Is Your Life Insurance a Relic of the Past? Here’s When to Increase It.

That life insurance policy you bought years ago felt responsible. But is the safety net you built then strong enough to catch your family today? Your life isn't static, and your insurance shouldn't be either. A policy that once seemed sufficient can quickly become a dangerous relic, leaving your loved ones vulnerable. Recognizing the key moments to increase your coverage is not just financial planning—it's an act of love.

Think of your policy as a financial shield for your family. Its size must grow to cover the new risks and responsibilities you take on. Major life milestones are your clearest signal to act.

1. After saying "I do" or welcoming a new child. Marriage merges two financial lives, while a child introduces decades of new obligations. The U.S. Department of Agriculture estimates it now costs over $310,000 to raise a child to age 17, excluding college. Your policy must now replace your income to support your spouse and ensure your child’s future dreams, from ballet lessons to a university degree, remain within reach.

2. When you sign a 30-year mortgage. For most of us, a home is our largest debt and our family’s anchor. If you were gone, could your family afford the monthly payments? Increasing your life insurance ensures the bank doesn't become the new owner of your home. It grants your family the stability to grieve without the panic of potential foreclosure.

3. Following a significant raise or career advancement. A higher salary often supports a better lifestyle—a nicer car, annual vacations, or private school for the kids. Your life insurance needs to mirror your current earning power. If your income has jumped 50%, your coverage likely should, too, to maintain the standard of living your family depends on.

4. When you take on new debt or become a co-signer. Co-signing a student loan for a niece or taking on a business loan doesn't just affect you. That debt could become a burden passed to your co-signer or estate. An increased policy acts as a guarantee, ensuring your generosity or ambition doesn't become someone else's financial ruin.

The ultimate benefit of increasing your coverage is profound, tangible security. It transforms a policy from a document into a promise—the promise that your family can stay in their home, that your children’s education is funded, and that the life you built together can endure.

Don't gamble with your family’s future security. The gap between your current policy and what you truly need could be the single biggest financial risk you face. Schedule a 10-minute, no-obligation coverage review with a licensed advisor today. It’s a small step that secures everything you’ve worked so hard to build.