When Should You Review Your Life Insurance Policy?
When was the last time you thought about your life insurance policy? Your life probably has changed in some ways over the last few years, perhaps since you put your policy in place. Just like you should take a close look at your home and car insurance each year, you should do the same with life insurance. There is no telling when your family will need to use this policy and as a result, you need to be sure it always represents your needs and desires.
Here are some times when it is critical to take a closer look at your current policy and update it as needed.
You’ve gotten married or divorced. You may need to change your update the amount of coverage you have and consider your overall risks.
You have had another child or added a grandchild to your family. Make sure your policy meets the financial needs that are associated with this change.
Your health has changed. It’s always important to ensure your significant health changes are considered when obtaining and maintaining your insurance.
You refinance your home, adding more debt or changing how much you owe. This may mean you need to change the amount of coverage you have.
You have a disabled parent or another dependent now living with you. You may need additional coverage to compensate for this.
You’ve purchased a new home, therefore adding more debt or risk to your portfolio.
You have a loved one who needs help with long-term care and your policy may pay for it if something happens to you.
Whenever a major change occurs in your life, it’s important to think about how it would impact your family if you were not there to provide financial support for them. Who needs to meet their needs? What financials are necessary to do so?
In addition to updating your life insurance during major life changes, also take into consideration reviewing your policy before you renew it for another year. This annual review can help you to have peace of mind knowing that your family’s needs are met. This simple review only takes a matter of minutes, but it can mean big things down the road.
Review your policy with our skilled agents. Call us today for more information on life insurance.