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Is it Time to Update Your Life Insurance?

If you’ve had your policy for a year or more, or if you’ve gone through some life changes recently, it might be time to update your life insurance.

Life moves fast.

When life changes, it's time to update your life insurance

Sometimes, you don’t even realize how different things have become.

Your insurance policy is there to give you peace of mind, so odds are you haven’t actively thought about it much since the last time you signed your policy documents.

By now, your circumstances have probably changed.

Different life events, financial changes, and even your new plans for the future should prompt you to reexamine your policy to make sure it still fits.

Use these checklists to help you decide whether or not it’s time to update your life insurance:

Family and Personal Changes

Think about the time that’s passed since you purchased or last updated your insurance policy.

If any of these circumstances apply to you, it’s probably time for another update:

  • The birth of a new child
  • The birth of a new grandchild
  • A marriage or divorce
  • The death of a family member
  • Health concerns involving you or an immediate family member
  • A change in your estate planning
  • The sale or purchase of a home or property

Financial Changes

In the excitement of a new job or the rush of business planning, you probably haven’t thought much about life insurance.

Look through this list, and update your policy if any of these things have happened to you:

  • You have a new job
  • You’ve received a promotion (congratulations!)
  • You’ve inherited money or other assets
  • Your investments have significantly gained or lost value
  • You’ve founded or purchased a new business
  • You’ve acquired or liquidated assets
  • You’ve taken out new investments
  • You or your spouse have retired
  • You’ve gained or lost a business partner

Planning for Your Future

As the world around you and your own personal circumstances change, so do your plans for the future.

When your plans change, your life insurance policy can help you prepare for your new vision of the future.

Here are some of the ways your policy can help you move towards the bright, healthy, secure future you want:

  • Retirement planning
  • Estate planning
  • Business and executive benefits
  • College funding
  • Planning for parenthood
  • Business continuation
  • Survivor benefit planning

Your life is always changing. Your life insurance should change with it.

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