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Life insurance questions to ask yourself at every milestone

Insure

Sometimes we only stop to check in on our finances when a milestone arrives. Those big moments such as buying a house, getting married, or having a baby can rearrange your old priorities and make you ask new questions. What life insurance changes do you need to make? A life insurance professional can help. Before talking to an expert, prepare by taking a few minutes to answer some questions. Let’s get started.  
 

A diamond engagement ring in an open white leather box

Marriage

A new marriage is the beginning of an exciting adventure. It may also be the first time you’re sharing a financial future with someone, and that can be a good reason to pause for a moment.
 

When evaluating a life insurance plan, you’ll want to take stock of responsibilities like the mortgage on your home, student loans and the cost of a child’s education, to make sure these expenses are covered should the unexpected happen.
 

Key questions

  • Does one spouse depend on the other for income?
  • What are your current combined financial responsibilities?
  • Could your spouse continue his/her lifestyle without your income?
  • Do you or your spouse have outstanding student loans?

 

A cottage-style house surrounded my lavender and flowers

Homeownership

Buying a house can mean added financial responsibility for years to come. Your ongoing financial commitments grow as you add homeowners’ insurance, mortgage payments, and budgeting for repairs. Without you, will your family be prepared to cover these expenses in the future?
 

Key questions

  • What is the combined total of your ongoing expenses: mortgage, maintenance, homeowners’ insurance, and taxes?
  • Could your family cover a sudden unexpected expense, like a special assessment or repair?
  • Does your spouse have the assets or income to assume a mortgage by them self?
  • Could your spouse continue his/her lifestyle in your home without your income?

 

 

A golden retriever putting its paw on a pregnant woman's belly in front of a window

Children

Bringing up a child means unconditional love...and expenses. In fact, the average cost of raising a child through age 17 is over $233, 6101. So, it’s important to understand the costs involved in raising your child, should something happen to you or your spouse.
 

A life insurance policy can give a surviving parent or child much needed financial support, including housing, college tuition bills, childcare costs, easing the estate tax burden and more.

 

Key questions

  • What is the combined cost of education, childcare, and miscellaneous expenses?
  • Are you factoring in the costs of housing?
  • Do you plan to help your child or children with college?
  • Might your family assume new childcare-related costs if your spouse went back to work?
  • Do you or your spouse have outstanding debt?

 

A middle aged couple walking together on an outdoor trail holding hands

Retirement

There’s a lot to think about when it comes to retirement, and life insurance can be a key part of your retirement strategy.
 

Like traditional 401Ks, mutual funds and other investment options, life insurance can be a smart way to help ensure you’re financially secure when you’re no longer working. Here’s how: It can provide funds to assure your retirement savings are on track should your spouse pass away, offer additional income after retirement so you can maintain (and enjoy) your lifestyle, and protect your estate and legacy by providing a tax-free death benefit, among other things.2

 

Key questions

  • Do you have a mortgage on a second home?
  • Do you plan to leave an estate for your children or grandchildren?
  • Could your spouse live the same lifestyle on your retirement income?
  • How does life insurance fit into your broader retirement portfolio?

Next steps

Ultimately, everyone’s situation is unique. We believe that most people can benefit from talking to a professional who can take your individual circumstances into account. If you’ve just put a big life achievement under your belt and you’d like to protect it with life insurance, get in touch to see which option might work for you. 

 

 

 

 

 

 

 



Citations:

1 USDA: "The Cost of Raising Children" by Mark Lino, February 18, 2020 https://www.usda.gov/media/blog/2017/01/13/cost-raising-child
 

2 Life insurance death benefit proceeds are generally excludable from the beneficiary’s gross income for income tax purposes.  There are few exceptions such as when a life insurance policy has been transferred for valuable consideration. Comments on taxation are based on John Hancock’s understanding of current tax law, which is subject to change.

Insurance policies and/or associated riders and features may not be available in all states. 
 

Insurance products are issued by: John Hancock Life Insurance Company (U.S.A.), Boston, MA 02116 (not licensed in New York) and John Hancock Life Insurance Company of New York, Valhalla, NY 10595.

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