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Insuring Life’s Milestones

Insuring Life’s Milestones

December 16, 2023

As you navigate through life, it’s important to continually reassess and adjust or add insurance coverage to fit your changing needs. Having the proper insurance is one of the best ways to support your financial future and can bring peace of mind to you and your family. Let’s explore the key milestones that might warrant a closer look at your insurance policies.

Buying a car

Personal auto insurance is legally required in almost every state, but it’s also a great way to protect yourself financially, as driving comes with a multitude of risks. Your premium will depend on several factors, including age, gender, marital status, how often you drive, and where you live.

Getting married

Tying the knot often means a merging of assets and savings and perhaps a new allocation of financial responsibilities. It might even involve one partner no longer working. Consider purchasing or updating your life insurance coverage to make sure your spouse will be protected in case of death. Look over the different policies available so you can decide what makes the most sense financially and better ensure you get the best coverage at the best rate.

Purchasing a home

You will want to purchase homeowner’s insurance to protect your property and your belongings from theft and natural disasters. You should also make sure you have life insurance that will cover your mortgage payments in the event of your death, which will enable your family will be able to remain in the house.

Starting a family

Bringing children into your life is a huge financial responsibility. Life insurance will give peace of mind to your family and dependents that their living expenses and even education costs will be covered should you pass away.

Getting divorced

Ending a marriage requires untangling finances and assets. If you purchased a house jointly or rented together, you will need to review your homeowner’s or renter’s insurance policy and update it to reflect your current living situation. Your life insurance, auto insurance, and health insurance may also need to be adjusted.

Changing jobs

If a new position means higher pay, be sure to adjust your life insurance coverage accordingly to support any upgrades in standards of living. A job change might also mean a new health insurance policy; check when your job will allow you to join the company plan, so you can prepare accordingly and avoid being without coverage.

Starting a business

Becoming an entrepreneur is a big leap of faith—and a potentially huge financial risk. Getting different coverages can help put you at ease so you can focus on building your company. For instance, liability insurance will protect it from unexpected lawsuits, and property insurance will cover any office space or equipment necessary for your new venture.

Sending children to college

Health insurance is mandatory in many colleges and universities, though you’ll want to make sure your child is taken care of regardless. Options for them include remaining on your or another parent’s plan, taking advantage of the school’s health plan, applying for coverage individually, or going on Medicaid for low-income students. You will also want to notify your auto insurance if your kid is on your policy and will be taking a car to school with them.

Retirement

As you get older, it becomes less important to have an extensive life insurance policy, especially if you no longer have to provide for your dependents. But long-term care insurance is important for covering expenses like assisted living or a nursing home if you should require aid later in life. There is also the issue of retiring early and not being eligible for Medicare until age sixty-five. If you fall into this category, check to see if your company offers health care benefits to retirees. And if not, make sure you budget enough money to purchase an individual plan for those gap years.

Life is often a series of and ups and downs, but the bumps won’t be as scary if you’re prepared for whatever might come your way. From “I do” to your golden years, insurance at every stage offers a way to protect your dreams and your legacy.

 


Important Disclosures

This material contains only general descriptions and is not a solicitation to sell any insurance product or security, nor is it intended as any financial advice. For information about specific insurance needs or situations, contact your insurance agent. This article is intended to assist in educating you about insurance generally and not to provide personal service. They may not take into account your personal characteristics such as budget, assets, risk tolerance, family situation or activities which may affect the type of insurance that would be right for you. In addition, state insurance laws and insurance underwriting rules may affect available coverage and its costs. Guarantees are based on the claims paying ability of the issuing company. If you need more information or would like personal advice you should consult an insurance professional. You may also visit your state’s insurance department for more information.

This article was prepared by ReminderMedia.

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