As unpredictable as life is, the one thing you can control is how you protect your assets. Most people either have life insurance or they know they need it. If you fall into the latter, do you know what type of policy you need and how much? There are life insurance policies for young adults, middle-aged adults, and retirees. here is buyer’s guide life insurance

Everyone’s situation is going to be different, but everyone is eventually going to die. What’s important for you is to make sure you’re thinking about how your death will affect the people around you, and what steps you need to be taking to keep them protected.

Life insurance is crucial to protecting the people in your life, and you, in the event of your premature death. The best way to get life insurance is to fully understand what goes into the different types of policies so you can be confident that you’re getting exactly what you need.

Don’t get caught up in the myth that you don’t need life insurance yet either. It’s something that everyone needs. Life is unpredictable, and being prepared is always the better option. The benefits that come with a life insurance policy can give you an advantage no matter how old you are.

What Are the Benefits of a Life Insurance Policy?

Your life insurance policy needs to match the situation you’re currently in. It doesn’t matter if you’re 25 or 55, a life insurance policy is still going to benefit you and the people closest to you.

Life insurance for young adults can help cover debt that you brought into a new marriage, your first home, and student loans. Your policy can manage the new responsibilities and expenses you’ll face in this stage of life. You won’t need as much coverage as you will when you’re older, but a basic plan is a great place to start.

Your student loans are the first major debt you’ll likely take on, and if you pass suddenly, that responsibility doesn’t just go away. With a life insurance policy, you can make sure that your financial responsibilities won’t become a burden to another person in your life. Even if you’re single, these expenses still need to be considered. In the example of student loans, whoever your cosigner is will likely take on your debt in the event of your death, which could put them in a tough spot.

For adults, life insurance becomes more significant. At this point in your life you have more financial assets to consider, and potentially a family that would have to take on significant financial responsibilities that they may be unprepared for. If you’re the head of the household, your family’s risk is even higher because they’ll be losing a large source of income.

You’re also going to be looking for more coverage. Your mortgage and your kids’ education are two things that will likely drive up the amount of coverage you need. However, if these things are already paid off, you won’t need as much.

As you get older and approach retirement, it’s important to remember that your employer’s life insurance policy will expire once you’re no longer an employee, which will leave you at risk.

Once you’re retired, this is when life insurance becomes the most prevalent. You may have had life insurance as part of your benefits package at your job, but once you’re no longer working, you can’t just let this coverage fall off your radar. You’ll need to get a new policy and update your beneficiaries if need be. Better yet, if you followed the advice and secured life insurance when you were a young adult, you may have all the coverage you need. And at a cost far below what you’d pay when trying to purchase a new life insurance policy at retirement age.

You may also want to look into a final expense policy. It covers more than just funeral and burial costs.  Often, debt and ongoing monthly expenses can be covered. This policy can also cover probate and other estate administration costs and medical expenses not already covered by health insurance.

Buyer’s Guide Life Insurance & Overview of Type of Plans

Life insurance for young adults differs from a policy for older, retired adults because you’ll need less coverage, and your amount of risk isn’t as high. For young adults, a term life insurance policy is usually the better choice because it’s designed for premature death. Term life insurance is coverage that is in effect for a set period time; typically anywhere from 5 to 30 years.

This policy is a more affordable option, and you choose the period that it’s in effect when you purchase your policy. The best way to decide your time period is to plan the end date for when your family no longer needs it anymore, i.e., your kids have moved out, you’ve paid off your house, etc.

If you’re looking for a policy without a hard end date, whole life insurance is another type of policy you can obtain, and it covers you throughout the entirety of your life. This option is for older adults who are looking for proper death benefits for their loved ones. These policies are permanent, and the rates never increase.

Finally, there is a blend of the two. This mix of term and whole life insurance is designed to give you the best of both worlds. A blended policy brings together the advantages of each and allows you to take care of your debts and the people you love all in one policy.

Do Young Adults Need Life Insurance?

As you start to take on the “real world” and more responsibilities, insurance is one of the things that young adults will need to start looking for, and life insurance shouldn’t be ignored. At this point in life, you’re likely paying bills, managing student loan debt, and moving from an apartment to a house.  While these are all time-consuming and you’re working daily to figure things out, you still need to consider what would be left behind if you’re loved ones face your premature death.

Life insurance is affordable; a term life insurance policy could easily cost less than $50 a month with the amount and duration of coverage you choose. It’s even possible to get coverage online — you aren’t even required to speak to anyone on the phone, and you can get a quote and the coverage you need in minutes.

It’s easier than ever to get life insurance coverage, so you can’t use the excuse that you’re too busy. Even if you’re single and don’t have a family or business to think about, the best time to get a life insurance policy is when you’re younger because it can cost less that it would years later when you’re older.

Understand Your Policy: What Factors Affect Life Insurance Premiums?

As you age, your life insurance policy impacts several major events that people may experience. From marriage to buying a home to death, your life insurance policy can ensure that no matter how things change, you’ll be able to have confidence that no one will succumb to the burden of your financial responsibilities after your passing.

When you get married, you’re also giving the responsibility of your death to your partner. If you were to pass suddenly, would they be able to handle the costs of a funeral? Life insurance can alleviate this concern.

Events like this impact your coverage because you may need to add more to be sure that you have the right death benefit for your loved ones. As people move in and out of your life, it might also be important to change the beneficiary so the right person will receive a payout after your passing.

The further you move through life, the more you’ll have to consider in regards to financial responsibilities. If you already have coverage through your employer, that’s great, but you still need to consider the potential pitfalls.  For example, if the only life insurance coverage you have is provided by your employer, and you work there for 20 years, then decide to quit, retire or find another job, that life insurance goes away.  You now have several potential challenges:

  • You’re 20 years older, so at the very least, obtaining life insurance coverage on your own is going to be more expensive
  • If your health condition changed over that 20-year period of time (perhaps you had a battle with cancer, an open heart surgery, etc.), you might not even be in a position to qualify for your own life insurance policy

The reality is, even if you have life insurance provided through your employer, you really should consider supplementing this with your own life insurance policy that you own, and can control the amount of coverage you want in addition to the time period you want and need the coverage to be in effect.

Life insurance for young adults is a good policy to have under your belt as you transition into the next phase of your life. At a younger age, things change more frequently, and life insurance will make sure you’re protected whether you’re paying rent or a mortgage. Once you’re older, you’ll be able to make choices with confidence knowing you’ve protected your finances in the event of your death. What’s most important to remember is that you’ll be protecting your loved ones as much as yourself. Looking out for them is already your top priority, so eliminate worries about the future with an adequate life insurance policy.

Tom Simon

Tom Simon

Chairman of the Board

Tom has worked in the insurance industry since 1977 holding numerous positions from Account Executive and Agency Manager, President to his current role. He combines his unique ability of thinking differently with his wealth of insurance and business experience to propel CoverLink to new levels of success.

In his spare time, he enjoys spending time with his family, especially his grandkids. In addition, he’s also an avid woodsman… yes, you read that correctly. He can often be found yelling “timber” or just splitting firewood for family and friends.

 

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Matt Simon

President

Prior to joining the team at CoverLink in 2006, Matt worked as an Underwriter with a multi-state insurance company located in Columbus, Ohio. Matt is a Certified Insurance Counselor (CIC) and Chartered Property and Casualty Underwriter (CPCU), having successfully completed the rigorous coursework and exams to earn these designations.

He also serves on the Board of Directors for the Ohio Insurance Agents Association and the Associated Risk Managers of Ohio, in addition to volunteering his time to multiple other community and industry organizations.

In 2013, Matt was awarded and recognized as the National Young Insurance Agent of the Year, and in 2019 he was recognized as the Insurance Advisor of the year by Finance Monthly.

 

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Gina Loehr

Gina Loehr

Senior Account Manager

Gina oversees the Commercial Lines division at CoverLink, which is responsible for managing the business insurance needs for clients.

She has worked in the insurance industry since 1980, beginning as a Commercial Underwriter with a regional company located in Springfield, Ohio.

In 1984, she earned her Certificate in General Insurance, and in 1995, her Accredited Advisor of Insurance designation.

In her spare time, she enjoys spending time with her family, including four grandkids, and biking.

 

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Kyle Carper

Account Manager

Kyle joined the CoverLink team in 2018 as in intern when he was a junior in high school. Shortly after, he began studying to obtain his insurance license, which he passed in 2020 and joined our Personal Lines division.

Kyle helps individuals and families with their home, auto, umbrella and other personal insurance needs, which he thoroughly enjoys.

In his spare time, he enjoys spending time with the ones he loves, watching sports and playing video games.

 

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Tim O’Rielley

Senior Insurance Advisor

Tim works with individuals, families and businesses to design insurance policies perfectly suited to their specific needs.

He has been working in the insurance industry, and with CoverLink, since 1993. As a lifelong resident of Logan County, he’s been involved with a number of community organizations, often taking the leadership role such as President of the Chamber of Commerce, and the United Way.

He’s often found spending as much time as possible with his two daughters, and his grandkids

 

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Mark Osborne

Account Executive

Mark has worked at CoverLink since 2004. He specializes in life and health insurance, where he utilizes his extensive knowledge to help clients make sense of a confusing and ever changing market.

He also holds the Property & Casualty Insurance License, and often helps families as well as small businesses to set up their insurance protection plan.

Mark graciously volunteers his time to several community organizations, and enjoys spending his free time with his family

 

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Leah Loehr

Account Manager

Leah joined the Commercial Lines division at CoverLink in 2012 where she works closely with business owners on their Commercial Insurance needs to help them achieve their desired level of protection.

Leah is known for her outgoing personality, positive attitude, and relentless pursuit of the goals she sets out to achieve. Clients often rave about her and the service she provides.

In her spare time, Leah enjoys spending time with her family and friends… and she can often be found at the closest Buffalo Wild Wings!

 

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Larry Middaugh

Larry Middaugh, PLCS

Senior Insurance Advisor

Larry joined CoverLink with an extensive background in sales, bringing over 30 years of experience and commitment to taking care of his clients in the banking and mortgage industry.

Larry’s dedication to his clients aligned so well with the CoverLink tradition of relentlessly caring for, and protecting its clients, that he joined the team of Licensed Insurance Advisors in 2015.

Those in need of Personal or Business Insurance are delighted after working with Larry.

Larry defines success as knowing his purpose in life, continuing to grow to reach his fullest potential and sowing seeds that benefit others. He’s a father of three incredible children and husband to an amazing, kind and loving wife.

 

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Tony Fink

Tony Fink, CIC, CLCS

Insurance Advisor

Tony is responsible for serving the needs of individuals and businesses looking for property & casualty insurance. In addition, he’s licensed and capable of advising clients that desire life insurance protection.

He’s a Certified Insurance Counselor (CIC) and a Commercial Lines Coverage Specialist (CLCS), having successfully completed the rigorous coursework and exams to earn these designations.

Tony entered the insurance industry in 2008 bringing a diverse background of experience and knowledge to his Account Executive position with CoverLink.

In his free time, Tony enjoys spending time with his family, being outdoors, following sports and listening to music.

 

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Meg Barton

Meg Barton

Senior Account Manager

Meg works in the Commercial Lines division at CoverLink as an Account Manager, where she helps businesses with their varying & complex insurance needs, from Business Auto to Commercial Liability, Directors & Officers to Commercial Property.

Meg earned her Bachelor’s degree in Business Management from Urbana University in Ohio. She has been active in the insurance industry since 2006, and is an Ohio Notary.

In her spare time, Meg enjoys spending time with her family at Indian Lake, listening to live music and reading.

 

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Jordan Springs

Jordan Springs

Account Manager

Jordan joined the CoverLink team in 2017, bringing top-notch client service skills acquired through several years in the banking industry.

She’s constantly assisting and advising clients on their personal insurance needs – home, auto, jewelry, umbrella and other policies – not to mention, she’s just plain fun to be around!

In her spare time, Jordan enjoys spending time with family and friends, especially her husband and two kids.

 

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Jill Rawlins

Jill Rawlins

Account Manager

Jill works in the Personal Lines Department where she helps individuals and families with their Home, Auto, Umbrella and other personal insurance needs.

She graduated with her Bachelor’s Degree in 2009 from Otterbein University, and shortly after began her career in the insurance industry.

In addition to holding the Ohio Property & Casualty Insurance License, she also has her Accident & Health, Life and Variable licenses.

Jill enjoys spending as much time as she can with her family, and especially enjoys being with her little girl who makes her laugh often.

 

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Chris Badenhop

Chris Badenhop

Insurance Advisor

Chris joined the CoverLink team in 2017 with a diverse and exciting professional and educational background. He works with individuals, families and businesses to find the ideal solution for their insurance needs.

He brings a positive attitude and a desire to help his clients in his position as an Insurance Advisor, but most importantly, he shares one of the most fundamental beliefs we hold dear within our organization: he cares. He cares about his clients, he cares about protecting all that’s important to them, and above all, he cares about doing what’s in the best interest of his clients. His enthusiasm and empathy set him apart, and he’s backed by the top-notch service provided at CoverLink, making him a tremendous asset to his clients. In short, Chris puts people before policies.

In his free time Chris enjoys spending time in the outdoors hunting and fishing. He’s also a passionate sports fan devoting support to all levels of play.

 

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Joe Cooney

Joe Cooney

Senior Insurance Advisor

Shortly after graduating from John Carrol University in 2008, Joe began his insurance career. His original focus and expertise was on personal lines and small commercial accounts, but he has since expanded his focus to include Cyber Insurance and Life Insurance, among other products.

Joe resides in Fairview Park, Ohio with his wife Megan and young son Jack. In his spare time, he coaches youth basketball and volunteers for the special Olympics.

 

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Kelli Young

Kelli Young

Director of Marketing

Kelli brings extensive marketing expertise to CoverLink after spending nine years in the automotive industry, where she gained valuable insight in the areas of design, digital presence, and content creation.

After joining CoverLink in 2015, her focus has been on telling the story of our long standing belief, that people are more important than policies, in a fresh way with a digital twist, allowing consumers who believe what we believe to find us easier.

Kelli graduated from Ohio University in 2006 with a Bachelor’s Degree in Communications, and earned her Master’s Degree in Business from Ashland University in 2010.

She enjoys spending time with her family, especially being outside with her son and two daughters.

 

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Jami Radern

Jami Rader

Director of First Impressions

As the Director of First Impressions, Jami brings top-notch client service skills. She’s constantly assisting clients with billing inquiries, working to resolve any frustrating issues they’re having, and she’s just plain fun to be around!

In her spare time, Jami enjoys spending time with family, especially her husband and four children and going on four-wheeling trips together.

Erika Asher

Account Manager

Erika works in the Commercial Lines division at CoverLink as an Account Manager, where she helps businesses with their varying & complex insurance needs, from Business Auto to Commercial Liability, Directors & Officers to Commercial Property.

In her spare time, Erika enjoys hiking, reading, and spending time with her son.

 

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Alissa Grim

Alissa Grim

Account Manager

Alissa works as an Account Manager where she helps individuals and families find the insurance that best fits their needs.

In addition to earning her Ohio Property & Casualty Insurance license in 2008, Alissa received her Life Insurance License in 2010.

In her spare time, Alissa enjoys spending time with her family camping, and watching her son race go karts around the U.S.

Vickie Allen

Vickie Allen

Account Manager

Vickie has worked at CoverLink since 2000 helping clients with a diverse set of needs, from securing the coverage that’s best for their individual situation, to providing guidance when claims or billing questions arise.

Vickie currently holds the Ohio Property & Casualty Insurance License, and is well known to clients because of her infectious personality and radiant smile that greets them when visiting the office.

In her spare time she enjoys spending time with family and friends, and traveling.

Randy Leopard

Randy Leopard

Vice President

Randy began his insurance career in 2000 working with both personal and business clients on their health insurance needs.  In 2008, he expanded his area of focus to include all types of insurance his clients needed from home & auto insurance, business insurance and farm insurance.

Randy resides in Urbana where he enjoys spending time with his family, and watching his horses race from time to time.

Melodi Wilkins

Melodi Wilkins

Senior Account Manager

Melodi has called CoverLink her ‘work home’ since 2009.  In her position as a Senior Account Manager, she works closely with clients needing home, condo, renters, auto, umbrella and other types of personal insurance coverage. Melodi also provides service and assistance to businesses regarding their insurance protection needs.

In her spare time, Melodi enjoys being outside and spending time with her family, especially with her granddaughter.

Morgan Edwards

Morgan Edwards

Account Manager

Morgan joined the CoverLink family in 2019, as an Account Manager. She helps her clients with personal insurance needs such as, home, condo, renters, auto umbrella and more. In addition, she works closely with business owners on their Commercial Insurance needs to help them achieve their desired level of protection.

In her spare time, Morgan enjoys spending time with her family and friends, making memories and enjoying all that life has to offer!

Sam Ankrom

Insurance Advisor

Sam joined the Coverlink team in 2020 with a strong passion and drive to help people. As an insurance Advisor with his Property & Casualty license, he assists individuals and business with all of their insurance needs.

He is dedicated to going above and beyond for his clients and wants to make sure every client is not only properly insured, but can also feel like a part of the Coverlink family. Sam is committed to helping everyone feel confident and comfortable with their insurance decisions and have the peace of mind knowing they are taken care of by not only himself, but by the entire Coverlink team.

Outside of work you can usually find Sam spending time with friends and family, or outside on the golf course.