header photo Mesa 7/23/2019 10:00:00 AM
News / Finance

Life Events May Trigger Necessary Changes in Your Policies

Life Just Happens & Your Finances Need to Pivot with Those Changes

Here are the top ten life events that can alter your coverage, beneficiaries or future financial goals. (There may be over 30 life events to consider.) All these events need to incorporate coverage to financially benefit family dependents or business partners.

Marriage: In today’s economy both spouses generally work, so their lifestyles are dependent on two incomes and the value of their lifetime earnings needs to be protected.

Mortgage: Most people can’t afford to pay cash for a home, so they secure a home mortgage. And most mortgages today are granted on the basis of a two-earner household. Their income needs to be covered.

Divorce: The splitting up of families or the blending together of new households is fraught with coverage scenarios and proper assignments or reassignments of beneficiaries. Protection is generally necessary for the old and new family unit.

New Child or Grandchild: Whether it’s protecting the lifestyle of dependent children or funding higher education or simply leaving a legacy for the next generation, new arrivals change future obligations.

New Job or Promotion: A new job or promotion may increase revenue at the domestic front. Often when there’s more money in the budget a family’s lifestyle changes and indebtedness may increase. 

Death of a Family Member: When a family or business is dependent on the income of any of its members or owners, protecting the ongoing concerns of both come into play. It can’t be over emphasized that the death of a breadwinner or partner can have devastating economic consequences for the survivors.

Retirement: Senior couples should have a plan for their golden years. But to create a smooth transition from one generation to the next they need, at the very least, final expense insurance to cover remaining medical bills and funeral costs.

Surviving Spouse Most retirement planning in the U.S. seems like it’s designed around married couples living out their lives together and both dying together. But few retirement plans have considered the economics for the surviving spouse. Life insurance can fill the gap.

Starting a Business with Partners: Many small businesses have two or more owners. They don’t retire on the same day. They don’t retire in the same way. And sometimes life just happens and a partner is gone. Protecting each other’s business interests is paramount.

Estate & Legacy Planning: The transfer of assets may have associated costs. Funding a family legacy may be a transfer goal as well. Often people with small wallets and a big heart want to give money at their passing.

Throughout your life, both predictable and unforeseen events will occur. Covering the death of a breadwinner, business partner and charitable contributor is significant for the ongoing welfare of their dependents and partners.