Significant life events such as a marriage, divorce, or the birth of a child do not come around often, which is why everyone should review life insurance coverage on a regular basis – usually at least once every couple of years. When reviewing the policy, the National Association of Insurance Commissioners suggests asking yourself a series of questions:
- Are your premiums and benefits fixed or variable, and do they meet your needs on a year-to-year basis?
- Are your benefits guaranteed? Has your policy has accumulated any cash value?
- Are your benefits adjusted for inflation?
- Are your benefits in alignment with changes to your income?
- Do your benefits cover new debts and supportive of your family’s financial goals for the future?
If you feel your life insurance coverage is adequate for now but could become insufficient in the future, now is the time to make necessary changes. Waiting six months, a year, or more to purchase additional coverage or a different policy type is gambling with the unknown – especially since your insurability can change in a moment.
How Much Life Insurance Do I Need?
Don’t gamble with Life insurance. Take the guesswork out of getting coverage, and talk to a qualified agent about your family’s coverage needs today. At Billy Brown Insurance, we help clients choose between term, universal and whole-life coverage, as well as evaluate the coverage amount necessary to ensure a secure financial future for surviving beneficiaries. Our job is to make sure your spouse, children, and even your business partners are protected should you pass away prematurely. We’ll help you take into account increases in the cost of living, unplanned expenses, debts, loss of income, and other essential factors. If you have not taken the time to review your life insurance with an agent lately, there is no better time than now to take that step. Call Billy Brown Insurance today for more information. We look forward to serving you soon.
