For most families, life insurance needs are not permanent. Indeed, we need more protection while we are young and less when we get older. This is what stipulates the Theory of Decreasing Responsibility.
Thus, when you're young (let’s say 30): you need a lot of protection because your children are young and depend on you; you probably have some debts and a mortgage on your hands. You slowly start to save. Your death could have serious financial consequences for your family.
Money when you Retire
On the other hand, your family situation is gradually changing over time and at retirement (around age 65): children have grown and are able to get by on their own, your debts should have significantly decreased and your mortgage is probably paid off.
Your accumulated savings are essential and must have increased because at retirement, you need MONEY to Live, not protection.
Many people make the mistake to limit their life insurance protection when they are young because they cannot afford to pay large premiums. They also get huge life insurance coverage as they get older when, in fact, they no longer need it.
Others are content with a constant life insurance protection throughout their lives without considering their changing needs.
So get inspired by the Theory of Decreasing Responsibility to properly evaluate your life insurance needs at the different stages of your life.