Change is a natural part of life. When you experience certain significant changes, your life insurance needs may need to be altered to better reflect your new reality. After all, you want to be sure to have the necessary coverage to protect the loved ones currently in your life. To better understand some of the major changes that require a life insurance reassessment, three of the more common ones are discussed below.

3 Situations That Require Updated Insurance Policies 

1. When You Have New Family Members

If your family has grown, you likely want to include these new additions as beneficiaries to any existing life insurance policies. A child, either by birth or adoption, or a new spouse will need the financial security offered by your life insurance in the event of your untimely passing. In contrast, if you've recently gotten divorced, your coverage should be updated to remove the name of the former partner.

2. When You Get a New Job or Start a Business

Life insurance essentially gives beneficiaries a way to replace the money normally received from the policyholder's income after they have died. If you have a new job or start a business, your income levels will often increase. Life insurance coverage should increase as well. This way, there will be no discrepancy in the financial support your family receives before and after your death.

3. When You Improve Your Lifestyle

For most people, aging comes with the normal deterioration of one's body and health; this is, to a certain extent, to be expected, and life insurance carriers understand this. But if you make substantial improvements to your lifestyle, such as losing a large amount of weight or quitting smoking, there is less risk for the insurance company. That means potentially lower rates for you. If you've made positive health changes, consult your insurance agent to see if better rates or coverage are available.

Beadle Insurance Agency has been providing life insurance to the Lubbock County, TX, region since 1975. They also offer home, recreational vehicle, and auto insurance policies. Their carriers include some of the most trusted names in the industry, like Progressive®, Germania®, and National Lloyds®. To request a quote, call (806) 385-3426 or visit them online.