As your life circumstances change, you may be in need of new life insurance quotes. Keep reading to find out when it’s time to reevaluate.
During your lifetime, you’ll go through many different life changes. Big life events like having children, buying a home, or starting a business all require you to reexamine your life insurance policy. If you already have life insurance, then you’re off to a good start at protecting your loved ones in the future. When you have life insurance, it is your fiscal responsibility to assess your life insurance needs at these critical points in your life and determine when you need new quotes for life insurance. Let’s find out when it’s time to get a new quote for your life insurance policy.
1. Marriage
After getting married, you will need to get a new life insurance quotes
Don’t forget about the financial responsibilities associated with getting married.
Though money and life insurance aren’t the first two things you might consider while tying the knot, they are some of the most important. When you get married, your separate finances become one. Most quotes for life insurance after marriage will focus on supporting your spouse in the case of your untimely passing. This money includes the death benefit if you opt for term life insurance, or the death benefit and cash value of a permanent life insurance policy.
2. Starting a Family
Taking on dependents will require life insurance quotes that include additional expenses like higher education
Plan for your child’s future with the right life insurance policy.
Deciding to start a family is a major life decision. Once your child is born, you are now responsible for your child until at least the age of 18. For most parents, this time period is even longer! In order to secure your child’s future, no matter what happens, you need to get a new quote for your life insurance policy. When you previously may not have considered the cost of higher education, you now need to factor in an additional $100,000 to $200,000 in your policy.
3. Taking out a Mortgage
Any time you make a large investment you should consider getting new life insurance quotes
For a lot of people, a home is the biggest lifetime investment.
When you take out a mortgage to purchase a house, you are taking on a large loan from the bank to pay off your home. In the event that you die before your mortgage is paid off, the burden will be left over to your spouse or your remaining family members. This is a common reason why people get new quotes for life insurance as they now owe the bank a significant sum of money. If you haven’t already factored your mortgage into your existing life insurance policy, then this is your sign to make an adjustment.
4. Starting Your Own Business
If you are making big investments in your business, ensure that your new quote for life insurance can cover these expenses
Ensure that your insurance can cover your investment in your business.
Another big life change that will require you to reexamine your life insurance policy is starting your own business. Starting a business requires a big investment in your company. If your investment takes the form of property, inventory, or other necessary assets, you should reconsider your life insurance policy. When you are evaluating a new quote for life insurance, you should make sure that all of your outstanding business debts are covered in your death benefit. Should you leave your loved ones with your outstanding business debt, they will likely have to liquidate your current assets to cover the debt.
5. Divorce
If your marital status changes, it’s time to adjust your life insurance policy
When you split your finances, you also need to negotiate your life insurance.
Divorce, just like marriage, is a big change that will require you to take another look at your life insurance policy. If you don’t have any children yet, all you need to do is change the beneficiary of your life insurance policy.
If you do have children, the process can get a bit trickier. As the owner of the life insurance policy, you can change the beneficiary of your plan from your former spouse to your children. However, if you are not the owner of the policy, you will have to purchase a new policy and name your children as beneficiaries. This ensures that you have set aside money for your children as beneficiaries, regardless of the actions of your former spouse.
If you have questions about altering your life insurance policy or are in need of a new quote for life insurance, this is your sign to start your research. Especially in the case of new life insurance plans, the cost will continually increase as you get older. Take advantage of the present moment and secure the best life insurance policy for you and your loved ones today.
Copyright protected by Digiprove © 2022
