What Events Should Trigger a Life Insurance Review

What Life Events Should Trigger a Life Insurance Review?

Over coffee with a new client last week, I asked a simple question:

“When was the last time you and your wife reviewed your life insurance?”

His answer, “I’m not sure… maybe 5 or 6 years ago” which wasn’t surprising. Life insurance is often overlooked until premiums rise or it’s too late. Yet it plays a critical role in protecting your loved ones.

Here are key life events when you should revisit your coverage:

1. Marriage

You’ve tied the knot and are building a life together—but have you planned for the unexpected? Life insurance can cover final expenses, debts, or lost income, ensuring your spouse is protected financially should the unthinkable happen.

2. Buying a Home

Buying your dream home is exciting—but it comes with a big financial responsibility. Your mortgage is likely one of your largest debts. Updating your insurance coverage can help ensure your spouse could pay off the mortgage or manage payments if you’re no longer there to contribute.

3. Starting a Family

Having children is one of life’s biggest joys—and one of the most important reasons to review your insurance. From daycare to university, raising a child is expensive. The right coverage can ensure your family's financial stability if you're no longer around.

4. Job Changes

New job? Leaving a job? Big raise? Retirement? All of these warrant a coverage review.

• If you're switching employers, check if your current group life insurance is portable.

• If there’s a gap before new benefits kick in, personal coverage can help.

• A higher income often means a higher standard of living—update your coverage accordingly.

• And at retirement, review your plan to protect estate assets and ensure efficient tax planning.

5. Every Two Years

Even without a major life change, it’s wise to review your coverage every two years. Health can change quickly, and insurance becomes harder—and more expensive—to obtain later in life.

As one speaker at a recent seminar put it:“No one will sell you life insurance when you're in the back of an ambulance.”While some policies don’t require a physical, there are always limits. The best time to plan is when you’re healthy and insurable.

Ready for a Review? If it’s been a while since you looked at your life insurance—or you're unsure if it still meets your needs—I’d be happy to offer a complimentary review as part of your overall financial plan.

Kevin J. Zakus is a Professional Financial Advisor in Kelowna, BC. You can reach him at kevin@zakuswealth.com

This article is for informational purposes only and should not be considered legal, tax, or investment advice.