Life doesn't stand still, and your insurance shouldn't either. Major life events can create gaps in your coverage or opportunities to save money. Here are the most important moments to review and update your insurance.

Getting Married

Marriage is one of the biggest insurance opportunities. Combining auto policies can save 5-15%. You may also want to update beneficiaries on life insurance, add your spouse to health insurance, and consider a homeowners or renters policy if you're moving in together.

Having a Baby

A new child means you need life insurance (if you don't have it) or more life insurance (if you do). Financial experts recommend enough coverage to replace 10-15 years of income. You'll also want to add the baby to your health insurance within 30 days of birth.

Buying a Home

Homeownership brings new insurance requirements. You'll need homeowners insurance (your lender requires it). Consider bundling with auto for savings. Make sure your coverage includes replacement cost (not just market value). And consider flood insurance even if you're not in a flood zone.

Changing Jobs

A job change can disrupt your health insurance. Know your COBRA options (you can continue your old employer's plan for up to 18 months). Check if your new employer offers better or different benefits. If there's a gap, look into marketplace plans.

Getting Divorced

Divorce requires separating insurance policies. You'll need your own auto policy, your own health insurance, updated beneficiaries on life insurance, and potentially your own renters or homeowners policy.

Retiring

Retirement changes everything. At 65, you're eligible for Medicare. You may no longer need life insurance (if your spouse is financially secure). You might reduce auto coverage if you're driving less. And you should consider long-term care insurance.

Kids Leaving Home

When kids move out, you can remove them from your auto insurance (saving 20-40%). You might reduce homeowners coverage if your household is smaller. And it's a good time to reassess life insurance needs.

Starting a Business

Personal policies typically don't cover business activities. You may need commercial auto insurance, general liability, professional liability, or a business owner's policy (BOP).

Don't Wait for Renewal

Many people think they have to wait until their policy renews to make changes. That's not true - you can update your coverage at any time. And with life changes, you often should update immediately to avoid gaps in protection.