If you took out a life insurance policy years ago, it might be time to
review it to make sure you have enough coverage. As you build your life
and your family starts to grow, you need to change your life insurance
policy to make sure your loved ones are taken care of when you are no
longer around. In this blog, we talk about 5 signs that suggest you need
to increase your
life insurance coverage.
#1: The Birth of a Child
Did you know that the cost of raising a child until they reach the age
of 17 costs an average of $233,610? This number doesn’t even include
the cost of sending your child to college. If you have recently had a
new child, you need to add additional coverage to your plan, especially
if you are the primary earner for your household.
#2: Purchasing a New Home
Two major reasons people get life insurance is to cover their mortgage
debt and to pay for home expenses. Without enough coverage, your family
can be forced from their home when you die because they can’t afford
to make the payments. Make sure you have enough insurance to cover the
cost of monthly payments.
#3: Your Income Has Gone Up
Another major reason people purchase life insurance is to replace lost
income. If you have been given a raise or found a better paying job, you
need to make sure your policy has enough coverage to compensate for your
income when you pass away.
#4: Major Lifestyle Changes
When your income increases, your lifestyle and standard of living will
change as well. If you have substantially increased your spending habits,
you need to make adjustments to your policy so that your loved ones aren’t
burdened by your expenses after you are gone.
#5: Estate Planning
Life insurance can also be used to transfer your wealth or leave an inheritance
to your oved ones. You should review your estate and determine how much
it will be taxed upon your death and adjust your policy accordingly so
that your family is covered.
Atlanta Insurance Administrators
Do you need help finding a life insurance policy that is right for you
and your family? Our friendly team of insurance administrators are here
to guide you through the process. We can review the details of your situation
and ensure your interests are fully protected.
Call (888) 451-0883 to
schedule an appointment with our Atlanta insurance administrators today.