Regularly reviewing your life insurance coverage is an important practice, regardless of your stage in life. Not convinced? In today’s post we will walk you through the 5 life events that merit a review. Who knows, you might find the time to reevaluate is now!
Life insurance is intended to help your family maintain their current lifestyle in the event you can no longer provide for them. As your career advances, and your family grows, your financial responsibilities grow as well. Each time you, or your spouse, experience financial change, it’s time to review your life insurance coverage. How much coverage would your family need to maintain your mortgage, your car payments, etc.? For a relatively nominal amount you can adjust your coverage to protect all you have worked to achieve.
Tax laws change from time to time, and that can impact your estate. As the laws stand currently, few people are affected. If they change in the future, however, that would provide a good time to reevaluate your life insurance coverage.
Upon retirement, your income and financial responsibilities will likely change dramatically. This is again a time to review your life insurance coverage. Do you and your spouse depend on your pension? What would happen if you were to pass away first? Will your spouse be in financial turmoil? If so, it is wise to review your coverage and determine how much life insurance you will need as you enter retirement.
Births, Deaths, Marriages
Major life events always merit a life insurance review; particularly when someone enters or exits your life. In the event you get married, or have a child, you will need to ensure you are carrying enough life insurance to provide for them. If a loved one passes away, this is again a great time to review your coverage. Perhaps this leaves you with fewer dependants, in some cases it may leave you with more. In either situation, these are good times to sit down and review your coverage and update policy beneficiaries.
As a rule of thumb, it is always a good idea to review your life insurance coverage every two to three years. This is an opportunity to evaluate your family’s needs and determine if the policy that was once enough, is still adequate.
At IntelliQuote, we are always happy to help you complete a life insurance review. Simply complete our quote request form, and we will provide a side-by-side life insurance quote comparison. In a matter of minutes you can compare policies and determine which is best suited to your needs. Have questions? A personal advisor will walk you through your life insurance quote comparison. If you’ve recently hit one of these milestones, or it’s been a few years since you reviewed your coverage, now is the perfect time for a life insurance quote comparison. Let’s get started today!
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