Many insurance policyholders may not realize there are certain life situations that call for a close re-examination of their policies. These significant life changes often require a revision of your current coverage so that it continues to suit your needs. The financial planning team at Nicole Gumm Groseclose Insurance Solutions, located in Clifton Forge, VA, helps locals update their policies and ensure they’re properly covered. See how you should tackle these changes below. 

When to Review Your Life Insurance Policies

1. Getting Married & Having a Baby

After you embark on a new life together with another person, you want to ensure they’re protected financially should anything happen to you. Sign up for a life insurance policy if you haven’t already, or alter your current plan to include both your spouse and any children. If you’re not sure how much coverage your family will need, speak with a financial planning advisor—the policy should cover any potential debts, funeral arrangements, income to support your family, and money for your children’s education. 

2. Getting Divorced

Financial planning and life insurance policies are more complicated if you divorce. For those without children, there isn’t much incentive to keep your ex as your beneficiary—unless you want them to inherit that money. But for those with children, your ex may not be able to fully support your kids if you were to die prematurely. Likewise, if they pass away and they were paying child support, you may struggle financially. 

For those with an ex-spouse not in the picture, if you pass away without enough life insurance, the child’s guardian may not be able to financially support them either. So, make sure your plans are up-to-date with enough coverage.  

3. Buying a Home

If you purchase a home, your partner will be responsible for paying off the mortgage if you pass away prematurely, putting a financial burden on the whole family. After finalizing your home’s paperwork, revisit your life insurance policy so it covers the cost of the house.  

The financial planning experts at Nicole Gumm Groseclose Insurance Solutions will help you update your insurance policies and provide comprehensive coverage options for you and your family. Give the office a call at (540) 968-1569 to speak to an insurance agent. You can also visit them online to learn more about their retirement planning services.