قالب وردپرس درنا توس
Home / Insurance / Is it time to upgrade my life insurance?

Is it time to upgrade my life insurance?

It makes sense to buy life insurance early in life. The younger you are when you buy insurance, the longer you will probably live and therefore your premiums will be lower. But as time goes on, changes in life and other factors can affect your coverage needs. Our experienced agent can review your life insurance with you and help you decide if it's time to upgrade.

Factors That Can Affect Your Life Insurance Needs

Life insurance is available to provide financial protection for your loved ones in the event of your death. Different factors can affect the amount of coverage you need in different life stages.

Marriage or divorce

When you get married, your finances are combined with your spouse's. When you divorce, the opposite is true ̵

1; your finances are legally separated. Either marriage or divorce can affect the amount of life insurance you need. It is likely in both cases that you want to change the beneficiaries of your insurance. If you are divorcing, contact your lawyer before changing your life insurance policyholders. Some divorce decrees contain provisions on life insurance.

An Addition to the Family

When a child is born into your family, that child will be dependent on you until he or she reaches adulthood. You want to add the child as a beneficiary to your insurance, and it may be a good idea to upgrade your coverage to include future expenses, such as a college education. Whether one parent is working and the other is staying at home, or both parents are working, it is important to have adequate coverage to protect your family's newest member.

Buying a home

A home loan is a long-term financial commitment. . Would your spouse be able to pay if something happened to you and still cover other important expenses, such as college education? If not, consider increasing the amount of your death benefit.

Starting a business

Entrepreneurship increases in the USA If you have joined the ranks of the self-employed and started your own business, it may be a good time to upgrade your life insurance. The first months or years of a start are usually relatively lean. This can leave your spouse or partner in a difficult situation should something happen to you.

Why your life insurance should get an annual check

It is a good idea to review your life insurance coverage once a year. This is a good time to review your income, assets, liabilities, expenses and risks, and update your entire financial plan, as well as your life insurance. Our knowledgeable agent will be happy to review your policy with you to ensure that your death benefit is adequate and that your named beneficiaries are up to date. If you decide that you need additional life insurance right now, we can help you add additional coverage or buy a new insurance policy.

Source link