Major life events - like buying a home or having a baby - have the potential to affect your insurance needs. What insurance moves should you make at every stage of your life to make sure your coverage doesn't miss a beat?
Life event: Marriage
- Insurance needs: Obtain life insurance
- Why: Life insurance helps ease potential financial burdens after your partner's death by helping you cover bill payments and other expenses.
- Did you know: 25% of Americans wish their spouse or partner would purchase more life insurance.1
Life event: New Home
- Insurance need: Obtains homeowners insurance
- Why: a new home is a big investment, and homeowners insurance will help protect it from things like fire, weather damage, theft, vandalism, accidental damage and more. 2
- How: Get a professional to give you an idea of how much insurance you'll need. You will want to insure your new home for 100% of its estimated replace cost - not market value.3
Life Event: New Baby
- Insurance Need: Increase life insurance
- Why: Having a baby is just the start of a huge financial commitment - increasing your life insurance will help you feel more secure about your baby's future should you or your partner pass away unexpectedly.
- Did you know? According to the U.S. Department of Agriculture, it costs $245,340 to raise a child to age 18.4
Life Event: Teen Driver
- Insurance Need: Increase auto insurance
- Why: No driver should run the risk of being uninsured on the road, teens included - especially since this group is the most at-risk for getting into car accidents.5
- Did you know? Adding a teen driver to your auto policy may raise your rates,6
- but costs may drop gradually as your teen gains more experience behind the wheel.7
Life Event: New Business
- Insurance Need: Obtain business insurance
- Why: Running any kind of business - from a storefront to a one-person operation - means you can be at risk for a lawsuit.8 Business insurance protects against large costs associated with legal fees, settlements and more.
- How: Your State Farm agent will help you determine the kind of coverage your business needs.
1. LIMRA 2015 Insurance Barometer Study
4. USDA Expenditures on Children by Families, 2013, August 2014
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