When Should You Reevaluate Your Life Insurance Needs?
Life insurance is a valuable financial safety net that protects families in the event of an untimely death. We believe that buying life insurance is something that every American should do, but that doesn’t mean the life insurance plan which is right for you now will still be the right choice five or ten years from now. As important as life insurance coverage is, it’s also important to know when it’s the right time to switch life insurance plans.
The most common reasons for choosing a new life insurance plans are major changes to one’s life or financial situations, such as:
- Getting married or divorced
- Having children
- Buying a new home
- Changing jobs
The reasons changes like these can inspire a change in life insurance policy are two-fold. One: Policy holders may want to change to a policy that offers greater financial protection. Two: A change in lifestyle or income may change the amount of money a policy holder can pay every month for life insurance.
As important as life insurance is, it’s important to choose a plan that is within your financial capabilities to afford. Having a less comprehensive plan is preferable to no plan at all, or struggling to pay for a more expensive plan that puts you in financial jeopardy or for which you are constantly behind on payments. Likewise, having a plan that pays more in the event of your death is always a good idea, as long as you can afford it.
When choosing a life insurance plan, you should take into account both the amount of protection a plan provides and how it fits into your current budget. For help choosing the perfect life insurance plan for you, contact EQUOTE today at 800-354-1666 for term life insurance quotes.