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5 Reasons Why You Need To Update Your Life Insurance | CoverLink insurance

Kelli Young

As we age and reach different milestones in our lives, our life insurance policies change. If you have experienced any of the following life-changing events, it is important that you contact us so that you can ensure that you are adequately covered.

  1. Change of marital status: When you get married and your partner should evaluate each of your life insurance policies. It is important to do this, because of the unexpected, you both want to make sure that each of you will be taken care of. In addition, your life insurance should be reviewed and possibly changed in the event of a divorce.
  2. Growing Your Family: Whether it's your first child or your fourth, you must update your life insurance policy so that your child is included as a beneficiary. You may also want to consider the type of coverage and amount you want for your child. Raising children is extremely costly and making sure they are taken care of is a responsibility that most parents feel quite strongly about.
  3. New home: When buying a home, it is important to note the terms and conditions of your mortgage. You can change your life insurance to cover the remainder of your mortgage cost.
  4. Change of job status: You should review your life insurance cover if you have recently had changes in your employment status such as a change from full-time to part-time, raising, starting a new job, etc. All of these changes can affect your income level. Do not leave your financial responsibility as an afterthought and make sure you have adequate coverage.
  5. New loan: Taking out a loan is another way to acquire debt. It is important that you have a life insurance policy that covers the costs of that debt. You do not want this debt to be passed on to your spouse or loved ones.

Life insurance is essential for almost all stages of life. Seeking coverage should be an active process, and individuals should not assume that their insurance needs remain stable over time. Consider contacting your licensed advisor to better understand your insurance and future needs.

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