As your circumstances evolve, the policy you once thought was a perfect fit might no longer match your current needs.

Whether it’s life insurance, health insurance, or home coverage, knowing when to reassess your policy can save you money and ensure you’re adequately protected.

Here are key life changes that should prompt you to take a closer look at your insurance:

1.

Marriage or Divorce

Tying the knot or separating legally impacts your financial responsibilities.

A policy review ensures your spouse (or ex-spouse) is properly included—or excluded—as a beneficiary. It also helps you reassess coverage amounts based on shared or split financial goals.

2. Having a Child

Welcoming a new member to the family comes with added responsibilities. A policy update can help secure your child’s future needs, from education to day-to-day care, in the event of the unexpected.

3. Buying a Home

A new mortgage is a long-term financial commitment. Reviewing your policy ensures you have enough coverage to help your loved ones handle housing costs if something were to happen to you.

4. Changing Jobs or Income Level

A promotion, career switch, or job loss can all impact your benefits and financial planning. Reviewing your policy allows you to adjust your coverage in line with your current income and employer-provided benefits.

5. Starting a Business

Entrepreneurship comes with both opportunity and risk. A review helps you ensure that your personal and business liabilities are appropriately addressed through separate or updated policies.

6. Health Changes

Significant health developments—whether positive or negative—should lead to a policy review. Some policies offer benefits or adjustments based on health improvements, while others may need upgrading to match new medical needs.

7. Retirement Planning

As you near or enter retirement, your financial focus shifts. Reviewing your policy helps you realign your coverage with retirement goals, possibly scaling back unnecessary protection or adding benefits more relevant to your stage of life.

8. Loss of a Loved One

Losing a spouse or close family member can drastically alter your financial situation. A policy review ensures that your coverage and beneficiaries are up to date and that any changes in dependency are reflected.

9. Relocation

Moving to a different state or country can affect your insurance rates and legal coverage requirements. Revisiting your policy helps you stay compliant and cost-effective.

10. Major Purchases or Debts

Taking on large loans or buying expensive assets may warrant extra coverage. Whether it’s a new vehicle, investment property, or educational loan, your policy should reflect the financial reality you’re navigating.

Final Thoughts

Regularly reviewing your insurance policies—especially after major life changes—is essential for staying protected and financially smart. A quick consultation with a licensed agent or financial advisor can help you adjust your coverage to match your current needs and future goals. Don’t wait for a crisis to find out your policy is outdated. Stay proactive, stay covered.