Is it Time to Review or Update Your Life Insurance Policy?

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Is it Time to Review or Update Your Life Insurance Policy? on avanteinsurance.com

It is if any of these seven scenarios apply to you

If you have a life insurance policy, this means you are thinking ahead. Life insurance is an excellent way to provide a financial safety net, and it’s something even people without kids should consider. But when’s the last time you looked at your policy? If there have been changes in your life, there probably should be changes to your life insurance. If any of these things are familiar, it’s time to talk to your agent:

You’re making more money

It’s possible when you first got your policy you hadn’t been working that long. Perhaps you’ve now been promoted or you are at another company with a larger salary. Either way, because you have a higher income, you may want to raise your life insurance coverage.

You’ve become a parent or will be one soon

Whether you have recently brought your bundle of joy home or the big day is coming up soon, there are certainly a lot of things to think about with kids. And of course finances should be part of that. If kids weren’t even a twinkle in your eye at the time you got your life insurance policy, it’s time for an update.

Your kids aren’t kids anymore

Kids are an excellent reason to have a life insurance policy, but once they are grown, you may decide you just don’t need the same coverage. This is especially true if they are working and supporting themselves.

You’ve gotten in better shape

Remember when you first got your policy and a doctor or other medical professional gave you the once over? You may not have been in the best shape back then. If you are now eating better and regularly exercising, almost certainly your health has improved. Not only is this good for your body, it may be great for your wallet. Talk to your insurance agent to see if the new and improved you would qualify for lower premiums.

You bought a house

Did you finally leave the renting world and become a homeowner? Congrats! And although you surely don’t want to think about it, you need to know that in case you die, your spouse, children, or other family members will have the money to cover the mortgage payments. On the other hand, if you’ve been in your home a while and just paid off the mortgage, this may be cause for lowering your coverage.

Your marital status has changed

If you’ve gotten married since you first obtained your life insurance policy, not only will you want to think about increasing your coverage, it’s important that you make your spouse your beneficiary. Conversely, if you are now divorced, you need to update your policy and remove your ex-spouse.

You have a new business

Starting a business usually involves the investment of quite a bit of money, which you may have gotten in the form of a loan from a bank. And just like with a home mortgage, you’ll want to make sure that the people affected – spouse, business partner, etc. – are financially taken care of if something happened to you.

Contrary to what a lot of folks believe, life insurance isn’t something you get and then forget about. Because life changes constantly – and quickly – you should make a point to look at your policy at least once a year. And if you’re not quite sure what kind of updates you may need to make, just get in touch with Avante Insurance. We will gladly discuss your policy and help you get the best possible coverage. Call us today at 305-648-7070 or send us a message through our online form.