As the breadwinner of your family, mortality risk should be your first priority when assessing your insurance needs. What will the financial situation be for your dependents, including your spouse, children, parents, and parents-in-law, in the event of your unexpected death? What if your mortgage goes unpaid if you pass away? Will your spouse and children be able to make the payments? Review your life insurance portfolio in terms of coverage and insured sum to ensure your dependents can maintain their existing living standard.

You should assess your insurance needs from time to time even if your spouse has a stable job and a good income at your current stage of life. Do you two have any plans to change jobs? Are you covered only by employer-provided group medical insurance? Do you have any other financial resources to support the medical expenses of all your family members? Should you extend your personal insurance options in case you or your spouse lose your employer-provided medical insurance?

Many people would like a bigger house or a car to meet the needs of their growing family, but there are many hidden costs to ownership, such as repair and replacement cost for the damaged property and related loss. Furthermore, can you afford to pay for the litigation cost and compensation for damage or loss to a third party arising from an accident like a sewage drain leak that damages the exterior wall of your building, or a car accident?