Suggested ad (Amica Life)
When your family is growing, things like life insurance suddenly become more important to you and your partner, and it becomes even more important to find the right insurer. The experts at Amica Life created AmicaLifeLessons.com to help guide people through major life events that can impact their family’s life insurance needs.
We’ve listed four important life events that should prompt you to review your coverage needs as your family and financial responsibilities grow.
1. Welcoming a child
Here’s a life event you’re definitely familiar with!
Having a child brings a lifetime of joy, as well as responsibility. By purchasing life insurance, you can help ensure your child’s financial future is protected in the event that you were to unexpectedly pass.
2. Buying a home
Many growing families make purchasing a home, or moving somewhere with more room, a major priority. Most home buyers require a mortgage to purchase property, which is usually a 20-, 25- or 30-year financial commitment.
Similarly, term life insurance policies have 20-, 25- or 30-year terms. That’s no coincidence!
When you buy a home, you get homeowner’s insurance so your family isn’t financially burdened in the event of a loss. When you take out a mortgage, you should purchase life insurance to help your family afford to stay in their home in the event of your passing.
3. Starting or changing careers
Having a baby can motivate you to make a career change for a number of reasons. Maybe a new occupation would help you to better support your family financially or let you spend more time at home. That might mean doing some retraining, which can result in new student loans.
Or, perhaps you or your partner is going to stay at home full time for a while. That means you’ll be living with less income and become more reliant on the income you do have.
When your finances change, how much life insurance coverage you need may change as well.
4. Getting married
Marriage means different things to different people, but it means something very specific for the government. Marriage allows two people who aren’t related through blood to be legally recognized as family.
This gives spouses special privileges like the right to inherit one another’s property, the ability to make medical decisions for each other and access to certain tax deductions. In fact, there are over 1,000 provisions from the U.S. government that use marital status as a factor.1
In addition, spouses are responsible for each other’s finances. So, if one passes, life insurance can help the other pay any debt they shared as well as replace the income they once provided. That’s why it’s so important for both spouses to have life insurance.
No matter the life event, Amica Life can help you identify the coverage that’s right for you.
Amica Life insurance specialists are always available to help you make the best decision for you and your family.
Their Needs Calculator is a helpful tool that will give you an idea of how much life insurance you need based on your unique situation.
Tap the button below to quickly and easily calculate how much life insurance is right for your family’s needs.
Calculate your life insurance needs
This ad is brought to you by Amica Life
1 “1997 Report on Marriage Rights”. U.S. General Accounting Office. 1997.
ALIC17617 (exp. 9/18)