The Value of Life Insurance in your 40s, 50s, and 60s
Do you currently have life insurance coverage? If not, you should consider getting it. With life spans increasing, it has become more important than ever. According to data from the National Center for Health Statistics, average life expectancy for men and women in the United States is into the late 70s, an increase of more than five years since 1980.1 This means more people have two to three decades of a working career left when they hit their 40s.
It’s also a fact that most adult’s finances get more complicated as they enter middle age. Middle aged adults tend to have families that depend on them and a significant number of assets that may need protection in the future. So, putting financial plans into action in your 40s—or even your 50s or later—is not too late, given the increase in average longevity.
The most common reasons to buy life insurance in middle age are to make sure not to pass debts or mortgage costs to loved ones, to ensure that children are provided for, and to continue or renew policies started in the younger years. In your 40s and 50s, life insurance needs can look a lot different than other phases of life. It’s time to see how your financial needs have changed and to re-evaluate what types of plans can best protect your loved ones. A common type of life insurance for people in their 40s and 50s, and even 60s, is term life insurance.
Another important point is that adults get married and start families much later in life and you may have dependents into your 60s.
Why obtain or increase your life insurance in your 40s, 50s, and 60s:
- Protecting your family’s financial future. If you are a primary income earner, life insurance ensures your family’s financial stability in case of your unexpected passing. The payout can help replace lost income, cover daily living expenses, and provide for long-term needs like education and spousal support. Financially dependent children or grandchildren can benefit from your coverage.
- You want to protect your existing assets. Your paycheck is a valued asset and most adults are still working in their 40s, 50s, and even 60s. Should something happen to you, can your dependents survive and live the same way without your income?
- Covering final expenses and outstanding debts. Life insurance can cover funeral costs, medical bills, mortgages, and other debts, preventing your family from being burdened during a difficult time.
- Addressing evolving financial needs: Many individuals in their 40s, 50s, and 60s are still paying off mortgages, supporting adult children or aging parents, or saving for a child’s college tuition. Life insurance can provide a safety net for these ongoing financial obligations.
- You want to leave a legacy. You can use your life insurance coverage to to create a fund for a specific need, charity, and more.
In short, your 40s, 50s, and 60s represent a time of continued financial responsibilities and an ideal opportunity to review and secure adequate life insurance to protect your family’s financial future.
Key Features of Sun Life’s Group Term Life InsuranceFootnotes, Additional Details & Disclaimers
1National Center for Health Statistics
Group life and disability insurance policies are underwritten by Sun Life and Health Insurance Company (U.S.) (Lansing, MI) under Policy Form Series 15-GP-01, 13-GP-LF-01, 13-LF-C-01, 12-GPPort-P-01, 13-LFPort-C-01, 15-LF-GP-01, 15-LF-C-01, 12-GPPort-P-01, 15-LFPort-C-01, 13-GP-LH-01, 13-ADD-C-01, 12-DI-C-01, 16-DI-C-01, 13-LTD-C-01, 13-STD-C-01, 06P-NY-DBL, 12-GPPort-01, and 12-STDPort-C-01.
©2025 Sun Life Assurance Company of Canada, Wellesley Hills, MA 02481. All rights reserved. The Sun Life name and logo are registered trademarks of Sun Life Assurance Company of Canada. Visit us at sunlife.com/us.
