How Do I Know When It’s Time to Reevaluate My Life Insurance?

Signs that it’s time for a life insurance review.

Life insurance is not something that you can allow to simply sit idle.  Like all other forms of insurance, you need to regularly review and update your life insurance coverage to ensure that it meets your needs.  Outside of annual reviews, you should also be sure to review your life insurance policy when you experience major life changes.  Here are some of the events that indicate that it’s time to reevaluate your life insurance coverage.

1) Your Family Has Grown

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.

2) You Have 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.

3) You Have Experienced 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.

These are some of the life changes that signal that it’s time to review and update your life insurance policy.  Do you need help securing or managing your life insurance coverage?  If so, then contact the experts at Stromsoe Insurance Agency in Murrieta, California for assistance today.