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If you have a life insurance policy in place than you are doing better than a large portion of the American population, but you may not be doing enough. In some cases, you might even be doing too much. Regularly evaluating your insurance policy to ensure that the coverage amount is right, given your current financial state is very wise and may end up saving you or your loved ones a great deal of stress in the future. There are certain things that can make it even more necessary to look over your policy.

Changes in Family Structure Have you just walked down the aisle with the person that you love? Did you welcome a new child into your home? Have you recently lost someone very close to you? The happiest and saddest moments in life are often those that provide the best reasons for reviewing a life insurance policy. When first married, the combining of two incomes can become the only way to support the added expenses. If your spouse was left with the coverage you now have, would it be enough to maintain the current way of life? Can that coverage account for the added financial responsibility of caring for a newborn or an adopted child? If your spouse has been taken by illness or accident or by divorce, will you life insurance policy continue? Do you need to look into new life insurance quotes and is there a need to keep the same level of coverage?

Promotions, Raises, or Career Changes A new title, a little added income in the paycheck each week, or a big move to a better place of employment can all be reasons to celebrate, but also indicators that it is time to rethink life insurance. With the new income level, how will life change? Will there be added financial burden or less of it? Will your loved ones be more or less dependent on your paycheck as a result? If you are injured or fall ill will you need disability insurance or critical illness insurance to cover the financial losses? While more money is always welcomed, in most cases it is also quickly spent. People tend to take advantage of their bettered financial positions and the result may be that more coverage is necessary to continue providing the same lifestyle for your loved ones should you suffer tragedy.

Increased Debt Have you recently added on to your home and taken a second mortgage to cover it? Did you make a large purchase on a credit card that will take a long time to pay off? Have you taken on new loan payments in order to possess a new vehicle, second home, or other similarly pricey item? These forms of added debt might make it necessary to increase your life insurance coverage so those debts can be managed in your wake.

Economic Swings As we have seen in recent years, economic downturns can be devastating on many levels. Huge levels of inflation, stock markets bottoming out, and home values plummeting may make it necessary to reconsider what you would be leaving behind. On the other hand economic upturns, which may add value to your home or other property, create wealth from well placed investments, and make it easier to afford the necessities might also make it possible to reduce the coverage you carry.

Retirement This is a wonderful time. You have worked for many years to get to this point and you can finally enjoy the peacefulness of life. If you have planned well, you are likely left with a large sum of money in investment accounts that will cover your expenses for the rest of your life. If this is the case, then your current life insurance policy may no longer be necessary. You might be able to consider a smaller one. On the other hand, long term care insurance is likely something to consider. If you were to become critically or chronically ill, would your savings be able to cover the expenses associated with medical care?

Insurance 360
2023 Denton Drive, Austin, TX 78758-4503
(800) 327-2866