When you first purchased your life insurance policy, you may have opted for the basic package. Over time, different life events, such as getting married or having children can affect your coverage needs, requiring you to update your plan. Here are some ways that life events can affect your overall insurance needs and how you can make sure you have coverage needs. 

Getting Married

When you marry, two people often combine their finances or at least contribute to bills and rents or mortgages together. As your financial situation changes, your policy needs to be able to cover your funeral expenses, as well as any costs your spouse would be left with. After you've settled in, an insurance agent can help you determine your new coverage needs.

Having Children

Adding children to your family means more expenses so it's common to increase policies each time you have a child. Consider your beneficiary, which is typically a spouse, and the costs that come with maintaining the household and your children's needs, like school or child care. Anything they would be responsible for should be easily covered under your new policy.

Purchasing a Home

Buying a new house is exciting, but it changes your financial picture. If you purchased a larger, more expensive home, your life insurance may need to be increased to cover the new mortgage. On the contrary, if you downgraded spaces, you might be able to decrease your coverage since the expenses would be cheaper. 

Changing Jobs

With new jobs, comes new salaries and that means it's time to up your policy so it accurately matches your new income. It's also the perfect time to look at the policy you previously had and see what options you have to transfer it over or replace it with your new company's offering. 

If you're going through a new life event, it's time to update your life insurance policy. Stautberg Financial Group in Cincinnati, OH, has been helping the Tri-State community with their insurance needs since 1975. Offering comprehensive coverage options, from life and auto insurance to property and business, their team is dedicated to ensuring you're up to date at every stage of life. To learn more about their insurance agency, visit them online or call (513) 821-6300 to speak with an agent.