Re-Examine Your Term Life Insurance Coverage
Life comes with many changes, not all of them expected. Regardless of whether the event was planned or unplanned, it is a good idea to re-evaluate your coverage as your needs may have changed.
Your coverage should be reevaluated on a regular basis to ensure you have the right level of coverage for all life’s events. A great tool used to assess the level of coverage you may need is our free life insurance calculator.
When re-examining your coverage, you might find the following tips useful. We have a variety of articles and tools to help you figure out how much life insurance you may need.
Re-Examine Your Life Insurance Coverage in Three Easy Steps
First, we recommend reviewing the following articles:
Review the article, When is Life Insurance Necessary to match your current life situation with expected insurance needs.
Review the benefits and advantages of life insurance to see how improving your existing policy might benefit you.
Determine how much life insurance you should have, with our tips and advice on evaluating your current needs.
Last, it is a good idea to educate yourself about what Term Life Insurance is and how it works.
The next thing you should do is consider key life events that may have affected your life insurance needs. Certain life events can often change your financial situation drastically. If you have recently experienced any of the following, or expect to, we recommend taking a second look at your policy:
- Getting Married
- Buying a home
- Having a child
- Moving to a different home or purchasing a new one
- Taking on debt, such as a home equity, auto or other type of loan.
- Changing jobs
- Starting your own business or changing your business
- Providing support to aging parents
- Planning for your kids college
- Getting divorced
- Starting a college fund
- Planning for retirement.
The next step is ensuring you make appropriate changes to your life insurance policy so you can ensure your family and loved ones are protected.
If you have found your insurance needs have changed, it’s a good idea to take preventative measures now and change your policy to cover any unexpected problems that may result in you needing to draw from your policy.
Feel free to consult with our experienced life insurance agents at any time. Our agents can walk you through how certain life events may affect your insurance, as well as recommend changes to ensure you and you’re loved ones are fully protected. You can reach our agents at 1-800-963-6405.