It’s officially 2021! With one year ending and another one beginning, you may be remembering the recent changes you have faced and considering what additional changes may be coming soon. Changes like growing your family, buying a home, or changing your career may leave your current life insurance policy looking a little sparse. During this time of new beginnings, make sure to assess whether your current life insurance policy meets your needs or if it’s time for a life insurance review.
When Your Family Grows
Did you know that as your family grows, your coverage should, too? Life events like getting married or having a child can drastically change the amount of coverage that a family needs. Where a single person with no dependents and minimal debt may only need a small policy that covers final expenses or funeral costs, a married individual with kids may want enough coverage to not only provide for their partner, but also perhaps to send each of their children to college. Any time your family grows or changes, it is a smart idea to review your policy and decide if it’s time to take out additional coverage.
When You Buy a Home
Taking out a mortgage is serious business! A home is often the most expensive purchase an individual or family will make, so when you invest in something as important as your home, it is not only important to protect it with casualty insurance but also to protect your family’s ability to keep it if something were to happen to you. If you finance your new home, make sure that your life insurance policy is large enough to alleviate some financial burden for your family in case of an emergency.
When Your Career or Income Changes
Life insurance, in its simplest forms, provides coverage for final expenses and replaces a breadwinner’s income if the policyholder passes away. As you climb the corporate ladder or experience a change in your annual income, you will likely adjust your budget to accommodate for the sudden change in pay. When you experience an increase in your income, it is important to reevaluate your current life insurance policy to ensure that your family would continue to receive enough money to live comfortably for several years.
Health Insurance Questions?
We hope this information on conducting an insurance review in times of change is helpful.
Empower Brokerage wants to help you understand the insurance coverage you need and how to save money getting it. Stay on top of your health and give us a call at (844) 410-1320
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