Share:

Purchasing life insurance allows you to continue providing for your loved ones even after you’ve passed away. However, to ensure you meet their financial needs, it’s essential to review your policy every time a significant life change occurs. As you reach certain milestones and experience different events, your coverage and beneficiaries will require an update to represent your new situation accurately. Here are a few occasions to reevaluate your plan.

When to Review Your Life Insurance Policy

1. Getting Married 

Marriage comes with the responsibility to protect each other’s future financial health in the event one of you passes away. If you bought a life insurance policy before walking down the aisle, it should be revised to include your spouse as a beneficiary. You also need more coverage to help support them and pay for any outstanding debts you could potentially leave behind. 

2. Becoming a Parent 

When growing your family, you life insurancemay wish to consider increasing your coverage. Children are expensive to raise, and a life insurance payout will play a vital role in helping your partner take care of everyday household expenses, pay for childcare, and fund a college education. You can also add your children as a beneficiary on your policy.

3. Buying a Home 

A home is the most prominent financial commitment you’re ever likely to make. If your family depends on your income to make the mortgage payments, you should make sure you have enough life insurance coverage for them to keep the home upon your death. Without a payout from your policy, they face significant financial hardship trying to maintain the mortgage and have to sell the property.

4. Starting a Business 

Fulfilling your entrepreneurial dreams is rewarding, but it also creates financial challenges for your loved ones should you pass away. Life insurance will give them the money necessary to continue running the business and cover any loans or lines of credit you still owe. If you have business partners, you should look into securing a policy that will protect their interests, as well. 

 

As you go through various life stages, you can count on the professionals at Pearson & Barnes Insurance to help determine what coverage you need. Offering more than 20 years of combined industry experience, they will perform a personal assessment of your current circumstances and long-term goals to ensure your life insurance policy is in alignment. The locally owned and operated agency proudly provides Somerset, KY, residents with a range of reliable products at affordable rates. Call (606) 679-1450 to schedule an appointment, or visit their website to view the options they have available.

tracking