Congrats You’re Hired! Why It’s Time To Review Your Life Insurance Policy Again

Mark Burback | Financial | 9 Oct, 2015 | No Comments

Did you recently land a promotion or a new job? If so congrats, you have a lot to celebrate! Starting a new job or position is an accomplishment and something that you should be proud of.

With this accomplish though comes a need for review. While your life insurance policy may be the furthest thing from your mind as you’re imagining how you’re going to be spending your big bucks, that’s exactly why it shouldn’t be.

While regular review of your life insurance policy is important regardless, it’s particularly important when you’ve had a change in employment. If you haven’t reviewed your coverage recently, here are a few reasons why you may want to change your mind.

 

Why Should You Review?

Did you know that it’s recommended that you review your life insurance coverage regularly? For any major milestone in your life such as marriage, employment, or children you should take the time to go over your coverage.

This is particularly true if you’ve had a change in income. If you’ve had an increase or even decrease in income, it’s time to assess. For example, a higher salary is likely to bring new cars, homes, and more. This change in spending habits and lifestyle requires a review of your policy. The greater your earnings, the more coverage you’ll need and vice versa.

Life insurance is designed to protect your assets. As your assets increase or decrease, it’s time to review.

 

Benefits of Reviewing Your Policy

Taking the time to review your life insurance policy is not only wise it’s vital. If there is one thing in life that is a guarantee, it’s that we’re all susceptible change.

 

Ideal Coverage

Let’s face it; things are different now than what they were in the past, right? Well, why doesn’t your coverage reflect that? Your policy needs are likely to change over time. Why pay more than you have to or opt for lackluster coverage?

When you review your coverage, you can ensure that you’re always investing in the right kind of coverage. Your policy needs may change over time. If you choose to review your policy regularly though, you’ll have no problem adjusting your coverage to best meet your needs.

Maximum Security

While you may be the one investing in life insurance, you’re not the one who will be receiving the returns, rather your loved ones will be. After all, life insurance is designed to protect your loved ones not yourself. However, it’s up to you to make sure that these benefits are available to the ones you love most.

By updating your policy regularly, especially after employment changes, you can be sure that your loved ones have the financial security they need. Life insurance provides a fallback in the event of the unthinkable. While it may not be for years and years to come, it is better to be prepared than not be prepared.

Remember, your loved one’s livelihood is potentially at risk without the right safeguards in place.

 

If you’ve recently accepted a new position or promotion, it’s time to review your life insurance coverage. Whether you have life insurance policy already, need a life insurance policy, or simply want to learn more feel free to Contact Us today.

 

Featured image via Wemmett-Hall 

 




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