Alabama life insurance should be purchased in stages that coincide with the stages in your life. Most young single people do not have a lot of responsibility, and do not require a lot of life insurance. As people age, have families and more responsibilities, their life insurance needs will increase and eventually peak. Senior citizens, whose children are grown and living on their own, might decrease their life insurance coverage accordingly.
A young person who has no children and is not financially responsible for others may need only enough life insurance to cover funeral expenses, and outstanding loans on assets they would want to pass on. Married people who have no children may need enough life insurance to cover funeral expenses and any bills and expenses that the surviving spouse could not handle alone.
The greatest life insurance need probably lies with married people with children. Whether a two-income or a one-income household, both would most likely depend on life insurance benefits to cope with the loss of a partner. Children bring great joy, but also many expenses, from diapers to college.
Once your children are grown and self-sufficient, your life insurance benefits could be decreased. If you are retired and comfortable with your retirement savings or pension, you only need enough for a cushion for the surviving spouse or to help surviving children pay any inheritance tax and burial costs. Whatever stage you are in life, your Alabama life insurance agent should be able to help you decide how much life insurance (and the type of policy) to purchase.