You’ve been putting in a lot of hard work and it looks like it has paid off! Being promoted is a pivotal moment. Your dedication and work ethic have likely been put to the test and it hasn’t gone unnoticed. Receiving a promotion is a wonderful step forward in your career and is an accomplishment that should not be taken lightly. With your newly earned promotion, you’ll likely enjoy an increase in your income, making payday just that much sweeter.
Just like you protect your body with health insurance, and your vehicle with auto insurance, you must also protect your income with life insurance. After you celebrate your achievement, it may be time to review your current life insurance policy or purchase a new one. Regardless of the policy type, t is important to reassess your coverage needs occasionally. This is especially true when you experience a major life event, such as a promotion that changes your financial situation and potential your time commitments.
Whether you currently have whole or term life insurance coverage or even if you do not have coverage at all, a promotion at work is the perfect time to reevaluate your needs. Depending upon your age, family, and marital status you’ll find that your options will vary. After all, life insurance is about the furthest thing from “one-size-fits-all”. However, a promotion will almost always guarantee that at least some change should take place to your policy.
As you make the necessary plans and preparations going forward, keep in mind that your coverage needs should be based upon your individual situation. Even a coworker with the same or identical coverage may not have the same life insurance needs as your family. Never overlook the importance of periodically reviewing your policy.
Moving Forward: Practical Steps to Take Next
Need a little direction regarding the best steps to take next?
First, review your current coverage, if you have any. Be sure to evaluate the benefits as well as the drawbacks of your current policy. Are you spending more or less than you need to?
Next, make sure to take into consideration your change of income and how it will affect your lifestyle. If your income has increased, determine just exactly how much it has increased and how it might affect your short-term and long-term assets.
Finally, consider future expenses. Are you planning on having a child, purchasing a new home or any other major life changes? If so, you may want to consider these costs as you begin recalculating your life insurance coverage needs. For instance, if you plan to have a child or more children, you may want to increase coverage to include additional funds for their education and/or childcare. If you plan to buy a new home, you may want to increase your coverage so your family can maintain their lifestyle should the unthinkable happen. It is better to be prepared and not have the need than the alternative.
Take the necessary steps to prepare for your future today. As your term life insurance specialists, we’ve provided a simple and easy-to-use life insurance quote generator to help get you started. Enter your zip code for access to the Lowest Price Quotes and Top Providers or Give Us A Call.