We’ve all made the mistake of waiting until the last-minute to buy something;  but it usually works out okay.

Don’t make that same mistake with life insurance…it may not work out okay.   Common sense says to buy life insurance before you need it.

If you don’t know how much you need, take the time to review the amount of life insurance you have.  Then do the best job you can in anticipating changes in your life.   That sounds silly, but it’s not.

Life is moving target, you can’t get away from changes.  As your life changes your financial needs change.   Life insurance is a financial tool for you to use to prepare for financial changes in your life.   Wouldn’t you rather be prepared than caught off guard?

You need to review your life insurance coverage to be better prepared for  financial changes.  The better you are at anticipating future financial needs, the better off you will be.   Let’s help you anticipate some life changing events.

What Will The Changes In Your Life Be?

Family.

  • Someday when you get married you may want to have children, that costs money.
  • When those children grow up they may go to college; there will be college expenses to pay for.
  • Those children will soon be getting married; there will be a wedding to pay for.
  • Do both of the newlyweds have life insurance, they will be family and need to take care of each other.
  • Grandchildren, ahhh, so cute, but they cost money too.
  • Because children & grandchildren are cute and cuddly, they often get overlooked when reviewing life insurance needs.
  • The best time to buy life insurance for a person is when they are a child.
  • The life insurance premiums on a child are generally much less than an adult.
  • Children are rarely denied coverage.
  • The cash value in the policy can build up as they are growing up.
  • The child can then use that cash value when they go to college or buy their first home.
  • And because you anticipated a future need, you bought that policy for pennies on the dollar.
  • Sad, but realistic, sometimes families break up.
  • If there is ever a divorce, the splitting couple will need to review the life insurance needs.
  • Each party to the divorce will have separate life insurance needs, thus need separate policies.

Financial changes:

Job change.

  • A job change could put you into a higher income situation.
  • Higher income requires a life insurance review.
  • With a higher income, your household will have more to lose and more income to replace if that income earner were to meet an unexpected death.
  • Review your coverage to make sure you have enough life insurance to cover

New home purchase.

  • With a new home comes a new mortgage and debt.
  • You need to make sure you have enough life insurance to cover the mortgage balance and other debts in case something happens to you.
  • If your survivors can’t pay the mortgage, you don’t want them losing the house.
  • You can buy life insurance through your own insurance agent or through the mortgage company.
  • Life insurance purchased through a mortgage company generally costs much more than if you purchased it through a life insurance agent.

Pending Retirement.

  • If you are about to retire, review your life insurance before you do.
  • Once you leave your employer, most companies no longer carry you on the company life insurance policy.
  • Since you will no longer have life insurance from the policy at your workplace you will need to shop for individual life insurance.
  • Opting to switch to part-time work may also discontinue the life insurance policy you had at work.

Starting a Business.

  • If you are starting a business, a life insurance policy will protect any liabilities you have as a result of your start-up.
  • If you have a lot of business debt and something were to happen to you, you don’t want your family burdened with that debt.

Life insurance satisfies different financial needs at different times in your life.   That is the reason for reviewing your life insurance needs.

Call your life insurance agent for a complete review of your insurance policies; you will be glad you did.