Life insurance lets you protect your loved ones, even if you are no longer there to provide for them. If you pass away while the policy is in effect, your beneficiaries receive a death benefit they can use to support themselves, pay off debt, or invest in the future. Even if you already have a policy, you might need to increase your amount of coverage as your life changes. Consider the following reasons to invest in a more comprehensive life insurance policy.

What Events Require an Increase in Life Insurance Coverage?

1. Birth of a Baby

On average, it costs parents more than $230,000 to raise a child to age 18. The cost of food, clothing, child care, and transportation can be high. This does not even include the price of college, which could cost tens of thousands more. If you have recently increased the size of your family, it's time to reconsider your current life insurance status to make sure your policy provides for your new baby.

2. Purchased a New House

A mortgage is often a 30-year commitment, and a lot can happen during that time. If your spouse would struggle to cover your house payment without your income there to help pay the bills, you may need to reconsider your life insurance needs. Consider boosting the benefit high enough to cover the amount of the outstanding loan balance so that your family doesn't have to worry about how to keep a roof over their heads once you're gone.

3. Started a Business

Most of the time, people buy life insurance to protect their spouse and children. However, if you have started a business, you may need more life insurance to protect your business associates. Investors may be unwilling to invest money in your business if they're concerned the company could fail without you at the helm. A life insurance policy could guarantee a return of their principal loan if something happened to you. Additionally, a policy could allow your surviving partner(s) to buy out your interest from your heirs without having to liquidate the company or go into debt.

To discuss a life insurance policy with a friendly, helpful insurance agent, contact Barron Mutual Insurance Company in Barron, WI. They have served Northwest Wisconsin since 1891. They also specialize in home, mobile home, rental property, liability, and farm insurance. Visit their website to see if you are in their service area or call (715) 537-5141 today to request a life insurance quote.