Major life changes can affect life insurance needs

Apr 26, 2011

The arrival of a new baby is the perfect time to review a current life insurance policy.

Life insurance requirements can change with age, leading experts to recommend that consumers review their standing policies every few years. Big events can influence the coverage a policyholder and his or her family needs to stay financially sound, which is why a leading life insurance quote and brokerage firm has offered a list of life events that could signal the need for an updated plan.

Getting married is one of the top reasons to review life insurance coverage, as both parties usually merge their financial assets. A policyholder may want to increase their coverage to support their spouse in the event of their death, or may simply want to add that person to their policy as a beneficiary. Similarly, a couple having their first baby may want to boost coverage to ensure their child grows up in a financially stable environment, no matter what happens.

Those purchasing a new home may want to increase their coverage as well. The family breadwinner can protect his or her family from costly mortgage payments, utilities and repair costs that their surviving spouse may not be able to afford without life insurance protection.

Life insurance can also be used to supplement a retiree's income. Financial Web reports a whole life policy can aid seniors during their retirement since they include a cash value that grows in a tax-deferred account which can be withdrawn if necessary.

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