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Life Changes

Major life changes change your needs for insurance.

Whether you have a growing family, a new college graduate, or a new home, protect your family with appropriate levels of health, life, and disability insurance.

New marriage or domestic partnership

You want your new spouse or partner to have financial security against life's curveballs. Insurance provides essential protection.

For group health plans, carriers generally allow you to add a new spouse/partner to your plan within 30 days of the qualifying event. If both spouses have employer coverage, compare plan benefits and cost sharing - it may make sense to keep separate plans or be better to go onto one plan.

Individual plans require medical underwriting to add a spouse or partner, but rates may be cheaper, especially if one spouse is five or more years younger. Read more about individual underwriting.

Health coverage is only the beginning of a complete financial protection plan. Marriage or committed partnership is also a great time to review life and disability coverage, for both partners, and to consider planning for long-term care.

New baby or adopted child

Parenthood brings responsibility for your new child's health and well-being.

Enrollment in medical coverage is not automatic. In both employer group and individual health plans, children can be added to a parent or legal guardian's coverage within 30 days after adoption, birth or assignment of guardianship.

If the child is not added within 30 days they will have to pass medical underwriting, or wait until open enrollment for group coverage. Read more about covering dependents under a group plan.

You also want to be sure to have adequate life and disability coverage in case something happens to your ability to provide for your family.

Graduating Dependents

Once dependents reach adulthood, they must be full-time students or disabled to receive health coverage under your plan.

Dependents over age 18 who lose full-time student status lose eligibility for dependent health coverage. If previously on a group plan, they are eligible for COBRA or Cal-COBRA.

See our June 2008 newsletters on graduating dependents in group plans.

Graduating students who were on an individual market plan can apply for their own coverage.

Buying a home

When you purchase a new home, life insurance can ensure that your spouse or other heirs can pay off the mortgage or continue to live in the house if you die.

Term life is most commonly used for this purpose. Some couples purchase separate policies specifically to cover mortgage costs. Read more about life insurance or contact us for a personal review.

Divorce or Legal Separation

Ending a relationship is stressful. Don't lose your health insurance as a result.

If you are losing coverage because of a divorce or legal separation you have the right to continuation coverage. Read more about your options.

Leaving or losing a job

Whether you leave your job voluntarily or not, it's important to review your benefits plan.

If you had group coverage, you and any enrolled dependents are entitled to individual COBRA or Cal-COBRA continuation coverage of your health plan. Read about COBRA coverage.

The 2009 American Recovery and Reinvestment Act contains provisions for a COBRA premium subsidy for eligible individuals. You can find official information on the COBRA subsidy on the US Department of Labor website. You can find official tax related information on the IRS website.

Download our newsletter for individuals losing coverage.

If, in addition, you're starting a business on your own, your needs for disability income protection and for life insurance may change. We can help you with a personal benefits review. Contact us for more information.

Retirement

Retirement often brings changes in medical coverage and needs for disability, life and long-term care insurance.

You may be transitioning onto Medicare, or deciding whether to stay in your group plan if you're working past age 65.

You may also have questions about how to maximize the value from the dollars available for long-term care. We can help you develop a plan for the future. Contact us to schedule a review.