Life insurance questions to ask yourself at every milestone

Posted : May 26, 2020

Updated : June 3, 2024

Key takeaways

Life insurance should be reviewed when major life events change your finances.
Marriage, homeownership, children and retirement can all change your coverage needs.
A life insurance policy provides financial protection for people who depend on your income.
A professional can help you match the right coverage to your situation.

Sometimes we only check in on our finances when a milestone arrives. Big moments like 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:

Life insurance questions by milestone

Milestone	What changes financially	Key action
Marriage	Shared income, shared expenses and new long-term goals may change how much protection you need.	Review both partners’ coverage and update beneficiaries.
Homeownership	A mortgage adds a major monthly obligation that could become harder to manage if income changes.	Make sure coverage can help protect the home and housing payments.
Having a child	Childcare, education and day-to-day family costs can increase quickly.	Reassess coverage so your family will have financial support if needed.
Retirment	Income may shift from a paycheck to savings, investments and retirement income sources.	Check whether life insurance still fits your income, legacy and estate-planning goals.
Job change	Employer-provided coverage may end or change and your new benefits may differ from your old plan.	Review your new benefits and replace any lost coverage if needed.
Divorce	Income, expenses and beneficiaries often change after divorce.	Update beneficiaries and review how much coverage you still need.

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. 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?

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, taxes etc.)?
Could your family cover a sudden unexpected expense, like a special assessment or repair?
Could your spouse afford to keep the home on a single income?
Could your spouse continue his/her lifestyle in your home without your income?

Children

Bringing up a child means unconditional love...and unconditional expenses. In fact, the average cost of raising a child through age 18 is over $303,418¹. 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?

Job change

A change in your job can bring shifts in income, benefits and financial responsibilities. Whether you’re starting a new role, changing careers or experiencing a change in income, it’s a good time to review your life insurance coverage.

You may have had coverage through your employer, or your new role may come with different benefits. At the same time, changes in income and lifestyle can affect how much coverage you may need to help protect your financial goals.

Key questions

Has your income changed? How does that affect your coverage needs?
Do you have life insurance through your employer? Is it enough?
Have your financial responsibilities increased or decreased?
Would your current coverage support your lifestyle if something unexpected happened?

Divorce

Going through a divorce can bring significant changes to your financial situation. As you transition from a shared financial life to managing things on your own, it’s important to revisit your life insurance coverage.

Your income, expenses and responsibilities will likely all shift. You may also need to update your policy to reflect new obligations or ensure the right people are protected moving forward.

Key questions

How does your financial situation change after a divorce?
Should you adjust your beneficiaries or update coverage based on new responsibilities?
Do you need to adjust your policy to cover alimony or child support obligations?
Do you have enough coverage to support your dependents on your own?

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. Life insurance can provide funds to ensure 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?

See which life insurance option fits

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.

Frequently asked questions

Review your coverage at least once a year and after any change in income, debts, family responsibilities or savings goals. A regular check helps confirm your policy still matches your needs and keeps you from being underinsured or paying for more coverage than necessary.

Employer-provided life insurance usually ends when your employment ends, though some plans offer a short conversion or portability window. Review your benefits before leaving and compare replacement options quickly so you do not have a gap in coverage after your job change.

You may be able to increase coverage on an existing policy, but that depends on the policy type and insurer rules. In some cases, adding coverage is easier with a new policy. Compare premiums, underwriting requirements and long-term flexibility before deciding.

You may still need life insurance if you have debt, co-signed loans, future funeral costs or want to leave money to family or charity. If no one depends on your income and you have no financial obligations, your needs may be limited, but it is still worth reviewing.

It can take a few days to several weeks, depending on the policy, coverage amount and whether medical underwriting is required. If you need protection quickly, start the process soon after the milestone and ask about simplified or accelerated application options.

Citations:

¹ CBS News: “ Raising a child now costs over $300,000 in the U.S., study finds. See how your state compares.” by Mary Cunningham, April 7, 2026, https://www.cbsnews.com/news/cost-to-raise-a-child-300000-us-state-by-state/

²Life insurance death benefit proceeds are generally excludable from the beneficiary’s gross income for federal income tax purposes. There are a few exceptions such as when a life insurance policy has been transferred for valuable consideration. In addition, state and estate taxes may apply in certain instances. Comments on taxation are based on John Hancock’s understanding of current tax law, which is subject to change. No legal, tax or accounting advice can be given by John Hancock, its agents, employees or licensed agents. Prospective purchasers should consult their tax professional for details.

This material is not an endorsement of any particular product, service or organization; nor is it intended to provide advice. It is intended to promote awareness and is for educational purposes only.

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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