Life insurance is one of the easiest ways to look after those you love. However, as life changes, you might find that your coverage needs are different than they were when you first purchased the policy. Regular reviews of life coverage are both important and necessary to ensure your family is adequately covered each day, but you need to know when it’s time to review the policy. Here are a few of the most common signs it’s time to re-evaluate your coverage.

4 Signs It’s Time to Re-Evaluate Your Life Insurance Policy

1. Improved Health

Most life insurance policy premiums are based on your overall health. If you smoke or have an existing health condition that could be improved by living a healthier lifestyle, those premiums will likely be higher. Quitting smoking or improving overall health conditions could reduce the cost of those premiums. The only way to notify the insurance provider is to re-evaluate the policy and have new premiums assessed.

2. Growing Family

When you get married or have a child, you’ll want to re-examine insurance coverage limits. As the family grows, the amount of financial strain they’d experience if you pass away unexpectedly increases. By re-evaluating and potentially increasing your coverage limits, you’ll be able to adjust the value of the policy to adequately look after the ones you love.

3. Different Job

Many people get life policies through their employer, even if they purchase a separate policy on their own to supplement the coverage limits. When you get a new job, it’s important to review your insurance needs, even if you don’t plan on purchasing coverage through a new employer. Remember, life insurance can replace your income for your beneficiaries should you pass away. It’s important that the coverage can provide for your beneficiaries, especially after a raise.

4. New House

Buying a house is a fantastic investment, but the mortgage payments can be tough for your loved ones to cover if you pass away unexpectedly. By increasing coverage limits and re-evaluating an insurance policy when purchasing a home, those mortgage payments will be easier to cover should the unexpected happen.  

When you’re looking for quality life insurance, it’s important to work with an experienced insurance agent. At Tammy Ross Insurance in Monroe, NC, their experienced team has helped residents in Union County find the right policy for their needs since 1998. Whether you’re looking for auto insurance for a new vehicle or want to re-evaluate homeowners insurance after building a new addition, they’re ready to help. Learn more about their services online, and call (704) 233-4981 for a free quote today.