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5 Times in Life When Your Insurance Needs May Change

Published: October 2018

Certain milestones, like moving out of mom and dad's place or retiring, mark a transition into the next phase of life. These exciting events often require planning — about where you'll live, how you'll handle new responsibilities and even how you can help protect what's important during this stage of your life.

Talking to an insurance agent can help you assess your coverage options, no matter where you are in life. Here are five times when your insurance needs may change:

Man holding a ring proposing to his significant other.

Getting Married


As you plan to spend the rest of your life with someone, you may want to consider your insurance options.

Merging insurance policies: Do you and your partner have separate car insurance policies? Home or renters insurance policies? Consider consolidating your policies when you move in together. Additionally, once you have each type of policy in both of your names, you may be able to bundle them with the same insurer to get a discount.

Read more: We're Getting Married. How Does It Affect Our Insurance?

Life insurance: It may be hard to think about now, but how would your spouse handle financial responsibilities if you pass away? A life insurance policy's benefit can help pay for final expenses and help replace your income so your spouse can continue to cover expenses, such as mortgage or tuition payments. You may want to research your life insurance options and purchase a policy with your spouse listed as the beneficiary.

Read more: How Much Life Insurance Do I Need?

Renting Your First Place


Getting your first place on your own? Now may be the time to get your own insurance, too.

Car insurance: If the title of your car lists both you and a parent, you may not be able to stay on your parent's car insurance policy once you move out. Check with your insurer, but you'll likely need to buy a car insurance policy in your name once you're no longer living in your folks' house. Learn how to compare car insurance rates, then get a car insurance quote to see what type of policy suits your needs.

Read more: What You Should Know About Your First Auto Insurance Policy

Renters insurance: When you lived at your parents' house, your stuff was likely protected by their home insurance policy. But when you're renting, your landlord's insurance does not cover your personal property. You may want to buy a renters insurance policy to help cover your personal possessions, such as furniture, electronics and clothing. If your belongings are damaged in a fire, for example, your renters insurance policy may help pay to replace them. Get a renters insurance quote to explore your coverage options.

Read more: Do I Need Renters Insurance If I Don't Own Much?

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Buying a Home


Buying a home is a big investment. Homeowners insurance helps protect that investment, and most mortgage lenders require that you have it.

As your shop for home insurance for your new place, it's helpful to compare home insurance quotes and understand what types of coverage are typically included in a standard policy. You can also read up on optional coverages you may be able to add to customize your policy. When you're ready, get a home insurance quote to help protect your new home and belongings.

Read more: I'm Moving: How (And When) Do I Buy A Homeowners Policy For My New House?

Expecting a Baby


Congratulations on your growing family! You'll soon have a little bundle of joy who depends on you, so you may want to think about your life insurance needs.

Whether you choose a term policy or a permanent policy, life insurance benefits can help your family pay for things like college tuition or mortgage payments if you pass away. Talk to an agent for assistance on which type of policy best suits your family.

Read more: Expecting A Baby? How To Choose Life Insurance

Nearing Retirement


Planning to retire in the coming years? Here are some things to think about.

First, if you're still working, it's not too late to save more for retirement. Consider "catch-up contributions" if you're older than 50, but be sure to confirm your maximum retirement contribution limits each year.

It's also important to understand some basic distribution rules for Individual Retirement Accounts (IRAs) and key facts about Social Security, so you can maximize how you use your retirement savings. Have questions? An Allstate financial professional can help with your plans for retirement.

Remember that as you reach certain life milestones, your insurance needs may change. Talk with an agent to make sure your coverage and policies are keeping up with your new lifestyle.

This content is for informational purposes only and may not be applicable to all situations.

Coverage subject to terms, conditions, and availability. Policy issuance is subject to qualifications. Allstate Insurance Company, Allstate Indemnity Company, Allstate Fire and Casualty Insurance Company, Allstate Property and Casualty Insurance Company, Northbrook, IL. © 2017 Allstate Insurance Company, Northbrook, IL.

Life insurance offered through Allstate Life Ins. Co. & Allstate Assurance Co., 3075 Sanders Rd, Northbrook IL 60062; American Heritage Life Ins. Co., 1776 American Heritage Life Dr., Jacksonville FL 32224. In New York, life insurance offered through Allstate Life Insurance Company of New York, Hauppauge NY.

Securities offered by Personal Financial Representatives through Allstate Financial Services, LLC (LSA Securities in LA and PA). Registered Broker-Dealer. Member FINRA and SIPC, Main Office: 2920 South 84th Street, Lincoln, NE 68506, 877-525-5727. Life insurance and fixed annuities issued by Allstate Life Insurance Company: Northbrook, IL; Lincoln Benefit Life Insurance Company: Lincoln, NE; and American Heritage Life Insurance Company: Jacksonville, FL. In New York, Allstate Life Insurance Company of New York: Hauppauge, NY.
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