Prestizia Insurance Blog
Life brings us a lot of changes. And since life changes, your life insurance should also change to fit the your current situation and your family. It is recommended to review your policy every few years so you will know if you still get the best rates and the right coverage. Certain changes in your life need you to reassess your life insurance policy.
Here are 3 common life circumstances that need you to rethink your policy.
New Job or Promotion
The main reason why policyholders buy life insurance is that they can support their family even after they die. It is like their families still receive the income of the policy holders. Therefore, if you get a new job with higher pay, or your income increases due to a promotion, your premiums should change as well. This also applies if you have more expenses now due to your promotion and new job.
On the other hand, you also need to change your life insurance policy if you lost your job and unable to pay the monthly premium anymore. Talk to your agent to help you look for the best solution for your life insurance.
Divorced or Widowed
A recent divorce and death of spouse are two reasons to review your life insurance policy again. If you become the breadwinner in the wake of your spouse’s death, it is better to increase your coverage. There are times when you may need to drop your policy completely, for example, you have no children.
With regard to divorce, you may need to increase your coverage if you are left with more responsibilities such as the college education of your children. Your policy should also change if you no longer pay for mortgages because you have moved to an apartment. But before you make some changes in your policy, it should be in accordance to your divorce settlement terms.
Is your health much better now compared to your condition at the time you applied for life insurance? If there is some significant improvements in your health, you could review your policy and apply for better rates. For example, if you have found a way to manage your chronic disease, your insurer may request you to undergo another medical tests to qualify for a re-rating.
If there is a major change in your life’s situation, assess if you need to change your life insurance policy. You want to still get the best protection regardless of your life change. Prestizia Insurance Group puts our clients as our first priority with affordable rates and comprehensive policies. To learn more about how we can help you please contact our agency at (855) 436-6353 or Click Here to request a free quote.