As life progresses the need for life insurance changes. It is important to have an insurance review with the help of your agent at State Insurance Solutions in Arlington, TX to adjust insurance coverage for new needs. Some of the common reasons for needing adjustment to life insurance include moving out of a parent’s home, getting married or divorced, relocating, joining the military, having a baby or adopting a child, and starting retirement.
Living on Your Own
When a young adult moves out of their parent’s home to start their independent life, this is a great time to also start investing in life insurance. When a young person invests in whole life insurance, it builds cash value over time. The monthly investment is very modest at a young age and this creates a good habit of saving for the future that comes in handy in later years.
Marriage or Divorce
Getting married or getting divorced creates a different need for beneficiaries for a life insurance policy. Even in the sad case of getting divorced, it may be desirable to make any children of the marriage beneficiaries of the life insurance proceeds in order to protect them.
Relocation triggers the need for a life insurance review if the new location is more dangerous than the old one.
Joining the Military
There are death benefits paid to survivors for those in military service who lost their lives while on active duty. This is a consideration for adjusting life insurance needs when someone joins the military.
Having a Baby or Adoption
This is one of the most important reasons to increase life insurance coverage. As a responsible parent, you will want your child to be well taken care of if something happens to you.
Reaching retirement age is a time for celebration. There may be less pressure to maintain life insurance at high levels for you if the next generation has their own coverage in place. You may wish to shift your investment to help the younger generation with their life insurance policy.
Contact your agent today at State Insurance Solutions in Arlington, TX to update life insurance based on any of these or other life changes.