Instances When You Should Review Your Life Insurance
When you need to review and update your life insurance.
While you probably review and update your life insurance every year, there are certain situations that call for an emergency review. If you experience these life changes, then make sure your life insurance coverage is enough to meet your needs.
- Additions to Your Family
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.
- New Financial Responsibilities
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.
- 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 situations in which you should review your life insurance. Do you need help with your life insurance coverage? If so, then contact the experts at Club Agency Insurance Brokerage in Garden City, New York. Our dedicated team is eager to assist you with all your coverage needs today.