Top 5 Reasons to Revisit Your Life Insurance Policy
You’ve had your life insurance policy for quite some time now. How has your life changed during that time? Below are the top 5 reasons to review your current policy.
- Getting Married or Separated When you get married, you and your partner should review each of your life insurance policies. It is important to do this because in the case of an unexpected loss it could devastate the other spouse leaving them to deal with the financial pressures of being single again. On the other side of life, when there is a separation or a divorce, it’s important to discuss and review your current coverage as well.
- Having a Baby Whether it is your first child or your third, you need to update your life insurance to include your children as beneficiaries. Raising children is extremely challenging. As a new parent it’s important to make them your priority. You should also consider insuring your children as well. Should there ever be a change in their health, having coverage on them early will ensure that they are protected later in life
- Buying a House With a new house comes a new mortgage. To work this hard to finally own a home to then lose it to an unforeseen loss would be devastating to your spouse. It’s the perfect time to review the mortgage and make sure your coverage is adjusted to protect that mortgage for your spouse.
- Getting a new Job When you change jobs, your salary can either increase or decrease depending on your situation. Either way a complete loss of income can put a strain on your loved ones. The planning you did for retirement is now adjusted down to a single family income. When this life change happens, it’s the perfect time to review your current policies to make sure the coverage can help to secure that retirement for the surviving spouse.
- Taking out a New Loan Now that you’ve settled into that home, you set your sites on upgrading and expanding it to match your expanding family. It’s important to review your current coverage to make sure that in case of a loss, that new debt won’t put a burden on your family.
Our lives change, don’t be caught off guard. Review your life insurance policy to make sure you have the proper coverage.
About the author: Mark Yurkovic has been in the life insurance business for over 12 years, and holds CLTC, LUTCF, and CES designations. He enjoys building remote control boats, and playing instruments including the piano, guitar, banjo, and mandolin. Mark would love to discuss life insurance options and work towards finding the best policy fit for your family. You can contact Mark at 1-800-651-1953 or MYurkovic@Pivot.com.