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Kartsonas Agency, Inc.
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If you have life insurance, you are in good shape. However, when major life changes occur, it is time to review your policy and update it to suit your new situation.
Several life events will significantly change your life insurance needs. These include:
To increase the amount of the benefits paid to your loved ones if you should suddenly pass away, you may choose to purchase a second or third policy. You can own one, two, or more policies, from the same company or from different companies. You may have a whole life policy and choose to add a term life policy to ensure your loved ones are safe from serious financial and tax trouble in the event of a sudden death. Insurance companies will set a limit on the amount, which is typically at about 20 to 30 times of your yearly earnings.
Once you have purchased life insurance, you may not think about it, but simply pay the premiums as a regular monthly bill. You may not realize that you should have your policy reviewed once a year. You may be paying more than you need to and could purchase a policy at a lower premium with more coverage, or you may gain more financial stability by converting your policy to whole life, or it may be time to add another policy.
Take advantage of the support of a local agent to schedule a yearly review of your life insurance policy to ensure you have the coverage you need to protect the people you love.