Knowing when it’s time for a life insurance update.
Life insurance is not something that you can secure and then allow it to sit. Instead, it’s important to regularly review your policy and ensure that it is offering enough coverage to meet your needs. You should be especially sure to reevaluate your policy following a major life change. Here are some of the life changes that signal that it’s time for a life insurance review.
1) Your Family Has Expanded
If you’ve gotten married or had children since you first secured your life insurance policy, then you need to review your coverage to ensure that it will protect your growing family. Oftentimes, policyholders will have to increase their coverage to take care of their loved ones’ financial future.
2) You Have New Financial Responsibilities
Finally, if you have purchased a home, started a business, or taken on another long-term financial obligation, then you need to reevaluate your life insurance. You will likely need to increase your policy’s coverage limits to ensure that your financial obligations are taken care of in the event of your unexpected death.
3) You Have Experienced Career and Income Changes
If you’ve made a career change, then you need to discuss the implications of this new job on your life insurance. This is because your new position could mean a change in the amount of risk that you face. Additionally, the position could result in a significant salary increase. Your life insurance coverage should increase alongside your income to ensure that your policy will cover your lost wages.
These are some of the life changes that indicate that it’s time to review your life insurance policy. Do you have further questions about securing or managing your life insurance? If so, then contact the experts at Randy Jones Insurance Services. Located in Pleasanton, California, we are ready to assist you with all your life insurance needs today.