the house, it may be time to reevaluate how much monthly benefit you need.)

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Events or life changes that will cause you to evaluate/re-evaluate your disability needs:
- Married, dependent grown adult children, etc.. (Just as it is prudent to increase your deductibles on your insurance to reduce fixed monthly costs as you are able to absorb more out of pocket expenses, you may be able to reduce the fixed cost of your disability insurance as your needs change.)
- You are financially independent and are no longer dependent on your income (Your disability policy is critical to keep as long as you are dependent on your income. As long as you are working and relying on this working income to pay your bills, you need to make sure that important working income is protected. Once you reach a state where you are financially independent and are no longer dependent on your income, you can consider dropping your coverage.)

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- Taken on a significant amount of debt (The original reason you might have taken out your life insurance policy was to provide for your dependents if you were to pass on. But debt that you take on can become their burden in the event of your death. For that reason, if you take out a mortgage or a student loan, you'll want to consider whether you should increase your coverage accordingly.)
- Paying off your mortgage (An example can be if you bought a home and took out a 30-year mortgage on it, and also purchased an accompanying 30-year term life insurance policy so your family would be able to pay off the debt if you died.)
- Preparing for retirement (as you get older, the risks of dying increases. reviewing life insurance is essential)

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- Having a child (Reviewing your life insurance is important when you become a parent, as it is one way you can ensure that your child is financially protected if you can’t be there.)
- Changing jobs (When you change jobs or even careers, you should take the time to review your coverage. Your ability to earn an income is one of your biggest assets. Life insurance is one way you can replace your current earnings and give your loved ones one less thing to worry about)
- Buying a house (If you were to pass away, having the right life insurance coverage can provide the financial support that would let your family pay off the mortgage.)

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- Single and just starting out? Consider term life insurance.
*Term life provides coverage for a certain time period, can also be known as pure life insurance because its designed to only protect your dependents in case you die prematurely.
- Married? Have children? Consider whole life insurance.
*When you're no longer single, these needs change and you should be looking to whole life insurance, which will be further explained later on, along with term life insurance.

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- Retirement? Here's what may change:
- Car insurance
*Telling your insurance that you are no longer commuting may reduce your car insurance rates
- Home insurance
*Find out if your homeowners insurance company offers discounts to retirees.
- LIFE INSURANCE
*If your death would hurt someone financially, consider a permanent policy, such as whole life insurance, to cover funeral and other final expenses
- What is your human life worth? The human life value calculator below helps you assess the financial loss your family would incur if you were to die today.
https://www.lifehappens.org/insurance-calculators/calculate-human-life-value/

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~Life insurance is a serious thing to consider and may be a necessity~

Here are some life events you you need to consider when evaluating and re-evaluating your life insurance needs:
-Getting your first job. (When you begin work and review your benefits options, check to see if your employer offers you life insurance coverage. Life insurance is especially important if you have debt to pay, including student loans, credit card bills, and car payments.)
- Getting married (Tying the knot is a perfect time to review not only your own life insurance coverage but also your spouse's or domestic partner’s coverage too, especially if your job is the main source of income)

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Who needs it?
-If you have a job, you most likely need it.
- A three in 10 chance of suffering a disability  (You actually have a three in 10 chance of suffering a disability that keeps you out of work for 90 days or longer at some point during your working career. Keep in mind that 90% of disabilities are caused by illnesses not accidents.)