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Life Events and Assessing your Insurance Needs

Updated: Sep 23, 2022

Insurance coverage may need to change as circumstances in our lives evolve. It’s important to think about important life events and to ensure you have the proper coverage at every stage of your life. Your family, home and career status should be reflected in your policy coverage. As your insurance agent, I am here to guide you through these changes in your coverage.

Here are a few life events that may cause changes in your coverage.

  1. Marriage or divorce - You may need to add or remove your partner from your policies. If you are merging two households, you’ll need to update homeowners, possibly car insurance and life. It’s an important time to have conversations about all of these policies to assist in planning your financial roadmap together.

  2. A new baby - This impacts your health insurance, disability and life insurance policies. The birth of a baby is considered a qualifying event and you will need to add your baby to health insurance policies within 30 days after birth. You will likely want to update beneficiaries and review your life insurance limits.

  3. Vehicles and drivers - Have you added additional drivers, or are you driving fewer miles? These may factor into your policy. You may get additional discounts by updating these to reflect any changes.

  4. Switching jobs - Check the benefits that your employer offers, such as health, life and disability. Some companies start health insurance on day one, while others have a waiting period. You may need Cobra continued coverage in the interim. Your occupation can also impact your life insurance premiums.

  5. Home renovations or a new home purchase - Your existing homeowners insurance policy may cover renovations, but any significant updates and upgrades could leave you underinsured. So you may need to increase your homeowners insurance limits. And consider flood and fire insurance coverage in regards to where your home is located.

Are you ready to discuss your current insurance coverage? We’re here to help! Schedule a consult today! We take the time to understand your unique situation and answer any questions to find the right coverage for you. Contact Us.


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