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Major life events and life insurance

Life is full of unexpected events and situations. As these relate to insurance some of them are very apparent in the ways they will effect your coverages, like when you buy a new car. However some of them are less so. Furthermore as it relates to different coverages some may be for apparent than others. Today we are going to go over some life events which may mean your need to take a look at a new life insurance policy or look at whether your current coverage is still adequate to your current life circumstances. Obviously no matter what your best course of action in any and all of these situations is to reach out an agent and talk about your life changes and what they mean in regards to your coverage!

  1. Marriage or divorce - If you are getting married your day to day expenses and income change drastically. You have grown your family from one to possibly two working adults which means more income to potentially replace. If you are getting divorced it is a good time to think about what beneficiaries are on your current policy. Is your ex still named on it? How about potential step children? Also you coverage amount may now different as well. Additionally its always a good idea to resist these things if you remarry.

  2. Buying a home - A home is a huge expense. The textbook definition of a major purchase. One of the most common reasons people look into a life insurance policy is to ensure that their family isn’t on the hook for the cost of their home should anything happen to them. There are several solutions to ensuring your home costs are covered, these are best discussed with your insurance agent!

  3. Having a child - While this seems fairly obvious, having a child is an incredibly common time to consider a new life insurance policy. Most parents want to ensure that all the expenses of raising their child are covered no matter what. Things like day to day care while they grow up, school costs, books, first car, clothing, food, etc.. Essentially a replacement to your day to day income as it relates to your child as well as covering large expenses. As your family grows its always a good idea to dive back into your policy with your agent each time you have an additional child.

  4. Starting or own a business - There are lots of things that go with owning and running a business. So much so that the question of what if often gets looked over. However what will your family or employees do in the event that you are no longer there to pay the bill, run the business and write the paychecks. Keeping a business solvent takes work and knowledge. Often times people will carry a policy for the amount that it takes the new person in charge of the business to learn the ropes so the employees and bills are paid and the business stays open.

  5. Retirement - Retirement is one of the biggest life changes we have. While we have lived and worked most our lives to save money for this time, there are lots of other life circumstances that have likely changed by this point. Children may be grown up, home may be paid off. This is the perfect time to look at your current policies and make sure they are in line with your current circumstances and goals.

There is no such thing as a one sized fits all policy. We all lead different lives, with different milestones and different goals. We are here to make sure that no matter what you life and the life of those you love the most have in store, that you are all able to lead them with as little risk as possible. If any of these apply to you don’t wait around, the rates will never be better than they are today! Get a new policy quote started or start a conversation and review of an existing policy today!



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