Whether by our own design or completely unexpected, things happen. Life isn’t a straight broad and paved road. Instead, life is full of twists and turns and that is why we seek out insurance to transfer the risk of the unexpected and help secure us or our loved ones.
Major life events happen as do need changes as we travel through the twists and turns of life. As those needs change, so should your amount of coverage! Here are five of the most common life events that as they occur, you should consider reevaluating your life insurance.
Tying the Knot
When you were single, you may not have thought much about life insurance. But now that you’re getting married, your spouse may depend on your income. If one of you should die, the other spouse may need to rely on life insurance benefits to meet expenses and pay off debts.
Having a Baby
Whether it is your first child or your third, you’ll need to update your life insurance to include your children as beneficiaries.You may want to consider insuring your children as well. Should there ever be a change in their health, having coverage on them early will ensure that they are protected later in life.
Purchasing a Home
When purchasing a home, it is important to note the terms and conditions of your mortgage. To lose a home to an unforeseen loss would be devastating to your spouse. It’s the perfect time to review the mortgage and make sure your coverage is adjusted to protect that mortgage for your spouse and loved ones.
When you change jobs, your salary can either increase or decrease. Any planning you did for retirement is would be adjusted down to a single family income, placing strains and burdens on loved ones. When this life change happens, it’s the perfect time to review your current policies to make sure you have the coverage can help to secure that retirement for the surviving spouse.
Graduate? Congratulations!! Will you be taking on student loans? New boat? Expanding the home? New loans are new debts. It’s important to review your current coverage to make sure that in case of a loss, that new debt won’t put a burden on your family.
These and five life events can effect how much life insurance is right for you and your family. When your net worth increases, you may benefit from increasing your coverage. Likewise, if the family’s income decreases, you may benefit from lowering your coverage. Always align your coverage with your current needs and consult your Georgia Farm Bureau Agent to help in identifying those needs.
Sources and Photo Credit: Goodman Photography,