Just Married and/or First-Time Homeowner
When you're young, you may not have yet built an estate, per se, but that doesn't mean you don't have assets (or debt!). Not all debt expires with death—which means you could pass it on to your loved ones. Having life insurance is a great way to help them pay off any existing debt they incur, or to pay taxes on anything that is considered taxable income in the event of your passing. If you're young and married, your life insurance benefit may even help your loved ones financially so they can take the time they need to grieve, maintain the lifestyle you've built together on just one income, or keep the house you'd just begun to make your home.
Family Planning
Planning for a family is an exciting time—and also one that takes some additional financial forethought. Raising kids is expensive: What would happen if you were unexpectedly left to raise them on just one income?
Having life insurance for both yourself and your spouse or domestic partner can bring added peace of mind that you could continue to build the future you've envisioned for your family—even if the worst should happen. The benefit payment can help any way you choose, whether that's to stay in the house your children have grown up in, help fund their future education, or even start a savings fund for their future weddings and life events.
As you plan, look into your policy's optional riders for additional protection, such as a Dependent Child rider that can provide a benefit payment if something happens to one of your children. Also make sure to choose (or update) your beneficiaries to designate your spouse, children, or trust as your family grows.
Working Years
As you grow in your career, you'll likely grow your lifestyle as well—think more dinners out, a bigger home, a nicer car. All of those upgrades depend on your income to maintain. While Life Insurance can help you provide for the people you'd leave behind, it's also important to ensure your standard of living could continue if an injury or illness prevented you from earning an income. This is where Disability Insurance comes in: It's added protection that can replace a pre-set percentage of your income while you're out of work, helping you keep living the life you've built while you focus on recovery.
Starting Your Own Firm
In addition to Professional Liability Insurance Plans that aim to protect against business risk, Life and Disability Insurance Plans are crucial components of a solid financial plan. These Plans help protect personal income and business continuity if injury or illness keeps the owner from working. The Plans work together to more comprehensively protect both the business and business owner.
Raising a Family
As you and your kids and family age, your needs may change. Even if you already have life insurance, it's a good idea to check in periodically to make sure your coverage amount fits your needs and stage in life. (Bookmark our Life Insurance Needs Estimator, which is a great place to start!)
For example, if you're a single parent, you may be your child's sole financial provider and should likely insure yourself accordingly to provide for them through their guardian. If you've divorced, some settlements require that a specific amount of life insurance coverage be maintained for a former spouse. That amount could be higher if dependent children are involved.
Families look different, so coverage likely should too.
College Fund Protection
With rising tuition costs, financial planning for college is important now more than ever, so the right insurance plan can make a big difference. To help protect those funds, the AICPA-endorsed Level Premium Term Plan can get you through this with rates that stay the same for a period of time you determine (10 or 20 years), if something unexpected happens to you.1
Planning for Retirement and Leaving a Legacy
The retirement of your dreams could be possible with the right planning, such as Life Insurance coverage that offers investment options through the Group Variable Universal Life Insurance Plan and AICPA coverage issued by The Prudential Insurance Company of America.2 As an AICPA member, you can start planning and executing your healthiest financial strategy by taking advantage of interactive tools and solutions offered through Prudential. Help make sure your family can flourish after you and your spouse are no longer around. The right life insurance can help you leave a strong financial legacy.
Conclusion
No matter what stage of life you're in, the number of children or dependents you have, or your marital status, you're working to build a life you love. Taking the time to set up life and disability insurance is an important investment in your future. If you already have coverage, consider:
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Confirm that your coverage amount matches your current needs. If you aren't sure, try our Life Insurance Needs Estimator and our Disability Insurance Needs Estimator.
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Confirm your coverage is active. If you have a term life insurance plan, take note of any applicable policy expiration dates.
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Double-check your beneficiary designation(s), including overall designations and that you have your primary and contingent beneficiaries selected
in your preferred order.
1 Rates may only change on a class-wide basis. Members up to age 55 may request a 10- or 20-year term, and those ages 56-65 may request a 10-year term.
2 Policy values will fluctuate and are subject to market risk and to possible loss of principal.
This site may contain marketing language, on products issued by The Prudential Insurance Company of America, that has not yet been approved in all states.
Products issued by The Prudential Insurance Company of America may not be available in every state.
Not for use in New Mexico.
Not for residents of New Mexico.
These materials are for informational or educational purposes. In providing these materials, Prudential (i) is not acting as your fiduciary as defined by the Employee Retirement Income Security Act of 1974, as amended, and the guidance and regulations issued by the Department of Labor and is not giving advice in a fiduciary capacity and (ii) is not undertaking to provide impartial investment advice as Prudential will receive compensation for its services/products.
Aon Insurance Services is the brand name for the brokerage and program administration operations of Affinity Insurance Services, Inc. (TX 13695) (AR 100106022); in CA & MN, AIS Affinity Insurance Agency, Inc. (CA 0795465); in OK, AIS Affinity Insurance Services Inc.; in CA, Aon Affinity Insurance Services, Inc. (CA 0G94493), Aon Direct Insurance Administrators, and Berkely Insurance Agency; and in NY, AIS Affinity Insurance Agency. Securities offered through Aon Securities LLC, Member FINRA/SIPC, 1100 Virginia Drive, Suite 250, Fort Washington, PA 19034-3278, 1-800-223-7473. The Plan Agent of the AICPA Insurance Trust is Aon Insurance Services. Aon Securities LLC and Aon Insurance Services are not affiliated with either Prudential or PIMS.
Group Variable Universal Life (GVUL) coverage is issued by The Prudential Insurance Company of America and distributed through Prudential Investment Management Services LLC (“PIMS”). Both are Prudential Financial companies, Newark, NJ.
Group Insurance coverages are issued by The Prudential Insurance Company of America, a Prudential Financial company, Newark, NJ. The Booklet-Certificate contains all details, including any policy exclusions, limitations, and restrictions, which may apply. Contract Series: 83500. CA COA #1179, NAIC #68241.
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