When to Evaluate Your Life Insurance Needs
Having a life insurance policy guarantees that if you unexpectedly die, your beneficiaries will be financially compensated based on payments you made during your lifetime. Your loved ones will have peace of mind that they aren’t going to be financially devastated in case of your untimely death.
As you progress through various life stages, your need for life insurance will progress with you. There are a few key events in life that will require you to evaluate your life insurance needs, we will walk through each below.
1. Adults who live together or are married.
Living with a partner or spouse often means that you are sharing the financial responsibilities of your home. If one person dies, the other person will be saddled with the expenses of the entire household and could be overwhelmed by financial constraints. Having a life insurance policy insures that your partner or spouse will be compensated and have assistance for paying bills, rent, mortgage, etc to maintain a similar lifestyle.
2. Having a child or adopting a child.
As a parent, you always want to provide more than enough for your children. We recommend all parents to get a life insurance policy so that you know that your partner/spouse will be financially capable of caring for your children in your absence. The unexpected loss of one parent’s income can drastically effect the other parent’s ability to care for their children. A life insurance policy will help provide for childcare or other expenses associated with raising a child as a newly single parent.
3. Getting separated/divorced.
If you are going through a divorce or are separated, you should evaluate your life insurance policy to rename the beneficiaries if it is your ex-spouse. Your coverage needs might change depending on your new situation.
As you can see, there are a lot of different times to evaluate your life insurance needs!
Call Parent Life today to get started on a policy that is right for you. 805-770-3032
The content on this blog is for informational purposes only and is not intended to be a substitute for professional, financial, medical or legal advice. The views expressed on this blog are the personal opinions of the author and do not necessarily represent the views of PolicySales, Inc DBA Parent Life Insurance Services. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the blog or the information, products, services, or related graphics contained on the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk. We encourage you to seek the advice of a professional, medical, financial or legal advisor before making any decisions related to your insurance needs. PolicySales, Inc DBA Parent Life Insurance Services will not be held responsible for any errors or omissions, or for any actions taken in reliance on the information on this blog or any other social media or email marketing posts.
