You may not realize it, but a big life transition such as starting a family, getting a promotion or committing to a mortgage isn't just a sign that your lifestyle is changing. A life event often triggers a shift in your financial obligations. With new financial responsibilities come new financial risks, and life insurance can help protect you.

Situations that may call for reevaluation of life insurance coverage include:

  • Marriage
  • Having a child
  • Buying a home
  • Starting a business
  • Changing jobs

Budgetlife.com's Life Insurance - Life Events section helps you decide whether your big event changes your need for life insurance.

How might a life transition affect your need for life insurance? For example, when you buy a home, you have committed to monthly mortgage payments for the life of the home loan. If tragedy should strike and you or your spouse were to pass away, could the financial obligation of the mortgage payment be met on just one income? What about the maintenance or property taxes? Having a life insurance policy in place may ensure that your family can afford to stay in your home.

Life is full of changes. Be sure to have the proper financial safety net in place with life insurance protection.