Life Events that Effect Your Insurance Needs, Now and in the Future
As changes happen in your life, it’s important to consider the effect that the changes have on your Insurance needs. The obvious ones that you probably keep up with include buying or selling a car or house, but the following are other events that have a significant effect on your Insurance needs:
- Birth of a child
- College education
- Child moves out
- Job / Income change for self or spouse
- Job requires significant travel
- Chronic Illness of household member
- Terminal illness of household member
- Disability of household member
- Death of household member
- Parent or other member of family moves in
- Other financial event
- Other life-changing event
The purpose of Insurance is to provide protection against a possible event. Sometimes you have Insurance that you do not use for many years, and sometimes you may use it multiple times. Not having coverage in place could be financially and emotionally devastating in the case of a catastrophic event.
It’s vital to plan ahead for these events.