Like most things in life, your life insurance isn’t constant. When situations change in life, you shouldn’t shy off from talking to your insurer to update your policy. But what are the exact reasons I should update my life insurance? Keep scrolling as Fida Insurance Group of Monroe, CT sheds light on when you should update your life insurance.
Perhaps you took your life insurance policy when you were single. However, now that you are married, you should take a second look at your policy. Now that you have brought someone else into your life, your financial status has changed. You have someone depending on your income, plus you co-share certain obligations.
Please update your life insurance policy to ensure your spouse doesn’t suffer financially if you suddenly die.
While no one likes a divorce, it is a reality, and you need to make the necessary life insurance changes when it happens. However, before making changes to your life insurance, consult with your attorney because certain divorce decrees may require you to maintain your spouse as a beneficiary even after divorce.
Having a child
Congratulations on welcoming a young one into your family. Whether it’s through birth or adoption, you should update your life insurance to secure your child’s financial position in the future. Life insurance ensures that your child’s financial obligations are met even in your absence.
Taking a mortgage
Now that you have secured a mortgage for your home, the next thing you need to think about is your loved ones and cosigners when you die. If you have taken a mortgage or car loan, update your life insurance policy to ensure that you don’t burden those you leave behind with unpaid debts.
Still not sure whether you need to update your life insurance plan? No worries. Please contact Fida Insurance Group in Monroe, CT for more guidance.