Checklist: Five signs you might need life insurance

Life insurance can sometimes feel like one of those "nice to haves." You know you need it, but you'll get around to purchasing it someday. However, life can be unpredictable. Life insurance can play an important role in protecting yourself and the ones you love. The following life events could provide an opportunity for you to review your life insurance strategy.

1. Buying a home

Maybe you've recently moved or bought a new home. Or, perhaps you've lived there for a few years – how would that new mortgage get paid if something were to happen to you? Could a surviving spouse, partner or housemate afford it alone? Life insurance could be used to pay off that debt.

2. Getting married or divorced

If you're combining finances or future goals with another person, consider what would happen if one of you were to pass away. Would you or your spouse be able to live the same lifestyle? Would you still reach your goals? Life insurance could help fill important financial gaps for the surviving spouse.

If you're getting divorced and have always relied on your spouse for coverage, you may need to purchase your own policy. If you already have insurance, review your policy to make sure it covers what you need, and don't forget to update your beneficiaries.

3. Starting or losing a job

Many employers offer their associates life insurance benefits, but is the coverage you get through work enough? Group policies often are only effective as long as you're employed with the company. If you change jobs or are laid off, you may not be able to take your coverage with you.

4. Having or adopting a baby

Ensure the future you have planned for your child can become a reality. Life insurance can be used to help pay for future education costs, in addition to ongoing living expenses for your child.

5. Caring for a loved one

If you're a primary caregiver for an aging loved one or someone with special needs, life insurance can help ensure your loved one continues to be cared for.