Life insurance provides peace of mind and a layer of protection to those who matter most, ensuring that they have the financial resources they need if something happens to you. While your current coverage may be enough to meet your financial obligations, your life insurance policy should evolve with your circumstances. Below are a few situations that might prompt you to consider a review of your coverage.

A Guide to Increasing Life Insurance

1. Marriage

Getting married is a legal and financial union, as well as an emotional bond. Because both spouses contribute to the marriage, each of you should carry enough coverage to replace your income or services if the unexpected occurs. Many people choose to increase their death benefits enough to completely replace their income for several years, while stay-at-home parents may leave enough to cover childcare costs and other expenses.

2. The Birth of a Child

Having a child is one of the most critical responsibilities in life, which is why insurance is such a valuable investment. Depending on your goals and resources, you may want to leave behind enough to establish college funds for your children or give your spouse the resources to stop working and stay at home if something happens to you.

3. Buying a House

If you purchased a home with your spouse, they might be unable to make the mortgage payments without your income. Losing a loved one is severe enough without the additional financial strain, which is why new homeowners should consider adjusting their life insurance policies. Leaving behind sufficient for your spouse to pay off the mortgage can increase their financial security for the rest of their lives.

Since 1960, the Kelley Agency has helped families throughout Lorain County, and the Greater Cleveland, OH, area protect their loved ones from the unexpected. With more credentials, licenses, and certifications than any other agency in the area, you can rely on their agents for detailed, personalized advice and the best life insurance coverage for your needs. To speak with an agent and request a quote, call their offices at (440) 282-8898.