These life changes mean it’s time to review your life insurance coverage.
Just because you have secured life insurance doesn’t necessarily mean that you have all the coverage that you need. To maximize your coverage, you need to regularly review and update your policy. Here are some of the life changes that signal it’s time for a life insurance update.
- You Are Getting Married
If you have life insurance and are getting married in the near future, then you need to review and update your policy to ensure that your new spouse is listed as a beneficiary. Additionally, you may want to increase your coverage to ensure that you can continue supporting your spouse and take care of joint financial responsibilities long after your passing.
- You Are Having a Baby
If you are welcoming a new baby to the family, then you need to update your life insurance policy to address this change. In addition to adding your child as a beneficiary, you should also increase your coverage to help your spouse pay for child-rearing costs and future educational expenses should you die unexpectedly.
- You Are Buying a New Home
If you have finally taken the huge step of purchasing a home, your financial obligations will increase. This is because you now have to keep up with regular mortgage payments in order to keep ownership of the home. Once you close on the home, you need to increase your life insurance coverage to ensure that your benefit is enough to help your spouse keep up with mortgage payments or enough to pay off your mortgage completely.
These are some of the major life changes that indicate that it’s time for a life insurance review. Do you have additional questions about your life insurance coverage? If so, then contact the experts at Udell Family Insurance. We are ready to assist you with all your coverage needs today.