In the rush of excitement that comes with a major life event – a wedding day, closing on a house, welcoming home a new baby – it can be a challenge to feel confident that you’ve got all the boxes checked and are fully prepared for life’s big changes.
Beyond those milestone events, the last several years have seen an uptick in people entering into life-altering situations, whether that’s switching careers or changing up their day-to-day lifestyle to keep their households safe.
Whether your situation has changed drastically or just a little bit over the last few years, it’s wise to also re-evaluate whether your existing life insurance policy is providing you with the financial protection that you need.
What should you consider?
If you have new people in your household, more assets to protect, or just want additional peace of mind, your next steps are to determine if it makes sense to get another policy that adds onto what you already have, or a new policy for a larger amount.
To answer this question, you’ll want to consider factors like your health and how much your current premium is. If you are in good health with a policy that is relatively new, it may make sense for you to “upgrade” to a larger policy. You could end up with more coverage that is still in the ballpark of what you’ve budgeted for.
Remember to keep your old policy active until your new coverage kicks in.
Does your employer provide enough insurance?
It’s valuable to have a job that provides life insurance as part of its benefits package. But it’s important to consider all of your financial responsibilities and determine if it makes sense to take out an additional policy.
If you switch jobs, you could be left without coverage. Additionally, employer-provided life insurance is often not enough to pay for what you may need it for: funeral costs, your children’s college plans, living expenses and debts.
Speak to an agent
If you’ve read this far, you’re clearly doing your due diligence before making a very important decision for your family’s future. It can seem complicated, but our life insurance professionals can help simplify the process for you. Start today by giving us a call or getting a quote online, and we can help you analyze your circumstances and what type of policy best fits your new life.