Outlook Money
When you get married, you acquire new dependents, and this often means an increase in your financial responsibilities. This may require a boost in your life insurance coverage.
The arrival of a child, whether through birth or adoption, adds new financial obligations, such as the cost of raising the child, education, and eventually, wedding expenses.
Purchasing a home often involves taking on a mortgage, which represents a substantial financial liability. Adequate mortgage protection is crucial to ensure the loan is repaid in the event of an untimely death.
Job transitions, whether they involve a salary hike or the loss of employer-provided group insurance, can affect both your income and the level of coverage required.
As you approach retirement, your focus shifts towards ensuring adequate coverage for your spouse and dependents. With active income ceasing, reviewing your life insurance to accommodate your post-retirement needs becomes crucial.