If you purchase life insurance while you’re young, it’s wise to review the terms of the policy periodically. After all, your situation will change over the years, and you may need to modify your coverage. Here are some of the major milestones that should prompt a review of your existing policy. 

Life Events that Warrant a Review of Your Insurance Coverage

1. Having Children 

If you purchased life insurance prior to having kids, you’ll likely need to buy more after the little ones come along. If something happens to you while they're still minors, you’ll want to leave your partner with enough to cover health insurance, childcare, college tuition, and other essential expenses. 

2. Buying a House 

Leaving your family with enough money to pay off the mortgage will relieve a significant burden should tragedy strike. As such, it’s important to increase your life insurance coverage after buying a house. Include additional funds for both ongoing maintenance and major repairs that might otherwise eat up a significant portion of your partner’s earnings over the years. 

3. Starting a Business 

You should purchase a sizable life insurance policy upon starting a business regardless of the industry. If something happens before you retire or sell the company, an influx of cash will make it easier for your business to remain operational and carry on your legacy. Depending on the circumstances, your successors might need the funds to cover legal expenses, train new employees, float overhead costs until things settle down, or facilitate growth.

If you need to modify your life insurance coverage, turn to Kalita Agency in Watertown, CT. Founded in 1960, this family-owned business operates as an independent agency, which allows them to offer clients a broad range of products at competitive rates. Whether you need coverage for your family or company, their knowledgeable agents will help you find policies that accommodate your needs. To talk to a team member, reach out online or call (860) 274-8882.