Situations in which it’s time to review your life insurance.
You never know what life will throw your way, and this is why it’s so important to have the right life insurance coverages in place. The best way to make sure that you have the right coverage to meet your needs is by regularly reviewing and updating your policy. Here’s when you should be conducting an insurance review.
1) Your Family Has Expanded
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 need to increase their coverage to take care of their loved ones’ financial future.
2) You Have New Financial Responsibilities
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 salary changes. Your life insurance coverage should increase alongside your income to ensure that your policy will cover your lost wages.
These are some of the times when you should review your life insurance coverage. Do you have additional questions about your life insurance policy? If so, then contact the experts at Scavone Insurance Center in White Plains, New York. Our dedicated team is eager to assist you with all your coverage needs today.