Look out for these signs that it’s time to rethink your life insurance policy.
If you already have life insurance, then you’ve taken a positive step towards protecting your loved ones and ensuring their future financial stability. However, it’s not enough to simply get life insurance and let it sit. Life is not static, and therefore your life insurance policy should not be either. But how do you know when you should make changes to your policy? Here are some of the signs that it’s time to re-evaluate your life insurance.
- Your Number of Dependents has Changed
As the main purpose of your life insurance is to protect your loved ones, it’s important that your policy includes enough coverage to provide for all your dependents. However, when you first got your policy, you may have only listed your spouse as a beneficiary. If you are now supporting children, siblings, parents, etc., then you need to update your policy to reflect this change. Additionally, you may also have to secure more coverage as well.
- Your Child Becomes Disabled
Most parents rely on a term life policy to provide for their children until they are self-sufficient. However, if your child becomes disabled, there’s a chance that your child will never reach this stage. In this case, you might want to consider switching over to a permanent life insurance policy to ensure that your child will be provided for, no matter when you pass.
- Your Mortgage is Paid Off
When you get life insurance, it’s important to get enough coverage to take care of your outstanding debts, such as your mortgage. However, if you’ve managed to pay off your mortgage then you might not need all the coverage that your original policy offers. If you cannot see another financial need for all the coverage that you have, you might want to consider cancelling your existing policy and securing a new one that offers less coverage. This could save you a considerable amount on your insurance premiums.
These are some of the signs that it’s time to re-think your existing life insurance policy. Do you have questions regarding your life insurance coverage? Then don’t hesitate to contact the experts at Pierce Insurance Group. Our dedicated team is ready to assist you with all your coverage needs today.