Nine Times You Should Review Your Life Insurance Policy

You have a job, a house, and a family.  You have worked hard to build and put together this life, but have you given thought to what may happen if you suddenly were not around to help sustain those things for your family?  Life insurance is definitely something to consider when you are in this situation.  You have built a life, now it’s time to take a look at how you can safeguard that life for your family’s future! Let’s take a look at some of the critical times in life when you should consider getting or changing your life insurance policy.

You Have Aging Parents To Take Care Of

In our current society, it’s becoming commonplace for someone to take care of elderly parents or relatives. If something were to happen to you while you are providing all of their resources, this could spell disaster for them. Make sure they have a safety net in place so they will still enjoy the quality of life if they don’t have you to support them anymore.

Becoming a Stay at Home Parent

Any cut in your household income will impact how you plan your finances. Bringing home one of the adults in the household to take care of the children is a big decision. Be sure you are planning your life insurance around this as well. If something were to happen to the main breadwinner, you would want to make sure the other spouse could continue to be with the children if that is what you wish for a period of time.

During a Recession

There are always going to be tough times in life and a recession is no expectation. Typically money gets tighter during such economic times. It’s more important than ever to get your ducks in a row when it comes to life insurance. If you were to pass during uncertain times like these, you would want to be sure your family would have enough cash to tough it out as best as they can.

Becoming Self-Employed

Going from a W-2 position to being self-employed is a big step and parts of it can be exciting and scary. When you become self-employed you end up doing a lot of your own paperwork that you were reliant on your previous company to do when you went to work. One of those things may be life insurance. If you had a life insurance plan through your employer you may need to reevaluate if that is the best plan to stay on or if you will need to go out and find a new plan that makes more sense for your new lifestyle.

Starting a New Business

Along the same lines of becoming self-employed, when you start your own business you are likely to have to do many things yourself that may have been taken care of for you by an employer. Even if you just have a small business on the side of a full-time career, it’s important to factor any extra money you are earning into your life insurance policy. You want to be sure you are providing an accurate number when calculating what your family would need if you should pass. 

Getting a Loan

No matter what kind of loan you get, you should be sure to factor that amount into your life insurance benefit amount. Even small loans can start to add up. Make sure you don’t leave your family with extra burdens. As soon as you open a new loan, it should trigger you to update your policy.

You’re Having a Child

Having your first (or second, third, etc.) child can be one of the most exciting times in your life! Don’t forget to take the time to update your life insurance policy. Another person in your household will equal more expenses. You want to be sure that everyone will be covered and be able to maintain the lifestyle you are planning for, whether you are there or not.

You’re Getting Married

This may be the biggest trigger to look at and update your life insurance policy.  When you get married you may be adding a whole other income to your life, but you also are changing your lifestyle. If one of you passes it’s so important to have a conversation about not only the expenses that would need to be paid but also the lifestyle you would wish your spouse to maintain even if they didn’t have your added income.

You’re Buying a House

Buying a house is the largest expense that most individuals incur. It is also the largest loan most people have. If you are buying a house and getting a mortgage, it is essential that you have a life insurance policy that would pay that bill should you pass.  If you want your family to remain in the house should anything happen to you, be sure to include this in your life insurance policy.

Conclusion

Life insurance may not be for everyone in every situation.  If you have a family who you support monetarily and especially if you also have debt, life insurance should be a priority to obtain and maintain.  With a life insurance policy, you can make sure you leave your family with confidence that they will be able to make it through in the worst-case scenario! Feel free to contact us here at Wealth Financial Services & Products at 754-202-2300 or visit our Get a Quote, email us at info@wealthfinancialservice.com and we will be happy to start a conversation on how we can best serve your needs.