A lot of people consider buying life insurance a one-and-done thing. And sure, once you purchase a policy, your family will be financially protected, as long as you keep paying your premiums. But with that being said, there are certain situations in life when you should review your life insurance policy, and decide if you need to increase your coverage, decrease it, or even change policies.
When Your Finances Change
Have you recently lost your job? Started a new job? Gotten a raise? Well, while your income doesn’t affect your life insurance premium, it does affect how much coverage you will need to make sure your family is financially taken care of when you are gone. For example, if you have gotten a raise, your lifestyle might change, and your expenses might increase, which means you will need to get more coverage for your family than you might currently have.
Growing Your Family
Whether you’re thinking about adopting a new child, fostering a child, having a new baby, or getting married and bringing stepchildren into your family, you will need to think about your life insurance coverage. More people in the home means that you have more mouths to feed, more schools to pay for, and more debt.
Term Life Expires
If you purchased a term life insurance policy 20 or 30 years ago, your life is bound to be very different now from what it was like then, including in terms of finances. So if it’s time to consider renewing your term life insurance policy, you should re-evaluate your needs, since you might need a bigger or smaller policy.
The Same Time Every Year
You always need to review your policy when your life changes, but you should also try to do so at the same time every year, such as the date that you purchased your policy. This date will be a good time to make sure that your automatic payments are going through, double-check your billing account information, evaluate your coverage amount, ensure you have the correct beneficiary listed, and check that everything else in your policy is correct.
Your family has financial obligations that will not go away when you are gone; they will need your help more than ever with their expenses, and the last thing you want them to worry about is money while they are grieving. There are many great affordable life insurance options to choose from that will provide enough money for your family, for a low monthly price. The best way to find the right life insurance policy for you and your specific needs is by working with an agent who specializes in life insurance. We have provided the top life insurance companies in the nation below; each offers hassle-free assistance and the most competitive rates. Always check multiple sites to make sure you have bargaining power and know the advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check life insurance rates today.