Life insurance is essential for protecting your family after you’re gone. However, the process doesn’t end after implementing a policy. Major life events call for a thorough review of your coverage, so you can determine whether you need to make any updates.

4 Events That Call for a Review of Your Life Insurance Policy

1. Getting Married

You want to ensure your spouse remains financially protected after you’re gone. To do this, fill in the beneficiary designations on a life insurance policy so your spouse receives the proceeds in the event of your death. This is especially important when it comes to new marriages. Beneficiary designations override estate plans, which means if they’re not updated the wrong person could be compensated.

2. Having Kids

If you’re having or adopting a child, you’ll want to expand any current coverage. This can help allot funds for the child’s future college tuition. It can also help the surviving spouse with day-to-day expenses, like daycare costs. 

3. Starting a Business

If you have a permanent life insurance policy, you can use the cash value to fund your business when you’re lacking capital. These policies can also reassure any investors that their financial interests are protected if something unexpected occurs. New business owners should contact an insurance agent to either update or implement coverage to make certain their enterprise is safeguarded.

4. Buying a Home

While buying a home is a dream for many people, covering a mortgage can be challenging. Proceeds from life insurance can help your spouse cover this expense after you’re gone. They can also contribute to funeral costs or any recurring expenses.

Purchasing life insurance can be a complex process, so let the team at Area Wide Insurance Agency in Naples, TX, help. They offer a range of essential insurance products, such as auto, home, liability, and renter’s coverage to make certain your assets are safeguarded. To schedule a consultation, call (903) 897-5651 or visit the website.