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7 LIFE EVENTS THAT MAY ALTER YOUR INSURANCE NEEDS


How much life insurance should you have? As life changes, so does the right amount.

We all know this truth: Change is inevitable. And when it happens, life's big events – the celebrations and the disappointments – make us pause and think about how we want to live and the legacy we'll leave.

Along your Wise With Money Journey, these seven life events may be ideal times to consider if the life insurance you have is what you want – and need.


1. Marriage

When you make the promise to become a twosome, you commit to dreaming dreams together. But you also pledge to stick by each other through life's challenges. Even if they include hardship – or loss.

Most people don't like to think about death, especially as newlyweds. But taking the right steps to be prepared can be a gift to the person you love.

Replacing lost income is the most obvious need life insurance can help with. But there are other financial obligations you and your spouse might have, including:

  • Credit card debt

  • Mortgage or rent payments

  • Outstanding bills

  • Student loan debt

Having enough life insurance to pay off bills, loans or other burdens could help you or your partner through a difficult transition.


2. Birth or Adoption

Adding a child to the family is a time of excitement, and also a time when parents may want to reevaluate the life insurance coverage they have. A family's coverage should consider how the death of one parent would affect current financial obligations and future needs – such as providing child care, paying for college and paying off debt.

Another consideration is life insurance for the child, which can help protect your child's future insurability if a medical condition arises.


3. Job Loss

If you have life insurance coverage through your employer, that's great. But keep in mind: You may lose that coverage if you lose your job.

If you have individual permanent life insurance, you may be able to use the cash value to help with expenses while you're unemployed. Term insurance is another option. Term contracts typically may have lower premiums depending on your age, health and other factors – which could help you stay covered if money is tight. 


4. Divorce

The disruptive nature of divorce can make sorting out your life insurance needs a challenge. One crucial step is to evaluate your individual needs and make sure you have the proper protection in place. Divorced partners may share child care responsibilities – and it could be difficult for one person to meet the full weight of those expenses if something were to happen to the other parent.

Carrying life insurance coverage for a former partner might be a good choice to help provide for the child's future if one parent should die prematurely.


5. Grandchildren

You can share your legacy with your grandchildren in a number of ways. One option is to simply list your grandchild as the beneficiary on a life insurance contract. A second is to provide a monetary charitable gift or establish a trust to help provide for the child's future, such as college or vocational education or money to start a business.


6. Approaching Retirement

In retirement, you may have very different financial obligations than you have now. These will continue to evolve throughout the later part of your life. But you can still take steps now to help plan for them.

Keep in mind that income such as Social Security benefits will disappear when a spouse passes away – and the potential for the survivor's Medicare Part B benefit cost may increase. Life insurance may be able to help the surviving spouse meet those financial challenges.


7. Retirement

This milestone shifts the focus from replacing lost income to reducing taxes for a surviving spouse.

Single taxpayers reach higher tax brackets sooner than married couples. So if a spouse dies, the surviving spouse could pay more income taxes and may have lower monthly Social Security benefits. For retirees, cash value life insurance may provide some supplemental income that is potentially income tax-free.

Celebrate. Remember. Plan. Protect. And talk with your financial professional to assess how your financial strategy should reflect your changing life.

Financial Tools to Meet Your Needs

No matter what stage of your Wise With Money Journey you're in, we can help you explore a wide range of financial products and services to help you reach your goals.

FINANCIAL PLANNING SERVICES


With our fee-based Financial Planning Services, you'll work with a Thrivent Financial professional who can provide ongoing, objective advice and help you create a holistic, personalized plan.

RETIREMENT ACCOUNTS


We can help you choose an individual retirement account (IRA) to save for retirement. Two of the most common types of IRAs are traditional and Roth.

DISABILITY INCOME INSURANCE


Disability income insurance can help you continue to pay bills and other expenses if you're unable to work for an extended period of time.

MORE TO EXPLORE

Read about other topics that are important to you.

HOW TO PREVENT UNEXPECTED EXPENSES FROM BUSTING YOUR BUDGET


You can't necessarily call unexpected expenses "unexpected." They arise for all of us. If you're not prepared for such pitfalls, they can quickly derail your financial life. Having an emergency fund in place can provide valuable protection.

WHAT IS CASH VALUE IN LIFE INSURANCE?


Your insurance strategy can help provide protection and flexibility for you and your family. In particular, cash value life insurance can provide a range of options. And getting cash out of your life insurance may be easier than you think.

YOUR RETIREMENT SAVINGS: HERE'S HOW TO START


It's easy to put off saving for retirement. But as you age, time seems to accelerate. There's a wealth of tools that can help you kickstart a saving plan. And it's better to start now than never to start at all.

Term life insurance contracts have exclusions, limitations, reductions of benefits and terms under which the contract may be continued in force or discounted. For costs and complete details of coverage, contact your Thrivent Financial professional.

If requested, a licensed insurance agent/producer may contact you, and financial solutions, including insurance, may be solicited.

This contract has exclusions, limitations, reductions of benefits and terms under which the contract may be continued in force or discontinued. For costs and complete details of coverage, contact your Thrivent Financial professional.

THRIVENT IS THE MARKETING NAME FOR THRIVENT FINANCIAL FOR LUTHERANS. Insurance products issued by Thrivent Financial for Lutherans. Not available in all states. Licensed agent/producer of Thrivent. Thrivent.com/disclosures.