Here’s when you should look over your life insurance policy.
While you may assume that securing life insurance is enough, this isn’t always the case. Experts recommend reviewing and updating your policy to ensure that your coverage fits your changing needs. But when exactly is an insurance review necessary? These lifestyle changes should prompt you to update your life insurance coverage.
- You’ve Added to Your Family
If you’ve gotten married or had children since you first secured your life insurance policy, then you need to review your coverage to ensure that it will protect your growing family. Oftentimes, policyholders will have to increase their coverage to take care of their loved ones’ financial future.
- You’ve Taken on New Financial Responsibilities
Finally, if you have purchased a home, started a business, or taken on another long-term financial obligation, then you need to reevaluate your life insurance. You will likely need to increase your policy’s coverage limits to ensure that your financial obligations are taken care of in the event of your unexpected death.
- Your Career or Income Has Changed
If you’ve made a career change, then you need to discuss the implications of this new job on your life insurance. This is because your new position could mean a change in the amount of risk that you face. Additionally, the position could result in a significant salary increase. Your life insurance coverage should increase alongside your income to ensure that your policy will cover your lost wages.
These are some of the situations in which you should review and update your life insurance policy. Are you looking for more assistance with your life insurance? If so, then contact the experts at Gant Insurance Agency. We are ready to assist you with all your insurance needs today.