As autumn arrives and your children start another year of school, it’s a good reminder to ensure their futures are protected. Regardless of how healthy or safe your lifestyle may be, parents and families must take proper precautions to ensure that their children are cared for after a catastrophic event. With this in mind, an optimal life insurance policy can be invaluable.
Raymond Longoria Insurance has over 30 years of experience helping people in the Mission area understand their life insurance needs. Our agents will work with you to assess your situation and compile a suitable policy.
What to Review in Your Life Insurance Policy
Before assessing your life insurance needs, you should know some of your options. In general, most policyholders should reconsider the following aspects of their coverage:
· Policy type—There are many types of life insurance. Contact one of our agents to review your policy and ensure it’s the optimal coverage for you.
· Beneficiary—Many major life events, including marriage, divorce and death can make it necessary to change the beneficiary named in your policy.
· Coverage limits—As your family situation, finances and lifestyle change, you may need to adjust how much coverage your insurance includes.
8 Reasons to Review Life Insurance
The death of a loved one is a devastating event, but the difficulty of the situation can be further exacerbated if financial struggles follow. For those dependent on the deceased, adequate life insurance could make all the difference. In addition to acquiring optimal coverage, there are also several reasons why it may be necessary to reassess your policy, such as the following:
1. Family growth—If you welcome an addition to your family, you should update your life insurance to ensure you have enough coverage to take care of all your loved ones.
2. Loans—If you acquire additional debt, such as for a mortgage or car or to start your own business, you should reassess your life insurance needs. Our agents can help you assess your new situation and make sure you have adequate coverage.
3. Beneficiary review—Major life events, such as marriage, divorce or the death of a named beneficiary, may require you to adjust these articles of your policy.
4. Employment change—Starting a new job can be exciting, but your insurance policies must account for your new circumstances. For example, if a salary increase enables your family to enjoy a new lifestyle, your life insurance should be adjusted to cover these higher expenses.
5. Elderly parents—Your children are not the only loved ones who might depend on you for financial support. Elderly parents may also require provision and must be considered when assessing your life insurance needs.
6. Grown children—When your children become adults and go off on their own, you may no longer need as much life insurance coverage.
7. Retirement—As you age and exit the workforce, you may want to adjust your life insurance coverage to include additional benefits, such as supplemental retirement income or long-term care coverage. Permanent life policies may have accrued actual cash value that can be accessed to help pay for various expenses.
8. Smoking status—In general, smokers pay far higher premiums for life insurance than nonsmokers. If you quit smoking, take time to revisit your life insurance policy. You may be eligible for lower prices.
Get the Right Coverage
In the aftermath of a tragic death, financial burdens are the last thing a family should have to deal with. Unfortunately, without proper life insurance, the deceased’s loved ones will be left to manage monetary struggles in addition to their grief.
Our agents can help make sure this doesn’t happen to your family. Contact us today to begin reviewing your life insurance needs and building an insurance portfolio that will protect your loved ones’ futures.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.