Reasons to review your life insurance.
Buying life insurance gives you the peace of mind that your family will be financially protected if something happened to you. What many people forget is that a policy isn’t a “purchase it and forget it” product. Although a life insurance policy is out of sight and out of mind, there are several scenarios which call for you to review your insurance policy.
- You get married or divorced
When you get married, your family grows and you will be sharing finances with another person. As a result, your life insurance will need to change. Many couples rely on two incomes for the expenses. If you died suddenly, how would your new spouse be able to cope? Life insurance provides income replacement in the event of premature death.
If you’re contemplating a divorce, there are a number of financial issues to think about and life insurance should be on this. List. Update your beneficiaries, if necessary. If you remarry, it’s also wise to review your policy again.
- Your income changed
Whether you just landed a new job or got a raise in your current role, your life insurance agent should be alerted. If your financial picture has changed, your life insurance will need to stay up to date with it so that it can provide for your family.
- You purchase a home
Review your policy to see if your coverage amount is enough to also pay off a mortgage. You and your partner may rely on each other to help pay all of the bills, including the mortgage. Could your spouse afford to pay for the house all alone? Life insurance is important to update when you purchase a home, especially if you have children so that they can stay in a home in which they are familiar when dealing with the death of a parent.
- You have children
Raising a child is a huge expense, we all know that. Anytime you add a child to your family, you should look at your coverage. There’s always an option of purchasing an additional term life insurance policy that will carry through your kids’ college years.
Whether you’re looking for a new life policy or need assistance in evaluating your coverage needs, talk to the professionals at Abbate Insurance. We can help you secure the right life insurance for your needs and budget in New Haven, Connecticut.