If you are developing a career, accumulating assets, or starting a family, your life insurance needs could change. It is a good idea to review your policy from time to time to ensure it provides the coverage you need and reflects your current situation. As we age and achieve milestones, life insurance policies may need to be updated. Our knowledgeable agent can review your policy with you and make recommendations for any necessary changes.

When May You Need to Update Your Life Insurance?

We recommend reviewing your life insurance coverage at different points in your life, including when:

• You get married or divorced: When you marry, you want to make sure your spouse will be taken care of in case of the unexpected. In the event of a divorce, you may also want to review and modify your policy.
• A new child is born: As your family grows, you will need to update your life insurance to include all your children as beneficiaries. Raising children is expensive, and you may also want to increase your coverage.
• You purchase a home: When you buy a new home, it may be a good idea to change your life insurance policy to ensure the death benefits will cover the balance of your mortgage.
• Your job status changes: If you start a new job, get a raise, move from part-time to full-time, or go through any changes that affect your income levels, you should review your life insurance coverage.
• You take out a loan: We do not want to leave our loved ones with large debts. After taking out a loan, you may want to ensure your life insurance is adequate to cover the debt in case something should happen to you.

Why Should You Update Your Life Insurance Policy Periodically?

Most people tend to purchase life insurance and then put it on the back burner. They pay their premiums and assume they will not need the coverage unless something tragic happens. The truth is, like other types of insurance, life insurance needs to be updated and maintained for several important reasons:

• Circumstances do not stay the same: Couples marry, and children are born. Kids grow up and move out on their own. Couples divorce, and ex-spouses remarry. People leave the workforce and enter retirement. Changes in your life should be reflected in updates to your life insurance.
• Addresses change: People change addresses for a variety of reasons, including transitioning from an apartment to a house, purchasing a new home, or downsizing once the children are grown and on their own. When you or a beneficiary has moved, these changes should be recorded in your life insurance policy.
• More people are remarrying: Although marriage rates are down, remarriage rates are on the rise in the U.S. If the beneficiary on your life insurance policy is a former spouse, you may want to update your policy.

Our friendly agent can review your life insurance policy with you and help you make any necessary changes.