We all know at least one friend who got her first life insurance plan at the age of 18, just out of school. This same friend probably brought her first house early by reading the property markets, and may well also have started planning for retirement at the age of 25. You may find yourself annoyed with people who plan so carefully, and truthfully, they are often annoying. But the fact is, this person has the right idea. Being smart about your finances and life plans is something you either learn from a young age, or something you learn through the hard ways. In the case of life insurance, you do not want to wait until something bad happens before you realise the value of being protected against the odds.

Each phase of your life offers even more reason to start considering life insurance quotes, from the moment you finish school and go out into the world as a young adult. Benefits for getting cover at each phase of life include the following:

€ Early Adult (teens to early twenties) €" whether you plan to study further, or you are taking a gap year before you start looking for work or study options, this time of life is about freedom and excitement. Moving out of home, maybe even moving cities, getting life experience and growing up are all just a part of the fun during this phase. While life policies are probably the last thing on your mind, they are there to help your parents cover your collage debts and other debts if anything ever happens. As an added advantage, if you get through this phase safely, you will be able to enjoy more affordable premiums, to build up a decent savings for your insurance.

€ Young Adult (twenties to early thirties) €" so much can happen during that gap from your twenties to your early thirties. You may meet someone special, get married and start planning a family. You may be in a high paying job that allows you to support your aging parents or young siblings. You may own your own business with a partner and employees. Life insurance during this phase is crucial, especially if you are planning a family of your own. Without you there to protect your new baby and husband or wife, what will happen to them financially?

€ Adult (thirties to forties) €" by this point, you most likely have one or two kids or even more, and are happily married. You may be divorced, or you may be a late bloomer who is starting to think about a family. You may be paying off a bond, as well as car payments, school fees, debts, credit cards, and even costs for your parents' old age facility. This responsible age puts more pressure on you as a breadwinner, even if you are not the sole provider. Life cover adds to your peace of mind, knowing that your family will be protected even when you are gone.

€ Elderly (fifties onward) €" once you have retired, your main income is your pension. If your partner moves on before you, there may still be a number of years left, and with debts and other costs to consider, life cover soon begins to come in handy during these golden years. In this way, your family will be able to receive your legacy too, allowing you to give back through life insurance.