How Life Events Like Marriage and Parenthood Affect Your Life Insurance Needs

Major life events such as marriage and becoming a parent are not just emotional milestones; they are also turning points that necessitate a reevaluation of your life insurance needs. Elevated Insurance Agency is here to help you navigate these important life changes.

​Marriage and Life Insurance

Why it Matters

• Financial Security: As you merge your lives and perhaps your finances, life insurance ensures that your spouse remains financially secure in your absence.
• Debt Protection: If you have joint debts like a mortgage, a life insurance policy can prevent the burden from falling solely on your spouse.

What to Consider

• Coverage Amount: With a new dependent, you may need to increase your policy's face value.
• Beneficiary: Make sure to update your policy to include your spouse as a beneficiary.

Parenthood and Life Insurance

Why it Matters

• Childcare Costs: Life insurance can cover the costs of childcare and education.
• Income Replacement: A policy ensures your family maintains their standard of living if you're no longer around to provide.

What to Consider

• Term vs. Whole Life: With children, a term life policy might make sense until they are financially independent, while whole life offers lifelong coverage.
• Additional Riders: Consider riders like a child protection rider that offers coverage for your children.

Reevaluating Your Policy

It's important to review your life insurance policy regularly, but especially after significant life events. Other milestones to consider include:

• Career changes
• Buying a home
• Retirement planning

Marriage and parenthood bring joy and responsibility, including the need for adequate life insurance coverage. As your family grows, your insurance needs evolve, making it crucial to reassess your policies during these milestone moments.

Navigating life’s big moments? Make sure you're prepared with the right life insurance coverage. Contact Elevated Insurance Group for a personalized assessment of your life insurance needs. Secure your family's financial future today.