Top Signs That You Need to Update Your Life Insurance

 Buying life insurance for the first time might have been perfect for you, but does it have the entire coverage you need now? You may be spending some time researching and working with an insurance professional to acquire the right coverage, but major life events can change the whole picture of your coverage needs. Here are signs in your life that indicate that it’s time to take a new look at your coverage needs: 

Starting or Increase a Family

It doesn’t matter how your family starts or grows because you’ll still need extra life insurance at the end of the day. For those who just got married, you may want additional coverage to provide support for your spouse financially in the unforeseen event of your inconvenient death. This will make sure that your spouse has money for paying your funeral expenses but also pay debts and other basic living expenses. 

You must also take note that both spouses must strive to have life insurance coverage, even if one is the main provider. If a stay-at-home parent is insured, this can provide financial support to the surviving parent who has needs for childcare. 

Also, if your family is growing, you can consider updating your life insurance coverage as well. Having the proper policy and the appropriate amount of coverage, you or your spouse will have the essential funds to provide for your child’s home care and educational expenses. 

Recently Married or Divorced 

When couples get married, their finances are combined with their spouse’s. There should be a warrant of a call to your insurance agent if there is any change in your financial situation for them to reassess your policy and make sure you have enough coverage. 

It’s necessary to update your beneficiaries so that your husband or wife will obtain the death benefit if something unfortunate happens to you. 

On the other hand, if you just got a divorce, you can also take a look at your life insurance coverage. You might want to decrease the death benefit but consult first with your attorney before jumping to any changes. 

Have a New Job 

The first few months at your new job can be busy engaging and massive, with plenty of decisions to be made. Make sure to check in on your life insurance coverage throughout your transition, particularly if your new work came with a salary increase. Having more income may convey more life insurance coverage to match. You may also want to look into the availability of an employer-sponsored plan, though in a lot of cases you’ll also aim for getting supplemental coverage. 

You Have Retired 

You should look into other alternatives once you retire if you have previously had access to an employer-sponsored life insurance plan. Your coverage needs can also change during this time in your life. The period of time and kind of coverage will depend on factors including how many children or grandchildren rely on you financially, the length you expect to live, and how much debt you have. The specific type of life insurance allows you to acquire money from the death benefit to use as backup income during retirement. It’s necessary that you discuss this to your local insurance agent about the coverage that’s ideal for you during this time of change. 

After Buying a Home 

After purchasing a home or if you just got into a sort of debt, updating your life insurance is a great benefit. You don’t want your spouse or children struggling to pay off the mortgage in the event of your death. 

Try to check if your policy provides adequate coverage to not only pay off the mortgage balance but also offers supplemental coverage for other debts in addition to funeral and basic living expenses. 

A great option you can consider if you already have a specific policy in place is to buy an additional reducing term life policy with coverage that equals your mortgage amount. The decreasing term policy will compensate for a death benefit that reduces over time— same like a mortgage balance that will decrease over time with each payment made.

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