Life insurance helps protect your loved ones if something were to happen to you. It’s an invaluable asset to have, and it’s something you should evaluate periodically, especially after any major life changes.
Here are three signs that it’s time for you to find a new life insurance policy:
- Your family has changed. Relationship changes or new additions to the family necessitate coverage changes. For example, if you have a new child, you’ll want to make sure you increase your amount of coverage so that the cost of their upbringing is covered if the situation requires it. The amount of coverage you need depends largely on the number of people you need covered, so any changes in that number should lead to an updated policy.
- Your financial situation has changed. Have you recently changed jobs or received a sizable income increase? If so, your life insurance coverage needs to change. This is because a different income can result in different living situations or needs, and your life insurance coverage should change with this income difference.
- Your financial commitments have increased. The older you get, the more likely you are to have new financial commitments. These commitments can range from business ownership to taking care of sick or aging parents, but no matter what these commitments are, you’ll want to make sure your life insurance will cover the cost of these commitments if something happens to you. Any financial commitments you have will go to your loved ones in the event of your passing, so take these considerations into account when your financial situation changes.
At Innovative Insurance Group, we can help you review your life insurance policy and make recommendations for new policies if your needs change. Give us a call today.