“If you take out a private student loan … and that loan is co-signed by a parent and is not discharged upon your death, then you need some life insurance to cover the loan,” said certified financial planner David J. Haas, owner of Cereus Financial in Franklin Lakes, New Jersey.

He stated that the term life option would work best for the loan’s life, as the emergency is only temporary.

According to Sean M. Pearson CFP, Associate Vice President at Ameriprise Financial, Conshohocken (PA), “If you’re working, it almost certain that you need disability insurance.” Although most large employers provide it as an employee benefit, that doesn’t mean you don’t have enough.

He stated that it’s crucial to fully understand the coverage. Some plans may provide coverage for total disability. This is when the worker becomes permanently disabled from the job. Others may limit their coverage to a specific task or require fewer hours.

Pearson stated that if you earn $100,000 per annum before an illness or injury, but you have lost your ability to work, it could mean you won’t be eligible for insurance.

Making a marriage and having a family can be difficult, according to Robert Fragasso (CEO of Fragasso Financial Advisors) in Pittsburgh.

“Term life insurance will be suitable until you pay off your mortgage and have two incomes. This is because it covers the cost of saving money to go to college. Permanent insurance is recommended for obligations that will arise after your death, including support for disabled children, business buyouts, and death taxes.

According to Cereus Financial’s Haas, long-term disability insurance can be overlooked in this stage.

It is important that you’re younger because you can earn a lifetime, which may be endangered if your disability occurs,” he stated.

Pearson suggested that you look at “porting”, or taking with you your disability insurance, when you go on leave to care of a family member or child. He noted that if a parent who is staying at home wants to go back to work, but suffers from a medical condition while being a caregiver, the person might not be able to do so as fast or as efficiently as expected.

Pearson explained that Pre-retirement should be used to prepare for retirement in case of chronic illness.

There are many options [at that age] … that may be less expensive if you plan early,” he added. “Early” could refer to a couple that doesn’t have plans on having children, but who has extra cash after retiring savings. [in their]He said that the late 50s are when most education costs have been paid off.”