5 Life Events That Impact Your Life Insurance Needs
Life throws a lot at us. We go through incredible highs – weddings, graduations, the joy of welcoming children – and face some of the hardest moments imaginable, like losing a loved one or navigating a career change. Here at Ambient Financial Advisors, we understand how these transitions can impact your financial security, especially your life insurance. We work with many clients, both those we've known for years and those just starting out, to ensure their loved ones are protected no matter what life throws their way.
Let's talk about some specific life events that can change your life insurance needs:
- Finding Your Forever Person: Getting married or entering a committed partnership is a beautiful time. But it also means you're no longer just looking out for yourself financially. Suddenly, the loss of one income could be devastating for the other. A life insurance policy helps ease that burden, giving your partner the resources they need to stay afloat and maintain the life you built together.
- The Joy (and Expense!) of Children: There's no greater love than the love for your children. But raising them isn't cheap! It is estimated that American parents pay on average $272,049 to raise a child for 18 years.1 Life insurance can be a safety net, ensuring your children have the financial support they need to grow and thrive even if you're not there.
- Owning Your Dream Home: Buying a home is a huge accomplishment. But it also comes with a hefty mortgage payment. If something happens to you, your partner could be left struggling to keep a roof over your family's head. Life insurance can help cover those mortgage payments, allowing your family to stay in their home during a difficult time.
- Job Changes: New Opportunities, New Considerations: A new job can be exciting, but it might also mean changes to your existing life insurance coverage. Many employers offer life insurance as a benefit, but it might not be enough on its own. It's a good idea to review your overall coverage and make adjustments if needed.
- Retirement: A Time to Reflect and Reassess: Retirement is a time to relax and enjoy the fruits of your labor. But it's also a good time to look at your life insurance needs. If you've accumulated savings, you might not need as much coverage. On the other hand, you might want a policy to cover final expenses and avoid burdening your family.
We understand that life insurance can be a complex topic. That's why we're here to help! Whether you're a current client or just starting to think about your financial future, we'd love to sit down with you and discuss your specific needs. Let's work together to ensure your loved ones are protected no matter what life throws their way.
Footnotes
1The Cost of Raising a Child in the United States https://www.investopedia.com/articles/personal-finance/090415/cost-raising-child-america.asp
Important Disclosures
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. For information about specific insurance needs or situations, contact your insurance agent.
All information is believed to be from reliable sources; however LPL Financial makes no representation as to its completeness or accuracy.
A portion of this article was prepared by WriterAccess
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