Reasons why you should update your life insurance.
Many people who purchase life insurance simply forget about it once the transaction is over. Unfortunately, life insurance isn’t best handled this way. It’s important that life insurance is regularly reviewed so that your family are protected when you are no longer around. Not convinced? Read on for why it’s important to review your life insurance.
Your income changed
Whether you got a promotion and a big raise or you lost your job, it’s always wise to review your life insurance when your income changes. Your family’s needs may change once more or less money is coming into the household, which can affect your insurance.
Your health changed
Perhaps you’ve been working out and eating healthy to lower your blood pressure. Not only does this do wonders for your body, but it can impact your life insurance rates. Companies may reward you if you are in great health by offering you discounted premiums. If the opposite happened and you are diagnosed with a condition, then your coverage and rates may need to change.
Your family status changed
If you are expecting a child, it’s important that your spouse can financially survive if something were to happen to you. In this case, it would call for more insurance coverage. If you recently got divorced or lost a spouse, you should review the beneficiaries and change them as necessary.
Make sure you have the right life policy that steps in when your family needs it the most. Talk to a trusted life insurance advisor to determine your policy and coverage exactly. Contact Donald Weiss Insurance Services to get started on your coverage today.