Should I Reevaluate My Life Insurance Portfolio?

Life changes that should lead you to review your life insurance.

If you purchased life insurance a while ago, you probably haven’t given your policy much thought.  However, if you’ve experienced major life changes since then, you should probably take the time to reevaluate your coverage to ensure that it still fits your needs.  Here are some of the major life changes that should cause you to reexamine your life insurance.

  • Family Growth

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.

  • 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.

  • 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.

Experiencing these life changes indicate that it’s time to reevaluate your life insurance.  Are you looking for assistance with your life insurance coverage?  If so, then contact the experts at Pierce Insurance Group.  Our team is ready to secure the right life insurance policy to address all your needs.