Five Life Changes That Should Prompt A Life Insurance Review

Things in life can change in the blink of an eye. Whether it is meeting someone special and deciding that that is the person you will spend the rest of your life with, or getting a big promotion at work, big things happen and with these events should come a look at your finances. That includes your life insurance policy. If you do not have it, you should, and with each big event you should be reviewing and adjusting it accordingly. Today we will tell you the 5 big events that will cause you to review your policy.

Marriage

If there is one thing that will change your financial situation it is getting married. Having a second income means more money, and you may want to change your standard of living. Make sure you adjust your policy to reflect your dual income amount, and you may want to make sure your spouse is the new beneficiary.

Buying A Home

Buying a house is likely one of the most expensive financial decisions you will make in your lifetime. It is also where you will rest and where your family will live. So it is of utmost importance that you be able to protect. Make sure you get a policy that covers the amount of your home loan, so that if you pass your family does not have to move.

Having Children

Expanding your family is a fun and exciting time in your life, but that new smiley bundle of joy comes with new financial responsibilities Once you have children it is especially important to review your life insurance policy to make sure that your family and children are taken care of in the event of your passing.

Divorce

Unfortunately, divorce can happen, and it’s a big life change that requires a good look at your life insurance policy. You may want to increase or decrease the death benefit amount or possibly change the beneficiary.

New Career Or Business

A new career, business or big promotion can mean a higher salary. Many take out a life insurance policy to act as income replacement if you pass away unexpectedly, so make sure the death benefit covers all of your new salary.

Even if you haven’t yet experienced these big life changes, life insurance is still an important financial tool. A big life change doesn’t have to be the only reason to review your policy, either. An annual review is always helpful to make sure you understand exactly what you have in the policy.