A life insurance policy protects your loved ones if you pass away by making up for lost income and offsetting funeral expenses. The type of coverage you will need depends on many factors, and your needs will shift and expand throughout your lifetime. The guide below explains three situations where you should consider life insurance adjustments.

When to Make Updates to Your Life Insurance Policy

1. Change in Marriage Status

When you get married, you’ll want to name your new spouse as the primary beneficiary in your life insurance policy. It’s also possible that you didn’t have life insurance coverage before you got married.

If that’s the case, consider taking out a policy if your household relies on one primary income earner. If you’re getting divorced, you’ll need to do the opposite—removing your ex-spouse and setting new beneficiaries.

2. You Expand Your Family

For many people, the first time they think about life insurance is when they start having kids. A life insurance policy ensures that your children’s financial future is stable, even if you pass away.

Consider upping your policy amount each time you have a new addition to your family. Eventually, however, you may consider lowering your life insurance coverage—once your kids are out of the house and financially stable, they’ll be less reliant on support from life insurance.

3. Your Expenses Go Up

Life insurance is there to keep your loved ones financially stable, so if your routine expenses have recently increased, you may need to up your life insurance policy to keep pace.

Common causes of increasing expenses include buying a more expensive home or starting a business. Your life insurance policy should meet these expenses for several years.

Have more questions about updating your life insurance? Contact the team at Charles Adams Insurance Agency in Ashland, KY. As an independent agency, they shop with over 10 leading insurance providers to help you find the best coverage for home, life, auto, and business. To learn more about their offerings, visit their website and call (606) 325-9709 to get a quote.