When it comes to protecting and providing for your family after you’re gone, life insurance is one of the most responsible solutions to help provide peace of mind. Upon your passing, these plans pay your beneficiaries—such as relatives—the benefit of a pre-chosen value. While this protection will last the life of the policy, there are times when you may need to revisit your terms and increase benefits. To help you adapt to the changes you experience, here are five scenarios in which you should increase your life insurance benefits.

5 Reasons to Increase Your Life Insurance Benefit

1. Marriage

When you get married, you also gain a financial partner. In some cases, you may be the sole breadwinner. Whatever the circumstances, if you pass away, your husband or wife may no longer have the funds they need to continue living comfortably. A life insurance benefit can make sure they have the monetary support they need as they move forward from the loss.

2. Children

Whether you’re having a baby for the first time or are expecting your fifth child, it’s always a good idea to review your life insurance as your family grows. Without your income and life insurance protection, your children may not have the money necessary to maintain support. It might also make it more difficult for them to attend college if these funds have to be used for medical or funeral expenses.

3. New Property

If you purchase a home and pass away, surviving family members may struggle to cover mortgage payments and might even face the risk of foreclosure. For this reason, you should increase your life insurance benefit whenever you purchase a new property and are expected to pay it off for the next decade or longer.

4. Salary Raise

Earning more money might sound like something that would make life insurance less necessary. However, you should expect that your bump in pay to cause your normal lifestyle to become more costly. To account for this change, your policy should carry a benefit that reflects your current income—not the salary you earned several years ago.

5. Aging Parents

If you have an aging parent, they may depend on your income to stay safe and healthy. If you pass away, they could be left with few options. Fortunately, life insurance benefits can be granted to surviving parents or another responsible party to cover senior care expenses.

 

While you can’t always know what surprises life holds, you can always count on Jenkins & Bevan Insurance for financial peace of mind. Supporting the Amherst, OH, community for 65 years, this family-owned insurance agency is recognized for providing personalized assistance to every individual client. Whether you want to assess your life insurance coverage needs or find out how you can save on home or auto insurance, this team will make sure your policy is optimized to your specific needs. To request a free custom quote or learn more about their diverse coverage options, visit them online or call (440) 984-6771.