How To Protect the Loves of Your Life
Love is in the air as we enter the month of February. Valentine’s Day is about showing our loved ones how much we appreciate them in our lives. What better way to show them our love than making sure they are insured under a life insurance policy. It’s easy to purchase life insurance, and then forget all about it. As many family milestones in our lives pass us by, it important to acknowledge them on our life insurance policies. Here are five key life changes that should be reflected on your life insurance policy.
- Children: Once the decision is made to start growing your family tree, make sure you act promptly to update your policy. You should consider changing your policy so you can protect your children financially. These finances can include their day to day expenses, and college education.
- Marriage/Divorce: Ideally, you and your future spouse should talk before your marriage to evaluate what your needs and expectations are in terms of life insurance. If you decide to have children together, you may also want to assign beneficiaries as well.
- Open Enrollment: During the open enrollment period, consider if any big changes have happened financially such as receiving a raise, or buying a house. Make sure your policy falls in line with your current financial situation.
- Retirement: Does your employer have a group life insurance policy? If so, it is imperative that you update your coverage once retirement comes around. If you do not have an employer, consider whole life insurance as a supplemental income to your pension.
- New Job: Once you begin a new job, take your time looking through the benefits package, and see what options they offer for life insurance. There could be an employee sponsored plan available, and you may even want to look into supplemental coverage if the coverage offered isn’t sufficient enough.
Hope this blog post triggers you to take a second look at your life insurance policy, and ensure that your loved ones are covered. If you have any questions about your life insurance policy, please do not hesitate to reach out!