Life Changes That Should Trigger an Insurance Review

Life moves fast—and when it does, your insurance should keep up.

Whether it’s a new baby, a new home, or a career change, major milestones in life can significantly affect your financial risk and insurance needs. Ignoring these changes could leave you overinsured, underinsured, or paying more than necessary.

Here are some common life changes that should signal it’s time to review your insurance policies:

1. Getting Married or Divorced

Marriage often means merging finances and households, so it’s a great time to review:

• Life insurance beneficiaries

• Health insurance plans (individual vs. family)

• Auto and home insurance for bundling opportunities

In contrast, divorce means separating coverage, updating beneficiaries, and reassessing your individual insurance needs.

2. Having a Baby or Adopting a Child

Adding a new member to your family is one of the most important times to review your:

• Life insurance: Increase coverage to protect your child’s future.

• Health insurance: Add your child to your plan and ensure maternity or pediatric care is covered.

• Disability insurance: Provides income protection if you're unable to work due to illness or injury.

3. Buying or Selling a Home

Whether you’re a first-time buyer or downsizing, a change in your residence impacts:

• Homeowners or renters insurance

• Personal property coverage

• Liability limits

If you renovate or add value to your property, make sure your insurance reflects the updated worth.

4. Changing Jobs or Income Level

A job change may come with new health insurance options, changes in income, or new retirement accounts. It’s also a good time to review:

• Life insurance coverage

• Disability insurance

• Health savings or flexible spending accounts

If your income increases or decreases, your coverage limits might need adjusting.

5. Starting or Expanding a Business

Business ownership brings new liabilities. Ensure you have the proper:

• Business insurance (liability, property, and professional)

• Updated life insurance if others depend on your business income

• Vehicle or home coverage if business use is involved

6. A Major Health Diagnosis or Medical Event

If you or a family member are diagnosed with a serious illness or undergo a significant medical procedure, review:

• Health insurance for sufficient coverage and deductibles

• Life insurance (especially if insurability may change in the future)

• Disability insurance for income replacement

7. Retirement or Entering a New Life Stage

Retirement or aging into Medicare eligibility means changing insurance priorities:

• Review life insurance needs (especially if no longer supporting dependents)

• Adjust health insurance coverage

• Consider long-term care insurance

8. Receiving an Inheritance or Large Financial Windfall

Sudden increases in wealth should prompt a review of:

• Life insurance (for estate planning)

• Umbrella policies for liability protection

• Property insurance if purchasing new assets

9. Loss of a Loved One

A death in the family may require:

• Updating life insurance beneficiaries

• Reevaluating coverage needs if a contributor to the household income has passed

• Adjusting health or auto insurance if policies were shared

10. Sending a Child to College

This milestone affects:

• Health insurance (coverage for dependents)

• Auto insurance (if your child is taking a car)

• Life insurance and savings strategies for future planning

Conclusion

Your insurance should evolve with you. When your life changes, take time to reassess your policies to ensure they reflect your current reality. By doing so, you’ll avoid coverage gaps, eliminate unnecessary costs, and maintain peace of mind knowing that you—and your loved ones—are properly protected.

When life shifts, your insurance should, too. Make reviewing your policies part of every big milestone.