Have Enough Life Insurance? 4 Life Changes That May Require Policy Updates
Life insurance can be confusing, especially when it comes to making changes to your policies. When it comes to life insurance policies, change can be a good thing. Unfortunately, most people don't realize that life insurance policies need to be updated and modified from time to time, especially following major life changes. Here are just four of the major life changes that may require changes to your current life insurance policies.
When You Head off to College
If your parents purchased a life insurance policy in your name when you were born, and you're heading off to college now, it's time to make some changes. Your current policy may have been enough to provide your parents with some protection had you passed away as a child, but it might not be sufficient for your current situation. To make sure you have the coverage you need, it's time to talk to your insurance agent.
When You Get Married
If you're about to get married – or you were recently married – it's time to update your life insurance policies. If you don't have life insurance yet, it's time to purchase your first policy. This is particularly important if you're the sole breadwinner in your newly established family. You don't want to leave your spouse without some type of financial security, should you pass away unexpectedly.
When You Have Your First Child
If you and your partner have recently welcomed your first child, you need to update your insurance policy. Your current life insurance policy may be enough to provide for your partner should you pass away, but it might not be enough to provide for your child's future. Updating your life insurance policy after the birth of your baby will ensure that they have the protection they need for things like their college education.
When You Have Your First Grandchild
If your children have all grown up and left the house, you may think that your life insurance needs have decreased. However, that's not necessarily true, especially if you now have grandchildren. You should actually have your insurance policies updated after the birth of your first grandchild, especially if you plan on providing for them after your passing. Now's the time to talk to your insurance agent about modifications such as adding beneficiaries or increasing your policy limits.
When it comes to life insurance policies, you need to keep up on the changes in your life. If you've experienced any of the change described here, it's time to update your life insurance policies. Visit a site like https://www.dainsurance.com/ for more help.