Life moves pretty fast, and many changes spark an opportunity to protect your family, investments, and interests. Some changes mark a reasonable conversation starter while others initiate a time-sensitive window to protect what matters most. Here are nine of life’s milestones where you should take a pause to go over your insurance policies.
1. Moving to a New Home
You may be buried in boxes, but there’s no time to waste when it comes to securing homeowners insurance. If you purchased a new home, you may have already updated your coverage as a part of the closing process. However, you can make updates and adjustments, and even change providers, whenever you like. Shop around and get quotes for your home, requesting rates for varying deductibles and options like basement backup coverage. Review your declarations page to confirm that you have coverage for the full replacement value and your possessions.
2. Starting a New Job
A new job means new opportunities to grow, thrive, and earn. It also means you have a small window of time to opt into your work-provided benefits. Often, your work benefits extend a discounted rate for coverage like life insurance thanks to the group rate obtained. Watch for restrictions for health insurance, especially if there are exclusions for spouses whose work offers coverage. Finally, watch for one-time enrollments for coverage like spousal life insurance, which may only be offered upon hire.
3. Going Back to School
When your status changes to that of a full-time student, you may qualify for new coverage. If you’ve left full-time employment, it triggers a life event, which increases your options for health insurance. You can participate in public programs or, if you meet the age requirements, you could go on your parents’ insurance. Your car insurance policy should be updated to reflect your car’s location or additional mileage demands, especially out of state. Some car insurance companies even offer discounts for good grades, so look into it.
4. Partnering Up
Combining your lives is thrilling and often the culmination of years of getting to know one another. However, blending your living arrangements, finances, and insurance is a new level of intimacy. Take time to sit down with your partner to review the whole picture of your financial life. Assess opportunities to improve coverage, reduce premium costs, and protect one another. Update beneficiaries, survivors, and coverage limits to protect your new relationship status.
5. Growing Your Family
Welcoming a child to your home is equal parts joyful and stressful, with so many unknowns and emotions at once. When you’re expecting a child, review your health insurance to find out the live birth notification process. Increase your life insurance coverage to account for the potential future needs of a child, should you pass away. Assess your deductibles for home and auto to determine if reducing them could ease your budget as a new parent.
6. Splitting Up
When things don’t work out, there’s a lot of business-like work to sort through. Discuss the timeline of your divorce with your legal team to determine if and when dates trigger life changes. Some divorce agreements set requirements for the ex-spouse to be included in certain plans as a beneficiary. If you share minor children, this can be more common as a way to protect their ability to provide care. Review all accounts to update your new marital status while complying with any legal decrees.
7. Making a Major Purchase
Your sparkly new fishing boat gives you the tingles every time you peek under the tarp, so she’s worth protecting. A new toy, joyride, or on-site aquatic addition enhances your life’s enjoyment, but they also require coverage. Insure your new vehicles with appropriate coverage for their value and your usage. A vintage hot rod may be garage-bound on all days when the weather conditions aren’t perfect. Communicate your plans for your toys with your insurance provider to calculate the right coverage, replacement costs, and liability.
8. Starting a Business
Striking out on your own is exciting, but it also requires adequate insurance coverage to protect you and your interests. Personal insurance may not be enough, especially if your work has you conducting business on others’ properties. Business insurance, liability, and workers’ compensation coverage may be needed, or even required depending on your state or licensing. Even as you’re just starting, speak with an insurance professional about separating business from personal and family liabilities.
9. Entering Retirement
Flipping the switch from worker to retiree status is cause for celebration, but this new era means no employee discount. As a retiree, you may also lose accidental death and dismemberment, life, and disability insurance from your employer. Identify your needs in retirement and if carrying over your work-provided plans is an option. Depending on your age, you may qualify for Medicare or plans offered by your state. With the Affordable Care Act, access to healthcare is easier, but it’s still much more than your shared rate from work.
There’s a Place for Insurance in Every Phase of Life
Insurance is there for you for peace of mind, and when surprises happen, good coverage comes in for the save. Consider insurance your partner when it comes to life’s demands and changes, working together to protect what matters. As you grow, change, and transition through life’s journey, protect yourself, your loved ones, and your treasures along the way.
