When should I review my life insurance coverage?

You should review your life insurance coverage whenever you experience major life changes or at least every 3-5 years. Here are key times to reassess:

• Marriage or divorce: Your family's financial needs change significantly.
• Birth or adoption of a child: New dependents mean increased financial responsibility.
• Buying a home: A mortgage represents a large debt your family would need to cover.
• Career changes: Promotions, job changes, or starting a business can affect your income replacement needs.
• Paying off major debts: Your coverage needs may decrease as liabilities are eliminated.
• Children becoming financially independent: Your coverage needs typically decrease once kids are self-sufficient.
• Significant income increase: Higher income may require more coverage to replace.
• Health changes: While you're still healthy is the best time to increase coverage.

Use our calculator to check if your current coverage still meets your family's needs after any of these life events.