One minute you’re buying your first home; the next, there’s a baby in the backseat. Maybe you’ve started a business, inherited a family property, or entered retirement. The milestones themselves are exciting—often the very things we’re most thankful for—but they can also be a good reminder to take stock of what needs protecting.
According to Cailyn Healy of Comparion Insurance, these moments are natural opportunities to revisit an insurance plan. “The biggest triggers tend to be marriage, buying a home, having children, starting a business, retirement, or significant changes in income or assets,” she says. “These milestones often represent a new level of responsibility or something valuable that needs protection.”
In other words, when life gets an upgrade, your insurance probably should, too. People tend to think about insurance when they make a major purchase, but Healy points out that changes in family dynamics, lifestyle, or future plans can be just as important.
Consider becoming a parent. Amid the diapers, sleepless nights, and endless tiny laundry, insurance may not make the newborn checklist, but Healy says it should. New parents should revisit beneficiary designations, consider their life insurance needs, and make sure emergency savings and estate planning documents are up to date. “Becoming a parent deserves more attention than almost any other milestone,” she says. “The focus is understandably on the excitement and responsibilities of raising a child, but it's also one of the most important times to evaluate long-term financial protection.”
Buying a first home is another major life shift. While insurance is usually part of the closing-day paperwork, Healy encourages homeowners to think beyond just checking a box. Replacement-cost limits, deductibles, liability coverage and even creating a home inventory are all worth revisiting. “Many people focus solely on what's required to close on the home, but protecting the investment over the long term deserves just as much attention,” she explains.
There are smaller changes—those that may not feel significant at the time—that also necessitate an insurance review. Working remotely, buying a new vehicle, completing a renovation, adopting a pet, adding a young driver to the household, renting out part of a home, or bringing a valuable new possession into the mix can all change a household’s risk and coverage needs.
Sometimes, the change comes with a complicated mix of emotions. An inheritance, for example, can arrive during a difficult season. If it includes a home or valuable belongings, Healy recommends making sure ownership and coverage are updated promptly. “The key is not to assume existing coverage automatically extends to newly inherited property,” she says.
Even when nothing major has changed, Healy recommends an annual insurance review. She compares it to “an annual physical for your financial protection plan”—a chance to account for changing costs, property values, vehicles, and coverage options. “Life moves quickly,” she says, “Property values change, vehicles depreciate, and coverage options evolve. An annual review helps ensure clients aren't unknowingly underinsured, overinsured, or missing opportunities for discounts and additional protection.”
The things we’re protecting—our homes, families, businesses and plans for the future—are often the very things we’re most thankful for. “My role isn't simply to sell a policy,” Healy says. “It's to help families understand their options so they can move forward confidently, knowing they've taken steps to protect the people and things they care about most.”
Healy wishes more people would start with one simple question: Has anything in my life changed that could create a gap in my coverage? “The best time to review your coverage is not after something happens,” she says. “It's when your life begins to look different than it did before.”