You should consider changing your life insurance policy as your life situation changes. Is it time to update your family's life insurance?
Marriage—One of the most important times to update your life insurance is when you get married. Not only should you look at the coverage limits, but you also want to ensure you update your spouse as a beneficiary, so you know they’ll receive the money.
Divorce—If you have the greatest ex in the world, the ex may be understanding and spread the benefits, but it’s better to be safe than sorry. You don’t want a situation where your policy pays out to your ex because you never changed the beneficiary and updated the policy.
Having a baby— Whether it’s your first child or more, you have another person to include in all your plans — and that includes your life insurance policy. As you add more children to your family, you may need to add more life insurance to ensure that all those you love would be supported in the event of your death.
Buying a house—Congratulations on your new home. If you're responsible for your mortgage payment, you want to adjust your life insurance policy to ensure it would cover that responsibility in your absence and free your family of that burden.
Basically, when life changes, so does your life insurance needs. I would be happy to review your policy and see if we can get a better plan, save you some money, so you can save for retirement. Reach out to me. Let’s talk.
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