Marriage, divorce, a new baby, a new home - each of these changes your insurance picture. Here's what to review and when.
Getting Married
Two separate auto policies can often be combined onto a multi-car policy for a discount, and combining home and auto with one carrier usually opens up a bundling discount. It's also the right time to update beneficiaries on life insurance.
Having a Child
Having a child changes your life insurance needs significantly. The financial obligation of raising a child through adulthood is substantial, and a life insurance policy that made sense before is often underinsured for a household with dependents.
Buying a Home
Homeowners insurance is straightforward. Less obvious: update your auto and umbrella coverage to reflect your new net worth, which increases your exposure in a serious lawsuit.
Getting Divorced
Divorce requires: - Changing beneficiaries on life insurance and retirement accounts (the divorce decree doesn't do this automatically) - Splitting combined policies back to individual ones - Re-evaluating coverage levels set for a two-income household
Retiring
You may no longer need income replacement from life insurance, your vehicle usage patterns change, and your home - if paid off - may have different coverage needs. A full insurance review at retirement is worthwhile. The NC Department of Insurance provides resources for North Carolina residents navigating coverage changes at major life milestones. Contact IronHaven in Wake Forest for a full coverage review at any life stage.
