If someone depends on you financially, chances are that you could benefit from life insurance. Life insurance provides money to people (like your family) who would be financially affected by your death. This money, called a “death benefit,” can help them with a variety of costs.

Consider how these common life events and milestones might trigger the need for life insurance or a change to existing life insurance.


Life insurance provides money to people who would be financially affected by your death.


• Getting married

When many couples get married, they start to depend on each other’s income to make ends meet. If you unexpectedly died, your spouse may not have enough money to cover all of the expenses you share.

• Getting divorced

Needs and financial responsibilities tend to change with divorce. You may have to pay alimony or child support, or your mortgage responsibilities may change. If you already have life insurance, it might also be a good time to review your policy. If your ex-spouse is listed as a beneficiary, you may need to determine if a beneficiary refresh or update is appropriate.

• Buying or refinancing a home

Your home is likely your most significant financial asset. Life insurance can be used to help your family pay off the mortgage and maintain their current lifestyle if you die.

• Having children

A whole new level of financial responsibilities comes with having children, especially if you want to protect their future. If you die, would your spouse or partner be able to provide for them—now and in the future? This includes everything from paying for diapers to a college education.

• Caring for an elderly parent

Just as with children, caring for elderly parents comes with a variety of financial responsibilities. Whether you’re providing them with a place to live or helping to pay for their in-home nursing care, your parents may be dependent on your income. If you die, they would be at a substantial loss financially.

• Only having group life coverage through an employer

Many companies offer life insurance as an employee benefit, but the amount of coverage is often smaller than you might need. Also, if you leave your job, you may lose your group life coverage if it doesn’t come with you. So it’s a good idea to consider supplementing it with coverage that’s not dependent on your employment.

• Starting or changing jobs

A new job or job change can often bring in a higher salary—which is always good news! However, families can quickly become accustomed to this higher standard of living, so it’s a good idea to make sure you have enough life insurance coverage so your loved ones can continue on comfortably without you.

• Being young and healthy

Maybe someone has talked to you about the benefits of life insurance and how much cheaper it can be to purchase it when you’re young and healthy. Or, you’ve done your own online research and seen the rates firsthand. If this sounds like you, it might be a good time to lock in these lower rates.

Ask a professional

There are many factors to consider when buying life insurance—from the type of coverage you need to how much you should get. To get the suitable product for you and your family, ask an insurance professional for help.

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