If you have a life insurance policy, you’ve already taken a significant step toward financial security. But many conditions affect the type of coverage that will best serve your needs, and as you reach different stages in your life, the type of coverage that’s best for you will change.  

7 Milestones That Could Mean You Need a New Life Insurance Policy 

1. New Employer or Title Change 

Some employers offer group life insurance coverage, and working with a new company means you should re-evaluate your current coverage. Also, if you’ve had a promotion and command a higher salary, think about increasing your coverage.

Near retirement? An agent can help you determine how to plan for your future.  

2. Marital Status 

Your spouse likely relies on your income to help pay for joint expenses, like a mortgage or lease. Make sure your policy will protect them in the event of your passing. It’s also good practice to involve your loved one in financial decisions like purchasing insurance. 

On the other hand, if you’re divorcing your spouse, you might want to consider removing them as a beneficiary. 

3. Property Purchase 

A new house or property is one of the largest purchases you’ll make. Ensure this new asset is included in your policy evaluation. 

4. Family Addition 

When you welcome a child into your household, you become responsible for their well-being. Talk to an agent about securing enough coverage to pay for their upbringing and education.  

5. Quit Smoking 

If you quit smoking, you might qualify for a lower premium. Take full advantage of your hard work by reviewing all the incentives available to you. 

6. Business Management 

If you’re a business owner, opening or closing a business affects your net worth. This development needs to be accounted for when you choose a term or whole life policy. 

At the start of a new year, review your life insurance policy with an agent. Nicole Gumm Groseclose Insurance Solutions is an independent agency devoted to serving the needs of Clifton Forge, VA. Nicole personally addresses the individual needs of every customer, from large-scale company policyholders to families, retirees, and young adults. She has over 16 years of experience in retirement planning, financial services, and insurance coverage. To speak with Nicole directly, call (540) 968-1569. To learn more about her extensive qualifications, visit her website.