Is it Time to Review your Life Insurance?
When we were kids, sunshine days of play lasted forever. Now that we’re older, time moves much more quickly; life is changing before our eyes. New family members arrive, homes vary, jobs change, some get married, some get divorced, and some get re-married. All of life’s significant changes can affect your life insurance needs. You may need more coverage or a different type of policy, or you may need to update your beneficiaries.
Most of us purchase life insurance to protect our families and loved ones, providing a safety net if a key income earner passes away earlier than expected. If your situation has changed (and whose hasn’t in the past year?), it’s time to review your coverage with your broker. It may be that your coverage is acceptable, or it may be time to make some changes to ensure your family is protected.
Life in Review
Life insurance experts recommend you review your coverage with your broker once every 12 to 18 months. However, suppose you’ve had significant life changes, such as getting married, starting a family, buying a house, starting a business, or similar major life events. In that case, you’re encouraged to speak with your broker as soon as these changes occur. Life insurance is about planning for the unexpected, so you’ll want to be prepared. Some changes are too significant to let wait until your annual review.
Life insurance rates now are more affordable than they’ve been in decades past, so if you don’t yet have coverage or need to supplement your existing coverage, now may be a great time to protect your family with affordable life insurance.
Contrary to what you may hear from some, there isn’t a single type of life insurance that fits all financial situations. There is, however, a life insurance coverage strategy that can work well for your family. Contact your broker to learn about your options and work together to customize a life insurance coverage solution for your specific needs. Would you like an advisor to reach out to you?