21 Mar When Should I Reevaluate My Life Insurance Portfolio?
Signs it’s time to review your life insurance policy.
We get it – life is busy. For most of us, we have daily schedules that keep us busy from morning to night. However, when we’re in the routine of daily life, we can forget to make time for things that are important. If you purchased life insurance some time ago, it’s likely that you haven’t given much thought about it since then. Maybe your life has changed significantly since you last reviewed your policy terms. Here’s when it may be time to review your life insurance coverage and make some changes.
Your family has grown. If you’ve gotten married or had children, it’s important to go back to your life insurance policy and review it. Also, if you’ve started caring for an older parent, you may want to make sure your life insurance policy will cover all dependents that rely on your income.
Your career/income has changed. Whether you’ve received a promotion or changed jobs, be sure that this is reflected in your life insurance policy. Experts recommend a coverage amount equal to seven years of your salary. If your salary has grown since you purchased your policy, it may be time to increase your coverage.
You’ve taken on more financial obligations. Have you bought a home, started a business or made some long-term financial obligation? The more financial responsibilities you accept, the more life insurance coverage you should consider. It’s also important to consider a policy that may cover all of your financial commitments so that your loved ones don’t inherit unexpected costs that they can’t cover on their own.
If you need help securing a life insurance policy is best for you and your family’s needs, get in touch with industry professionals. Contact Kevin or Marci to get started on securing the right life insurance today!