As your financial obligations change, so should your life insurance.
If you secured life insurance when you were younger, you might not have given your policy very much thought over the past couple of years. However, it’s important to understand that your life insurance is not something that you can allow to sit untouched for long periods of time. In fact, your policy needs to be reviewed regularly and updated when you experience major life changes. Here are some of the life changes that should prompt you to review and update your life insurance.
1) Increased Family Size
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.
2) 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.
3) Career and Income Changes
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 major life changes that should prompt you to review your life insurance. Do you need help with securing or managing your life insurance? If so, then contact the experts at Udell Family Insurance. Our dedicated team is eager to get you the coverage that you need today.