With each new stage of life, priorities and responsibilities change. Your need for life insurance evolves as well. Different milestones are often good indicators that it’s time to buy a policy. Here are some of the most common life events for which you should acquire coverage to protect your family’s future. 

4 Milestones That Increase the Need for Life Insurance

1. Getting Married 

Once you marry, you assume financial obligations for your spouse. If they are dependent on your income, they could face economic burdens without you. Having life insurance would allow your partner to manage the everyday costs of running a household while maintaining the same standard of living.

2. Expanding Your Family 

Raising a child is one of life’s most rewarding experiences, as well as one of the most expensive. Children depend on their parents to meet all of their basic needs. If you passed away unexpectedly, your policy would help to cover those daily expenses, such as food, clothing, health care, education, and extracurricular activities. 

3. Becoming a Homeowner 

Buying a home is the biggest financial commitment you are likely to ever make. If you finance this purchase with a mortgage loan, your family would need to continue making the payments. A life insurance policy will provide the funds necessary for your loved ones to stay in the home you shared together without encountering financial hardship. 

4. Starting a Business 

Life insurance plays an essential role in business planning. If you start a new business with a partner, an insurance payout could help them purchase your share from surviving family members. It can also be used to cover any costs related to hiring and training someone to take your place.

If you are approaching or have recently experienced any of these life-changing events, contact the professionals at Mutual Underwriters for guidance regarding your life insurance options. With locations in Honolulu, Waipahu, Wailuku, Kona, and Hilo, they have helped residents across the Hawaiian Islands find quality coverage for over 60 years. No matter which phase of life you’re in, they can put you on the right path to financial security. Visit their website for more information on the products they offer, or call (808) 532-2888 to make an appointment.