Should I update my Life Insurance Policy when I get Married?

Answer:
Yes. Any major life change such as marriage, birth

of a child, divorce, purchase of a new home, and retirement calls for a thorough review of your finances, insurance coverages, and estate planning tools. Your life insurance policy is a major financial vehicle that your family will benefit from in the event of your death. When getting married, you will have a new set of commitments that you may not have had prior to the marriage such as a mortgage to pay and children to raise.

Married people usually need more insurance than single people. Add in a child and your life insurance needs will increase. If someone depends on your income including your new spouse and children, you need life insurance. Even if your spouse works, the loss of your income can be financially devastating to the family. You may not need as much insurance as someone whose spouse doesn’t work but you should still consider buying enough insurance to cover your debts, funeral costs, and medical bills.

At the very least, you should update the beneficiary on your existing policy when you get married and name your new spouse as the beneficiary.