There are a number of times in your life that youll need to review your life insurance to ensure youre adequately covered and you have the right policy for your circumstances.
Failing to reevaluate your needs can mean that you end up underinsured- something that many American families are facing, with an average insurance gap of almost $320,000.
These are the main events that should trigger a reevaluation:
If your spouse will depend on your income for their current standard of living, you may need to increase your insurance coverage to meet their expenses and pay off any large debts like your mortgage.
You and your spouse will need to take some time to evaluate your life insurance expectations based on your current finances. If either of you already have children, you may need to discuss whether you should be added as a beneficiary of their life insurance policy.
While many people get married in their 20s, the median age for second marriage is 32.6 for women and 35.2 for men. Life insurance will be different for people in second marriages, particularly if there are step children to consider. The former spouse will usually need to be removed as a beneficiary, and youll also need to consider any child support and alimony payments.
If youre getting a divorce, you may want to review your beneficiaries and ensure that any children you have together will still be adequately supported.
Adding children to the family is usually one of the biggest triggers for people who are uninsured to purchase life insurance. If you already have a policy youll need to update your insurance.
Usually, youll need to increase your cover, protecting the financial future of your kids. This will ensure that their living and education expenses can be covered if you pass on while theyre still dependent on you.
When you change jobs, you may find that your new employer may offer more or less insurance than your last employer. This can mean that you either need to purchase supplemental coverage or decrease your current life insurance.
If your new job includes an increased salary, you may also want to increase your life insurance coverage. And if you purchase a new house, youll usually want to reevaluate your life insurance to cover the mortgage.
This will prevent your spouse or children from needing to sell the house if they no longer have your income available.
If your employer is providing you with life insurance, youll need to update your coverage when youre ready to retire. If you already have whole life insurance, this can often help you cover the cost of retirement.
If youre worried about your chances of getting insured, you can also look into life insurance no medical exam. These policies will often cost more, however, as the insurer is taking on more risk.
Reviewing your life insurance doesnt need to take a long time. Mark a day on your calendar once a year to look into your situation and make any necessary adjustments.
You may find that events you hadnt considered (such as adult children becoming independent or going to college) can mean that you no longer need as much insurance.
Did you know that reports templates can save your company time and money? Companies can spend up to 30% on inefficiencies. You can start to eliminate efficiencies in your business by using templates. Think of all of the documents and reports that you create. How many of them are created multiple times? If you find that you and your....read more
If youre busy watching the machination of Wall Street playing with your pension, you might be missing out on the thousands of small- to mid-sized companies that are usually excluded from the capital market system. Even though you probably know the companies and owners around town and their ability to generate job growth and energize the economy, most....read more
Gift-giving happens year round for all sorts of occasions. Usually, the process is straightforward: the person is easy to buy for, or they tell you want they want. But sometimes it can be stressful. Especially when that person says they dont want anything. It can be even more complicated when that person is a guy. Dont worry. Here are....read more
Real estate agents have so much to gain from Facebook advertisements. Their targeting capabilities are much more precise than those of other social media platforms. Not only can Facebook ads find your audience through behavioral and demographic targeting, theyre also low in cost. However, many agents still arent on board with this trend.....read more
Its summer. Do you know where your cellphone is? Thats not a silly question in light of new findings that more mobile phones are lost, stolen or damaged in June, July and August than any other months all year with July holding the dubious top honors. People are outdoors, active and so busy enjoying themselves that theyre not always as careful as they....read more
When YouTube first made its Internet debut in 2005, no one could have predicted the global affect it would have for musicians or record labels. Fast-forward to present day, and wannabe recording artists are exploiting the dot.com site to broadcast their music to the world and to get noticed by record companies. One case in point is Euro dance artist Abie....read more