It’s easy to overlook insurance when focused on life’s big moments, but having the right protection in place can save you from future headaches.
7 Life Events that Call for an Insurance Review
Here are seven key life events that signal it’s time to review your insurance policies in Salt Lake City.
1. Getting Married
Reviewing your insurance after marriage ensures you have the right coverage for your combined needs.
Life insurance becomes particularly relevant as you’ll want to provide for your spouse if something happens. Auto and health insurance policies may also be updated to include your partner, potentially saving money with bundled policies.
2. Having a Child
Life insurance becomes even more important when you’re responsible for a dependent’s future. Updating your policy ensures your child’s financial security should something unexpected happen.
Health insurance should also be updated to add your new child as a dependent, and disability insurance may be worth considering to protect your family’s income.
3. Buying a Home
Homeowners insurance will be required if you have a mortgage, but it’s also important to review the details of your coverage.
If you’re upgrading from a smaller home, consider the cost of replacing your belongings and any new features like pools or outbuildings.
4. Starting a Business or Changing Careers
Starting a business might require business insurance to protect your assets while changing jobs could affect your employer-sponsored health or life insurance.
Check if your new role offers different benefits or requires you to get coverage on your own.
5. Reaching Retirement
If your life insurance policy was tied to your employment, you’ll need to secure coverage to protect your loved ones after you’ve left the workforce.
Health care becomes a larger consideration as you transition to Medicare or supplemental health plans. Reviewing these policies ensures you’re prepared for future medical expenses.
6. Experiencing a Major Life Loss
Losing a loved one, especially a spouse or co-signer on a loan, often requires an insurance review. If your partner’s name was on a mortgage or other financial obligations, you’ll want to protect yourself.
Life insurance benefits may be available to you, and reviewing your own policy ensures your loved ones’ future needs are met. Review health and disability coverage if your household’s primary income earner has passed away.
7. Receiving a Large Financial Windfall
Increased wealth may mean it’s time to protect your new assets with higher liability limits on home, auto, and umbrella policies.
If investing in property or other significant purchases, ensure adequate coverage for those new assets. Updating your life insurance to reflect your new financial goals can also be smart.
Why Reviewing Insurance Is Worth It
These life events come with new responsibilities and financial considerations. Reviewing your insurance policies ensures you’re prepared for whatever comes next.
If you’re experiencing any of these changes, speak with an insurance professional at ASA Insurance. We can guide you through the process and recommend coverage that fits your current stage of life.
