Knowing when it’s time to conduct a life insurance review.
Your life insurance policy cannot live up to its full potential if you leave it to sit unattended. The best way to maximize your policy is by regularly reviewing and updating your coverage. But how do you know when it’s time for a review? Here are some of the signs to look for.
1) Your Family Has Expanded
If you’ve gotten married or had children since you first secured your life insurance policy, then you need to review your coverage to ensure that it will protect your growing family. Oftentimes, policyholders will have to increase their coverage to take care of their loved ones’ financial future.
2) You Have New Financial Responsibilities
If you have purchased a home, started a business, or taken on another long-term financial obligation, then you need to reevaluate your life insurance. You will likely need to increase your policy’s coverage limits to ensure that your financial obligations are taken care of in the event of your unexpected death.
3) You Have Experienced Career and Income Changes
If you’ve made a career change, then you need to discuss the implications of this new job on your life insurance. This is because your new position could mean a change in the amount of risk that you face. Additionally, the position could result in a significant salary increase. Your life insurance coverage should increase alongside your income to ensure that your policy will cover your lost wages.
These signs indicate that it’s time to review and update your life insurance. Do you need help updating your life insurance policy? If so, then contact the experts at Weeks & Associates Insurance Services in Thousand Oaks, California. We are ready to get you the coverage that you need today.