Now that the end of the year is here, it’s time to take a look back at some of the major events in your life so you can determine if you need to update your life insurance policy. Below, we discuss when you need to go back and change your life insurance policy to account for important life events.
Have You Had a New Child?
If you’re a parent, you already know how expensive it is to raise a child in today’s economy. If you have given birth to a new child this year, then you need to review your benefit amount to make sure it is enough to cover your loved ones if you were to suddenly pass away. This is especially important if you are the sole provider for your family.
Did You Buy a New Home?
One of the most common reasons people come to us is to get life insurance to cover what they owe on their homes. If you recently bought a new home, you need to make sure you have adequate life insurance so that your family doesn’t lose the house when you die.
Did You Get a Pay Raise?
The majority of people we meet want life insurance to replace their income when they die. If you already have life insurance and got a pay raise at work this past year, you should make sure your policy is still enough to replace your new pay rate.
Has Your Lifestyle Significantly Changed?
When people get a pay raise, their lifestyle can significantly change. Some people pay off more debt while others make much-needed upgrades to their homes. If you find yourself spending more money after you get a pay raise, then you need to increase your coverage.
Have You Started Estate Planning?
Another common reason people get life insurance is to cover what they might owe in estate taxes once they pass away. If you find yourself thinking more frequently about the type of legacy you will leave behind, then you should consult with an insurance administrator to determine how your life insurance funds can be used to leave money for your children or a charity you support.
Do you have more questions about life insurance coverage? Then give us a call today at (888) 451-0883 to set up your appointment with a member of our team.