You probably know how important having reliable life insurance is for you and your family. However, there are times when you’ll need to increase the amount of coverage you currently have. Doing so ensures your family will have access to the funding they need should the unthinkable happen.

Why Should I Increase My Life Insurance?

1. You’ve Gotten Married

Life insurance protects the people you care about most. This includes your spouse, and you’ll need to make sure that he or she is covered in the event of your death. Along with covering your lost income, you’ll also need to consider things like retirement planning, even if retirement is still many years away. 

2. You’ve Brought a New Child Into the Home

It’s expensive raising kids, especially when you factor in college tuition for the future. Your insurance should increase for every new child you have to rest assured your family will be taken care of financially after you’re gone. 

3. You’re Buying a New House

Buying a home is a worthwhile investment, but it is undoubtedly expensive. Increasing your current policy will help your spouse make mortgage payments, as well as cover other expenses, such as property taxes. 

4. You’re Starting a Business

Permanent life insurance policies have a cash value component, which can be borrowed against while you’re still alive. This is exceptionally beneficial to burgeoning small business owners, who will likely need capital to get their operation up and running. 

5. Your Health Has Changed

Most people experience a change in their health over time. If you currently have a term life policy that is nearing its expiration date and you’ve since developed a medical condition or illness, it’s time to start thinking about another policy. Some insurance is available without a medical exam, although this coverage may be more expensive than what you’re paying now.