Life changes that should prompt a life insurance review.
Just because you have life insurance doesn’t automatically mean your family’s financial future is set. To maximize your policy’s value, you need to review and update your coverage on a pretty regular basis. Not sure when you should check your coverage? Here are some of the situations that warrant a life insurance review.
- You Are Getting Married
If you have life insurance and are getting married in the near future, then you need to review and update your policy to ensure that your new spouse is listed as a beneficiary. Additionally, you may want to increase your coverage to ensure that you can continue supporting your spouse in the event that you die unexpectedly. Updating your policy will ensure that you aren’t leaving your partner to cover joint costs like rent, mortgage, credit card bills, and so on all on their own.
- You Have a Baby on the Way
If you are welcoming a new addition to your family soon, then you need to update your life insurance policy to address this change. In addition to adding your child as a beneficiary, you should also increase your coverage to help your spouse pay for child-rearing costs and future educational expenses should you die unexpectedly.
- Your Children are Preparing for College
If you haven’t already updated your life insurance policy to address your children’s educational costs, then you should do so as they approach college age. This is because college tuition is notoriously expensive and, if you were to die and your family lost your income, your spouse might not be able to afford tuition payments on their own. To ensure that your child’s education is not impacted by your death, you should make sure that your life insurance offers enough coverage to pay for college costs.
These are just a few of the life changes that should prompt a life insurance review. Do you have additional questions about your life insurance? If so, then contact the experts at Pierce Insurance Group. Our dedicated team is eager to assist you with all your coverage needs today.