5 Signs It’s Time to Reassess Your Life Insurance Policy

Life insurance is not a “set it and forget it” decision. As your life evolves, your coverage needs can change too. Reassessing your life insurance policy ensures you’re providing adequate financial protection for your loved ones. Here are five key signs it’s time to take another look at your policy.

1. You’ve Recently Gotten Married

Getting married means merging finances and responsibilities. If your spouse depends on your income, your life insurance policy should reflect their needs.

Reassessing your policy can help ensure:

• Your partner’s living expenses are covered.
• Major debts, like a mortgage, won’t burden your spouse in your absence.

2. You’ve Had Kids

Becoming a parent is a game-changer for your financial priorities. Raising a child is expensive, and life insurance can act as a safety net for their future.

Ask yourself:

• Does your policy cover your child’s education costs?
• Would your coverage provide for daily expenses like childcare?

3. You Bought a Home

Buying a home comes with a significant financial commitment. If your current life insurance policy isn’t sufficient to cover your mortgage, your family could face financial strain.

Ensure your coverage can:

• Pay off your mortgage balance.
• Maintain property taxes and up keep costs.

4. You’ve Had a Significant Increase in Income

A promotion or career change often comes with lifestyle upgrades. Reassessing your life insurance can help maintain your family’s new standard of living if something happens to you.

Additionally, consider:

• Updating your beneficiaries.
• Exploring high-value policies, such as Indexed Universal Life Insurance (IULs), which can provide growth potential tied to market performance.

5. You’ve Experienced Major Life Changes

Life is unpredictable. Divorce, the loss of a loved one, or starting a business can all impact your life insurance needs.

Reassessing your policy ensures:

• Your beneficiaries are up to date.
• Your coverage aligns with your new financial goals or responsibilities.

Why Regularly Reviewing Your Life Insurance Matters

Your life insurance policy should grow with you. By reassessing your coverage during significant milestones, you’ll have peace of mind knowing your loved ones are financially secure no matter what life brings.

Ready to take the next step? Schedule a consultation today and let us help you protect yourfamily’s financial future with confidence.