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Do you have enough life insurance? Major life events are a good time to reassess

Life doesn’t stand still — and neither should your life insurance coverage. Certain milestones are natural checkpoints to ask yourself the big question: “If something happened to me tomorrow, would my family be okay?”

Whether you’ve recently gotten married, had a baby, bought a home, started a business, taken on more debt or earned a significant raise — each of these moments signals a change in financial responsibility. They’re also the perfect time to reevaluate your life insurance needs.

Far too often, people buy a policy once and assume they’re set. But as your life changes, so should your coverage.

What will your family need to maintain their life?

Many experts recommend carrying 10 times your annual income in coverage, but your specific needs may vary based on your age, debt, dependents and financial goals. Rather than guessing how much life insurance is enough, it’s helpful to think in terms of “what would your family need to stay financially stable in your absence?”

This includes:

  • Immediate costs like funeral expenses and debt payoff.
  • Ongoing income to replace what you currently earn. A common rule of thumb is 70% of your gross income for 10 years.
  • Education and childcare expenses.
  • Long-term financial support for a spouse and/or dependents.

It’s also important to look at what resources are already available, including savings, retirement funds or other income-producing assets. The difference between what’s needed and what’s already available is often larger than people realize — and that’s the coverage gap your life insurance should fill.

Don’t overlook the value of a stay-at-home parent

One of the most common blind spots in life insurance planning is undervaluing the role of a stay-at-home parent. Just because they aren’t earning a paycheck doesn’t mean they aren’t contributing significantly to the household.

Think about the services they provide: childcare, transportation, meals, housework and emotional support. If a stay-at-home parent were no longer there, replacing their daily contributions could cost thousands of dollars a month. That’s why both parents — whether they earn a paycheck or not — should be considered in your coverage planning.

Talking to an expert can help you choose the right life insurance policy

The best way to determine the right coverage amount — and the right type of life insurance — is to discuss goals and options with your personal insurance agent. They can walk you through your current situation, explore coverage options, discuss your budget for insurance costs and help you understand the pros and cons of each type of policy.

Here’s a quick snapshot:

  • Term life insurance provides coverage for a set period, such as 10, 20 or 30 years. It’s generally the most affordable option and works well for covering income replacement during your peak earning years.
  • Universal life insurance is a type of permanent life insurance that offers lifetime coverage and includes a cash value component that can grow over time. It may be a good fit for long-term estate planning or individuals seeking more flexible premium options.

Life insurance is about more than just numbers — it’s about protecting the people you love. As your life changes, take a moment to ask, “Do I still have the right coverage?” Whether you’re expanding your family, taking on new responsibilities or simply thinking ahead, now is a great time to open a conversation with your insurance agent.

Marsh McLennan Agency’s Private Client Services team partners with individuals and families to tailor insurance coverage — including life insurance — to fit their unique needs and goals.

Brian Daubert, CPRIA Consultant, of Marsh McLennan Agency works with families across the Northwest to find the best fit for their insurance needs, helping navigate personal risk and protecting families for the future. To connect with Brian, please email [email protected] or call 406-869-4404.

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