Life is a series of stages. As we mature and grow into our own, we pass through various points of life. Helping to protect us financially every step of the way are a variety of insurance policies that guarantee that when things go south, you are still protected. What people generally don’t realize ahead of time is that moving from one stage to the next can sometimes require changes to insurance policies and even create new insurance possibilities. Let’s take a look at the big moments in your life and how they may get you to re-evaluate your insurance.
Marriage & Kids
A marriage is legal in nature and carries with it a range of changes to insurance as well as coverage. For example, your spouse may now be able to get insurance through your work. In addition, any future purchases you do jointly will list both of you, including purchasing insurance together. Typically, this will require the owner to legally add their married partner to their insurance policies.
Another consideration is children. Many parents consider getting life insurance policies out on themselves when they have kids. Providing a financial safety net incase one or both parents are lost, such policies allow for financial support at the worst of times Typically, policies are individually based.
Divorce Or Loss Of A Spouse
Both are challenging times when re-evaluating insurance will be required. In either case, every remaining party should seek the services of an insurance broker. Independently contracted to work on your particular needs, an insurance broker will provide you with the assistance you need work through the legal material surrounding this challenging time. You will want to re-evaluate your policies for home insurance, car insurance, and life insurance at this point.
An insurance broker can also be of incredible help when it comes to later life planning, including moving into senior assisted living. As you prepare to sell your family home, an insurance broker will be able to walk you through the legal process and make it possible for you to continue on with you life.
Regardless of whatever life change comes your way, the most important thing is to be adaptable. Contact your insurance broker, review your next steps, and keep your interests and what is best for you in mind. Your role in all of this should be to focus on what is important as your insurance broker helps you settle everything else.