Life insurance is a contract between a policyholder and insurer that guarantees financial benefit—like debt coverage, income loss and final expenses—to beneficiaries once the policyholder passes away. Life is a gift, and we don't like to think about losing it. However, to rest easy knowing you and your loved ones are taken care of, consider these reasons for increasing your coverage.
Why Increase Your Life Insurance?
1. Change in Health Status
As the saying goes, “Hope for the best but plan for the worst.” If your health status has recently changed, increasing your life insurance policy will help ensure your loved ones will be taken care of and able to pay your medical bills. Alternatively, if one of your loved ones has a change in health status, one which might require long-term/ongoing care, upping your policy will help them cover medical costs even if you aren’t around.
2. You Got Married & Purchased a Home
Typically, married couples share everything from appetizers to finances. So, once you’re married, you might grow accustomed to the comforts of a combined income. Thus, increasing your life insurance policy will ensure that, should one pass, the remaining partner will be able to maintain financial comfort. Further, if you purchased a home together, upping your life insurance will ensure the surviving partner will still be able to make mortgage payments.
3. Income Increased or Decreased
If at the time that you bought your policy you were making less money than you are now, it’s time for an upgrade. Tailor your plan to the lifestyle your family is accustomed to so they have a safety net and, even if you’re not around, can take comfort in being able to maintain a similar lifestyle.
Conversely, if your income decreased, either due to a layoff or one of you staying home to take care of children, life insurance is more important than ever; it will take the pressure off being the sole breadwinner because you’ll know that, no matter what, your family will be taken care of.
Prepare for the unexpected with a life insurance policy from Coggeshall-Simmons Insurance Inc. in Coolville, OH. For nearly five decades, this independent insurance agency has worked with reputable insurance companies to find customers the best auto, homeowners, and life insurance. All their agents are licensed and stay up to speed on the latest trends in the market. Protect your family with an insurance policy that suits your needs and budget by calling (740) 667-3111. Get more life insurance information and a quote online.