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How does a new move affect my insurance needs?

Moving can change everything, including your life insurance needs. It could be time to rethink your coverage options. Learn more.
Jan 15th 2020
2 min read
 Does moving affect my life insurance needs?

Looking to move sometime soon? You’re definitely not alone. Tens of thousands of Americans do it every year.

Did you know that your move might impact your life insurance needs? As you plan to relocate, think about taking a second look at your coverage to see if it’s time for a change.

Here are three ways moving might shape your life insurance needs:

 

  1. You're getting a mortgage:

    Buying a home is an exciting moment in a person’s life, but it’s also expensive between things like taking out a mortgage, furnishing the space and getting new homeowners insurance. The average U.S. homeowner spends more than 17% of his or her monthly earnings on house payments. And, if you’re not able to pay off your mortgage before the end of your life, you’ll want a way to help your family make the monthly payments when you’re gone.

    Life insurance could help you do this. Your partner, spouse, children or other dependents can tap into your policy amount to help cover some of your mortgage payments instead of taking on these bills themselves.

     

  2. You're getting married:

    Marriage ranks among the top 10 reasons for moving in the U.S. It makes sense since moving in with your partner or spouse is often the next step after tying the knot, if you’re not already sharing a home. As you get your house in order, consider getting your finances in order, too. This might mean looking into life insurance.

    Life insurance coverage could help your spouse or partner cover some of the bills you might leave behind after passing. This includes student loans and mortgage payments, as well as funeral costs.

     

  3. You're expanding your family:

    Before bringing children into the world or adopting, future parents often think about where they want to settle down. You want your kids or dependents to grow up in the best environment possible. Moving to an area with better schools or safer streets is a good way to reach this goal. But how about after they are out of the house? How can you make sure they have a safety net then? The answer could be life insurance.

    The debts you have today could trickle down to your dependents once you’re gone. And these costs might be on top of funeral expenses. Life insurance may help keep your children or dependents from having to handle these financial burdens. That way they can focus on finding happiness, just like you wanted.

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