How Your Needs Evolve

Life is unpredictable — it brings with it many changes, some expected and others not. In different life stages, your responsibilities and priorities change. Insurance is not always on your mind but it is important to ensure that you and your family remain covered, so you should consider updating your policies. Whether you’re getting married, buying a home, having a baby or planning for retirement, life events can significantly change your insurance needs. Here’s how reviewing and updating your policies should factor into your financial planning.

Marriage & Starting a Family

Marriage is a major life milestone in major part because it has a significant effect on your financial situation and insurance needs. If you get married, you can save money by combining your insurance policies. Many insurers provide discounts for bundling home and auto insurance with your spouse, lowering your overall expenses.

Life insurance is especially important if you’re starting a family. This is to guarantee that your spouse and children would have financial coverage if an unforeseen thing happens to you. Term or whole life insurance that covers mortgage payments, everyday living costs and your child’s future education bring peace of mind to a growing family. 

Buying a Home 

Buying a home is one of the largest purchases you’ll ever make, and protecting it should be a priority. Homeowners’ insurance offers financial protection against what are called perils — damage to your home and its contents from fire, theft and natural disasters. Not all policies are created equal, though, and coverage should be customized based on your particular property and location. And, as you do renovations or upgrades, you increase the value of your home. If your policy doesn’t account for these changes, you might not be adequately covered in the case of damage or loss. Reviewing your homeowners’ insurance on a routine basis makes sure your investment is fully protected.

Retirement & Estate Planning

As you near retirement, your insurance needs change once more. If your children are out of college and you pay off your mortgage, you might want to change your life insurance policy. There are those who, as retirees, may opt to lower coverage, others who, as retirees, might want to keep coverage to leave an endowment to their heirs.

Also, long-term care insurance is something to consider. Medical expenses as well as assisted living costs can pile up quickly, and, by having the right coverage, you can protect your savings while being able to receive the necessary care. Administration of estates, which can include checking who the beneficiaries on your life insurance policies are, ensures your assets go to people you want them to.

Business & Career Changes

A career change or launching your own business means new insurance challenges. If you change jobs, you could lose employer-sponsored health or life insurance and need to obtain coverage on your own. If you are self-employed or run your own business, you might need liability coverage, workers' compensation or commercial auto insurance.

Traveling for work a lot can affect your auto insurance policy as well. Having the proper amount of coverage ensures you a safety net against the potential hazards of business-related driving.

Make Sure You Have Coverage for All Phases of Life

At The Gotham Insurance, we know that life is ever evolving and so should your insurance. Our team is available to assist you through these transitions and ensure proper coverage for you and your loved ones throughout life!

Secure your financial future with tailored insurance solutions. Schedule your policy review today and gain peace of mind for tomorrow! Call us today for a free quote!