What are the major life events that affect life insurance?
Life insurance is not a “set it and forget it” type of purchase. Even if you have a policy in place you should be reevaluating your coverage once a year, or at least at the time of life-changing events — like getting married, having kids or retiring.
With every change, you may need to adjust the amount of coverage you have. The best way to find out how much life insurance you need is to meet with a professional. They can help you learn more and make decisions that will protect your family, whatever life throws your way.
Life brings many changes — rethink your life insurance needs along the way
You’re getting married
Congratulations! You’re joining your life together with your spouse. Often, marriage also means joining your finances. It’s smart to sit down with a professional and create a plan that includes the right amount of life insurance, so you can meet your financial goals and live the lifestyle you dream of.
Buying a home
Owning a home is a big financial investment. Make sure you or your partner will be able to continue to pay the mortgage should something happen to one of you. This is a good time to purchase or update your life insurance coverage to help protect that asset.
Starting or expanding your family
Kids change everything. From the moment they arrive, you want the best for your little ones. One great way to help protect their bright future is to plan for their financial security by making sure you have the right insurance coverage.
Life insurance for kids
Starting a new job
Changing jobs is a great time to reevaluate life insurance. Consider how much coverage is being offered to you as you sign that offer letter. Often, the coverage offered by employers is not adequate to protect the life (and career) you have worked so hard to establish.
Starting a business
Many people depend on your business – your family, your employees and your customers. It’s important to help protect your business today and well into the future with a life insurance policy that helps keep the lights on.
Taking out student loans for the kids
The whole world is open to them. Higher education is a great way to set them on the right path, but the cost is hefty. As tuition prices shift, be sure to make life insurance updates so, should anything happen to you, any payments on their school tuition, loans and other expenses will be covered.
529 plan
Supporting aging parents
It’s not just our children who depend on us. Sometimes we’re responsible for taking care of other family members, like our parents or even a sibling with disabilities. As time goes by and circumstances change, take a look at your insurance policy and make sure you have enough coverage for every eventuality.
Caring for aging parents
Heading toward retirement
You’ve earned it! Retirement is a happy, but potentially uneasy time. You’re embarking on a new adventure. Adjusting your life insurance coverage is part of the transition to a fixed income for the years to come. Help protect everything you’ve worked so hard to build.
Plan for retirement
How should I adjust my life insurance to meet my current needs? Try our coverage calculator.