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8 life events that affect your insurance needs – CoverLink Insurance



As we age and reach different milestones in our lives, our insurance needs change. To ensure adequate coverage, contact your insurance advisor if you experience any of the following 8 life events:

  1. New home ownership– Buying a new home is a big investment – one that you want to protect. After buying a home, make sure you have homeowners insurance to protect against things like fire, weather damage, theft, vandalism and accidental damage. This advice also applies if you are buying a new apartment or holiday home.
  2. Home renovations—When you own a home, you may want to make updates to create a better living space. Be sure to report major home improvements to your insurance company to protect any added value for your home.
  3. New children—Getting or adopting children is not only a huge life change, but it is also a major financial commitment. Therefore, it is important to buy the right policy to secure your child̵
    7;s future. Add your child as a beneficiary to all life insurance policies and make sure your coverage is adequate.
  4. Teenage drivers– Teenage drivers often have the highest risk of car accidents. Even if you want your teen driver to stay safe on the road, costly accidents can happen without warning. Consider adding your teen driver to your car policy, as it is generally cheaper than buying a separate policy.
  5. Retirement—When you retire, you can change residence. If you have more than one home, this is a good time to let your insurer know where you plan to spend your time.
  6. Valuable purchases—A standard policy for homeowners has limited coverage for very valuable items. Supplement purchases and gifts that exceed the insurance limits with a float or a rider – which is a separate insurance that provides additional insurance.
  7. Marriage—When your marital status changes, so do your insurance needs. Marriage usually results in a combination of household, vehicle and other property, so it is important to update your insurance policies accordingly. What’s more, life insurance is crucial for married couples as it can ease the financial burden in the event of a premature death of a partner. Ask about discounts on car insurance for married policyholders.
  8. Buy or sell a business—If you are an entrepreneur, there will probably be a time when you either buy or sell your business. During these times of great change, proper coverage is crucial.
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Insurance is essential for almost every stage of life and any of these 8 life events should serve as a reminder to review your coverage. Seeking coverage should be an active process, and individuals should not assume that their insurance needs remain stable over time. Contact your insurance advisor today to better understand your insurance and your future needs. Or, if you do not have an advisor, call us. We can help.



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