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Insurance Needs Change As Life Changes

When’s the last time you reviewed your insurance policies beyond changing house or car coverage? Reviewing insurance at time of renewal or at least once a year is a good habit.

If it’s been awhile, or if a major life event has recently occurred, it’s a good idea to review your policies to ensure they remain advantageous. Here are some suggestions for times you should review insurance. However, remember to never cancel an insurance policy until a new one is in force:

MARRIAGE, DIVORCE, CHILDREN Any of these events may cause a need for you to change beneficiaries of a life insurance policy. Likewise, these events might mean adding or dropping dependent coverage on your health insurance. Auto insurance companies may lower your rate after you tie the knot, so consider discussing your nuptials with your agent.

IMPROVED HEALTH, CREDIT, OR DRIVING RECORD If your health has improved (for example, you have stopped smoking), you might be able to reapply and receive cheaper rates for your disability, life, or health insurance. Auto insurance companies often use your credit score and your driving record when determining rates. If there have been improvements in these, discuss with your agent.

CHANGES TO YOUR SALARY OR HOME An increase in your salary could mean an additional need for life or disability insurance. Improvements to your home may cause an additional need in homeowner’s coverage.

SARA WALLACE is a freelance writer with expertise in finance and wealth management. Have a money question? E-mail us at

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