Many American adults have life insurance through their employer. Many others also have ato fill in the gaps left by the plan provided by the employer.
But simply having life insurance is often not enough. It is extremely important to have the rightfor . After all, life insurance shouldn’t be treated like just a bill you pay every month. The value of life insurance lies in its ability to support your after succeeding – so it pays to get it right.
Your policy must evolve with you. Maybe you need more coverage now but won’t need it in the future or vice versa. Amay be better at some point in your life when a would be beneficial at other times.
Not sure when or if you should review your coverage? Fortunately, there are reliable milestones that policyholders can use as a guide.
If you are looking for life insurance or want to add to the protection you already have, then talk to a life insurance expert now which can help you get started.
3 times to review your life insurance coverage
Here are three times to review your life insurance to make sure it meets your needs and goals.
After you get married
Whether you’re single or married, it makes sense to have life insurance. Once you’re married, however, it becomes even more important, especially if you and your spouse are used to splitting bills. You don’t want to leave your partner aggrieved if something happens to you.
Fortunately, for younger people, there are cost-effective and reliable policies to choose from. If you are young, healthy and ready to take ato prove it, you could potentially get a policy for hundreds of thousands of dollars. You might even qualify for a policy worth or more. The key is to get it at the right time with the right supplier.
After you get married is one of those times. So speak with an expert now.
After buying a house
The biggest expense for most American adults is their home. And although home prices vary widely from state to state,actually hit $384,800 in September.
Add to that the fact that most mortgages are linked to 30-year loans and it’s easy to see how important it is to have the right financial backing. So once you’ve purchased a home, you should review your life insurance coverage.
It’s quite possible that you already have enough coverage to pay off the house in the event of your death. But you can also be small. Review what you have and see if that’s enough. Life insurance is designed to ease the financial burden of beneficiaries after the death of the insured. So if you’re a landlord, make sure your font is robust enough to do just that.
After having children
As you age and your responsibilities increase, you need to make sure your financial protection grows with you. Having children is one of those times.
If you were single or married, your financial responsibilities to others were relatively limited. But once you have kids, you’ll have expenses to pay for years (even decades). So you’ll want to have enough life insurance in place to make those payments even in your absence.
Many people get a plan to cover potential college expenses. Although this is normally OK, this should be considered the minimum. There are many expenses between the time a baby is born and the first semester of college – so make sure you have life insurance for all stages to be on the safe side.
The bottom line
Theare multiple and significant. You don’t want to lose these benefits by not having enough coverage.
Speak with a life insurance expert now to review your plan.