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When To Review Your Life Insurance Policy from The Reis Group

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When To Review Your Life Insurance Policy

by Allison Teetsel on Jan 13, 2015

Got life insurance? Fantastic! You’ve taken the first step toward protecting the financial well-being of your loved ones. If some time has passed since you purchased your policy, there’s a good chance you’ve experienced some life changes. It is important to review your life insurance coverage on a regular basis.

When Should I Reassess My Life Insurance Coverage?

Re-assess and re-evaluate your coverage if you have:

  • Gotten married
  • Gotten divorced
  • Had a child or adopted a child
  • Gotten a new job
  • Gotten a promotion or a pay raise
  • Bought a house
  • Taken out a loan
  • Children who no longer depend on you financially
  • Children whose college plans have changed
  • A change in your health or wellness (ie. Losing weight, quitting smoking, overcoming a medical condition, etc.)

How Can These Changes Impact My Policy?

The above changes can affect how much life insurance coverage is right for you and your family. As your income and net worth increases, you’ll want to increase your coverage. If your family’s income needs decrease, you may benefit from a lesser amount of coverage. Ultimately, you’ll get the best value when your coverage is in line with your financial needs.

To determine how much coverage makes sense for you, talk to one of the insurance professionals at The Reis Group today!

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