Life is full of both planned and unexpected milestones, and these changes can have a personal and financial impact on you and your loved ones. When it comes to insurance, making modifications ensures there’s enough coverage in place in case you or your family needs it. Here are some of the most common life events that may require changes to your life insurance and other policies.

4 Milestones That Can Affect Insurance Needs

1. Mortgage Payoff

After years of diligent payments, you’ve finally paid your home mortgage off. Your lender most likely required you to have homeowners insurance until the loan balance was eliminated. Now that your lender is no longer involved, an experienced agent can review your existing policy to identify areas where you might be able to reduce your premiums.

2. New Baby

With the arrival of a new baby, you now have a little one depending on you financially. Should some unforeseen circumstance occur, a life insurance policy provides resources for children. If you don’t have a plan in place, consider securing one that is affordable and meets your unique lifestyle. If you currently have coverage, talk to an insurance agent about making any necessary adjustments.

3. Teen Driver

For most teenagers, driving is a much anticipated milestone. The feeling of freedom and not having to depend on a parent for rides provides a sense of independence. For parents, the transition typically means adding their teens drivers to their existing auto insurance policy. While the adjustment may impact premium payments, there are a number of discounts available to help keep costs down, and having your child on your policy instead of creating a separate one for them can also reduce costs.

4. Retirement

You’ve put in decades of hard work, and now the day has come to retire. Your life insurance needs may need to be adjusted to include final expenses, such as funeral costs. An agent can also review your existing policies and suggest whether switching from a term to a permanent life insurance policy is a better move for your situation.

When major events occur in your life, you want to be financially prepared, and having the proper insurance in place offers peace of mind. Daniel Oliver - Farmers Insurance Agent in Edina, MN, is the specialist individuals and business owners turn to for customized and affordable coverage. With more than 30 years of experience, Daniel understands that no two clients are alike, and his approach is personalized and pressure free. To learn more about life insurance and other policy options, call Daniel at (952) 925-4454, or follow his office on Facebook to stay up to date.