Checklist: 5 Signs You May Need Life Insurance
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Life insurance can feel like one of those “nice to have” at times. You know you need it, but you’ll get around to buying it sometime. Life, on the other hand, can be unpredictable. Nevertheless, life insurance can help you protect yourself and others you care about. The following life events may necessitate a review of your life insurance strategy.
1. Purchasing a home
Perhaps you’ve recently relocated or purchased a new home. Or maybe you’ve been there for a while — how would that new mortgage be paid if something happened to you? Could a survivor’s spouse, partner, or housemate afford it on their own? That loan could be paid off with life insurance.
2. Marrying or getting divorced
Consider what would happen if one of you died while combining finances or future ambitions with another person. Would you or your spouse be able to maintain the same standard of living? Would you still be able to achieve your objectives? Life insurance could help the surviving spouse bridge crucial financial gaps.
If you’re divorcing and have always relied on your spouse for coverage, you may need to get your policy. If you currently have insurance, go over your policy to ensure it covers what you need and that your beneficiaries are up to date.
3. Beginning or ending an employment
Many firms provide life insurance benefits to their employees, but is the coverage adequate? For example, group policies are frequently only applicable while the organization employs you. In addition, you may not be able to take your coverage with you if you change jobs or are laid off.
4. Becoming a parent or adopting a child
Make sure the future you’ve imagined for your child is a reality. Life insurance can be utilized to help pay for your child’s future education bills as well as ongoing living needs.
5. Looking after a loved one
If you are the primary caregiver for an older relative or someone with special needs, life insurance can help ensure that your loved one is cared for in the future.