Milestone life events, such as getting married or welcoming a child, may affect how much life coverage you need. These major life events can call for a review of your coverage to help provide for your loved ones as seasons and circumstances change.
Consider six life events that may call for life coverage policy updates.
If you’re single, you are the only one who depends on your income. If you get married, you and your spouse both need life coverage. On the other hand, if you become single again, through death or divorce, updating life coverage for you or other family members can help align your finances with changing needs.
If your spouse becomes disabled or dies, you could consider listing one of your adult children, another loved one or an estate as a beneficiary instead.
When your kids are young, your need for life coverage is often at its peak. Coverage should be enough to cover the everyday expenses of running a home, caring for children and meeting future goals such as college tuition.
Ideally, your income will rise throughout your career. A life policy purchased in your 20s may no longer adequately replace your income when you reach your 40th birthday. Changing life coverage to match your growing income can help balance your financial security.
Life coverage needs may change when children no longer rely on a parent for day-to-day support. At this milestone, empty nesters may find that coverage is only needed to provide for a spouse’s living expenses.
Did you lose weight or exercise to bring your blood pressure under control? Congratulations! You may qualify for discounts or be able to purchase additional coverage at a reduced rate.
Buying a bigger house for a growing family or downsizing to a retirement cottage can change life coverage needs. A larger home generally means higher monthly expenses, while a smaller place likely takes less income to maintain.
Need help determining your life coverage needs? Use a life coverage calculator to help get a clearer picture of how much coverage may fit your season of life. Learn more about GuideStone’s life coverage options today or contact us at Insurance@GuideStone.org or 1-844-INS-GUIDE (1-844-467-4843), Monday through Friday, from 7 a.m. to 6 p.m. CT.
GuideStone® welcomes the opportunity to share this general information. However, this article is not intended to be relied upon as legal advice.
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• Oct 21, 2025 