6 Major Life Milestones That Prove You Need Life Insurance

Couple celebrating outdoor wedding reception

Everybody knows that it’s important to have life insurance. But how do you know when it’s finally time to buy coverage? 

The truth is that there is no magical “perfect time” to buy life insurance. That said, there are certain major events in a person’s life that should make them reevaluate whether it’s time to buy the coverage they’ve been thinking about getting. 

1. Getting Married 

Marriage and life insurance go together like peanut butter and jelly. Why is that, though? It’s simple; the basic purpose of this coverage is to make sure your loved ones are taken care of if you should unexpectedly die. 

Once someone becomes a part of your life, it’s important to make sure they have the financial protection they deserve if you are suddenly taken away from them. By shopping around and finding the best carrier, you can enjoy your “happily ever after” with your partner without having to worry too much about what will happen to them if you are gone. 

2. Getting Divorced 

Sadly, “happily ever after” doesn’t always work out, and far too many marriages end in divorce. And believe it or not, the period after you are divorced is one of the most important times to start looking into life insurance. Why is that? Because your financial obligations may have changed in some fairly dramatic ways. 

For example, if you get the house in the divorce, chances are that you’re not worried about your former spouse ever getting it. But if you want to leave the house to a child, it’s important to make sure that it is paid off. Otherwise, the big inheritance you were planning on leaving your kids may just amount to a big pile of debt. 

With the right life insurance, though, you can make sure the house is paid off. Furthermore, if you are worried about what will happen to your ex and your kids if things like alimony and child support are cut off, you can simply name them as beneficiaries in your policy. 

3. Buying a House 

One of the other major life insurance milestones is something we have already discussed, and that is buying a house. For most people, this is the most expensive purchase they will ever make, and it will take anywhere between 15 to 30 years to pay off the mortgage and truly “own” the home. 

Which means that if you were to suddenly pass away, it could leave your spouse unable to pay for the house on their own. They could end up losing everything that you have worked for so long to achieve. But if you consider buying a home and buying life insurance at the same time, you don’t have to worry about that happening. And you’ll have peace of mind knowing  your spouse and the rest of the family can enjoy growing up and growing old in the house that you always wanted them to have. 

Father playing airplane with his baby son

4. Having a Baby 

By now, you’ve probably figured out that life-changing events and insurance are a package deal. And speaking of “packages,” one of the biggest milestones that should motivate you to start shopping for life insurance is having a baby. And the reason for that is that raising a child to adulthood is very, very expensive. 

To put things in perspective, it takes over a quarter of a million dollars to raise a child to the age of 17. That’s a major financial responsibility for two parents to take on, and if you were to unexpectedly pass away, it could easily leave your spouse with major financial struggles as they try to raise a child on their own. 

However, with good life insurance, you can customize exactly how much coverage you need. This ensures your spouse can not only raise your child to adulthood but even cover future expenses like the cost of their college education. Parenthood and life insurance are a must-have combination for any parent! 

5. Getting a Promotion 

It often takes people by surprise that getting a promotion is a major sign they need life insurance. However, consider that for your spouse and/or children, life insurance is there to help replace lost income. If your income suddenly increases, then your family has that much more to lose if you were to suddenly pass away. 

By choosing how much coverage you need, you can account for the post-promotion money your family stands to lose when you die as well as any other costs they will need to have covered. The latter is particularly important if your promotion has led to a more expensive lifestyle. 

6. Retiring from Your Job 

You may not think of old age as the right time to grab life insurance. But whether you are getting coverage for the first time or perhaps renewing old coverage, it’s very important to have a policy in place by the time you retire from your job. 

Retirement planning and life insurance go well together because unless you have saved up a major nest egg over time, your family still has debts and regular expenses you must worry about covering. And once you retire, your fixed income will likely make it more difficult to continue saving. With a life insurance policy from a trustworthy carrier, though, you can make sure your spouse enjoys their golden years without worries or stress after you are gone. 

Get the Best Life Insurance Today! 

Now you know the biggest milestones that prove you need life insurance. But when you’re ready to get the coverage you need, do you know where to find the carrier you deserve? 

Here at InsureOne, we’re always ready to help you protect your family’s future. When you’re ready for coverage, we’re ready to give you a quote online. Care for a more personal touch? You can pick up the phone and give us a quick call at 800-836-2240. Finally, feel free to come into one of our nearby offices at your earliest convenience!