As life goes on, it changes. And some of those changes mean you need more life insurance coverage. If your life has undergone some changes in the years since you first bought your life insurance policy, it may be time to see if you have enough coverage. Here are signs you need to add more to your life insurance policy…
You Have Had a Child
If you haven’t noticed already, kids are expensive. Statistics show that it will cost over $260,000 just for the basics of age 0-18. That’s not including saving for college. Your spouse may not be able to afford those costs if something were to happens to you. So if you’re bringing in the primary income for the family, having a child is just one reason to up your life insurance coverage.
You Have Bought a New Home
Paying off the mortgage is one of the main reasons people get life insurance. If you have a family, the last thing you want is for them to have a mortgage they cannot pay. Often time they have to sell the home because they can’t make the payments. With life insurance, those payments are covered in the event of someone’s death.
Your Income Has Increased
Replacing lost income is another main reason why people get life insurance. If you have recently gotten a significant raise or your income has increased steadily since you bought insurance it is time to consider more insurance.
Your Lifestyle Has Changed
Sometimes with pay raises, we start spending more. Income increases often come with lifestyle changes, it is also possible to get a lifestyle upgrade after you have paid off debt or improved your cash flow in some way. If you didn’t think you needed a life insurance coverage increase with your pay raise, you may need it for your lifestyle change. Your beneficiary shouldn’t have to change the way they spend money if you were to pass away. With a life insurance coverage increase, they can continue to live the same way.
You Took Out Student Loans
Whether you or your spouse are going back to school or you’re taking them out for your own child, a co-signed student loan means you’re responsible to pay it back if the co-signer passes away.
You Want To Plan Your Estate
A Life insurance policy can also be a key part of an effective estate planning strategy, both providing cash when needed and shielding assets you intended for your heirs from sizable estate taxes. As you get older, you may start thinking more about what kind of legacy you want to leave behind. You may also consider whether you want to donate to a philanthropic organization or to leave money behind for your children.
Getting life insurance doesn’t have to be a hassle so if one of these things has happened to you and you’re not sure if you need to increase your coverage call your insurance agent. You will always want to take care of the people you love.
Rollins Insurance represents multiple A-rated insurance companies to make sure we deliver the most competitive rate packages to our clients in Kentucky and Ohio.
Rollins Insurance is an independent insurance agency providing our clients the best prices with the most coverage possible since 2008. We represent multiple A-rated insurance companies to make sure we deliver the most competitive rate packages to our clients in Kentucky and Ohio. We find that most people are under-insured and over-paying when we meet them. We love what we do and our primary business is Personal Auto, Homeowners, and Life and Health insurance. We are a family-owned and managed business that specializes in providing needs-based insurance services.
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