As you go through life, you will reach many milestones that can change your needs for insurance. It can be easy to be complacent about reviewing your insurance coverage, but with each life change, you need to examine whether you are adequately covered. Consider these life events that may mean an insurance update is in order.
Change of Address
If you are moving into a new apartment or home, you will need enough insurance to cover your possessions in the event of an accident or disaster. If you are moving into an apartment, you will not be responsible for damage to the building itself, but it is up to you to get an insurance policy that will cover your belongings. If you are moving into a house, you will also need to cover the structure itself, as well as provide for coverage in case someone is injured on your property.
Marriage and Children
Getting married is a great time to look into whether you need any additional life insurance. Of course, having children also means that you will need to have adequate life insurance to provide for things like paying off your mortgage and providing for future education expenses in the event of your unexpected death. You may also consider an insurance policy for your children. Disability insurance is a good idea as well, in the event an accident or injury prevents you from working.
Change in Type of Employment
If you are going into business for yourself, you will need to update your insurance coverage. You may also wish to revisit your insurance plan if you are making more money than when the plan was put in place. If it doesn't adequately provide for a replacement of your present income, it may be time to increase the amount of your life insurance.
Change in Assets
If you pay off your mortgage or increase your savings substantially, you may wish to decrease the amount of life insurance you carry. Conversely, if you buy a new home or have little or no savings, you may wish to increase the amount of your policy. It is a good idea to compare your assets versus your coverage amounts every 12 to 18 months.
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