The Importance of Reviewing and Updating Your Life Insurance Policy

Life insurance may be one of the most important investments you ever make. The right policy, or policies, can cultivate financial security and maintain peace of mind for you and your loved ones; even amid terrible tragedy and emotional turmoil, you can remain fiscally afloat. However, life insurance is not something that you can set and forget. That’s why it’s necessary to reassess your coverage regularly to ensure it remains sufficient.

When Should I Revisit Life Insurance?

Many facets of your life could impact your coverage needs. Consider the following events and why they matter:

• Marriage—After tying the knot with your beloved, you should be sure to revisit any existing life insurance, or consider acquiring new coverage. Policies can not only ensure financial stability for your spouse, but may also act as a form of savings for the two of you to watch grow as you age and move toward retirement.

• Having children—Your children depend on you as a provider, but unfortunately, accidents and unforeseen tragedies can impact anyone. As you welcome new members to your family, you should be diligent in assessing your coverage options and ensuring that policies are capable of providing for your offspring in your absence.

• Taking out loans—When acquiring debt, such as through a mortgage or financing a car, you should be sure to consider your life insurance needs. Should you die before you’re able to pay off your loan, your next of kin could be saddled with the outstanding balance. Fortunately, the right coverage can assist with these burdens and alleviate lasting financial difficulties.

• Employment changes—If you’re promoted or receive a significant pay raise, you may want to revisit your life insurance policies to ensure that your coverage matches a potentially increased quality of life. Additionally, if you’re leaving a company that may have provided group life insurance, you may need to acquire your own policy, as such employee benefits typically do not follow you as you exit the company.

We’re Here to Help

Contact Insurance Associates in Middletown, Ohio, today to learn more about life insurance and ensure you have suitable coverage.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.