11 Reasons to Review Your Life Insurance Policy

The top 11 reasons to review your life insurance policy include major life changes such as buying a house, getting a new job, a change in your health, having a child, paying for a child’s college education, getting a divorce, and more. These types of major life changes may also have an effect on your life insurance rates as well as your coverage. Read our guide to save money on life insurance after major life changes.

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Tim is a licensed life insurance agent with 23 years of experience helping people protect their families and businesses with term life insurance. He writes and creates stuff for QuickQuote and other insurance and financial websites.

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Benjamin Carr was a licensed insurance agent in Georgia and has two years' experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.

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Reviewed by Benji Carr
Former Licensed Life Insurance Agent

UPDATED: Jul 19, 2021

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You have life insurance? Great! Whether term life, permanent life, or a combination of them, kudos to you for taking action to protect your loved ones’ financial well-being.

But if some time has passed or if you’ve experienced a major life event, it’s time to revisit your policy. Stuff happens, circumstances change, your life evolves…and your needs change.

Reassess and Reevaluate Your Life Insurance Coverage if You Have…

  • Gotten married.
  • Gotten a divorce.
  • Had a child.
  • Adopted a child.
  • Gotten a new job.
  • Gotten a promotion or a pay raise at work.
  • Bought a house.
  • Taken out a loan.
  • Children who are planning to go to a more expensive college than you anticipated.
  • Children who no longer depend on you financially.
  • A change in your health or wellness (such as losing weight, quitting smoking, or overcoming a medical condition).

All of the above can affect how much life insurance coverage is right for you and your family. Typically, as your net worth increases, you’ll benefit from increasing your coverage. Likewise, if your family’s income needs decrease, you might benefit from lowering your amount of coverage. Regardless, you’ll get the best value when your coverage is aligned with your current needs.

Talk with a trusted insurance professional to determine what makes sense or do some fast math to get an idea of what you may need to change by using this convenient online life insurance calculator.

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Need More Life Insurance but Don’t Want a Hefty Premium?

Over a quarter of consumers believe they don’t have an adequate amount of life insurance coverage.* And if you discover you need to increase your coverage, you’ll likely think, “How can I afford it?”

If you fear additional life insurance coverage won’t fit your budget, explore term life insurance options. Term life offers financial security at surprisingly affordable rates compared to other forms of life insurance. Unlike permanent policies, term life offers coverage for a set period (a term). You can apply for terms of 10, 15, 20, 25, or 30 years (shorter terms are also available).

Term life gives you the ability pay a lower premium and still have coverage through the years when your family’s needs are greatest. So if the unthinkable happens to you during that time, your loved ones will receive a death benefit to offset the loss of your income. Just how affordable are term rates? You can find out quickly and easily by getting a term life insurance quote online.

Embrace Life’s Changes—and Prepare.

The twists, turns, and adventures that life throws at us make it ever interesting and oh so worth living. Some of them are by our own design, yet others are unexpected. Either way, life insurance fitted to your family’s needs over time offers a way to help ensure the future is secure for those near and dear to you.

When did you last take the time to Review Your Life Insurance coverage? 

Source: 2014 Insurance Barometer Study, Life Happens and LIMRA

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