How Often Should You Adjust Your Life Insurance Policy?
| 11:01 AM |
The point of life insurance is that you do not know when you need it. Therefore, even though your policy is long-term, you need to make sure the current situation has the proper benefit.
As a rule of thumb it is important to recalculate the needs of life insurance once a year, or if there is a major change in life. Here are some examples: What you possess It is good to know that you are married or single, that if you die unexpectedly the finances are settled. It could mean paying loans or mortgages. Also, it is particularly important if you have a lot of debts or if your family wants to continue living in your house.
When you buy or sell a house you take a new debt Family relationship I would like to know that your family's financial need is covered if you can no longer offer it. Most of life insurance is needed to keep your child growing until you grow up and cover your college education as your child grows. If you are a hero, this is even more important.
Your child is financially independent if your marriage or divorce Your children finish college Your long term goal will change The general rule of life insurance life insurance is that your insurance ' "(The amount paid to you) The beneficiary in case you died should pay seven times your annual salary. As your salary changes, your family's lifestyle will change to match. If you are a self-employed person, or if you own a business, business related expenses are included.
Let's consider adjusting your policy in the following cases: Changing your salary You start or sell your business Changes in your spouse's work
As a rule of thumb it is important to recalculate the needs of life insurance once a year, or if there is a major change in life. Here are some examples: What you possess It is good to know that you are married or single, that if you die unexpectedly the finances are settled. It could mean paying loans or mortgages. Also, it is particularly important if you have a lot of debts or if your family wants to continue living in your house.
When you buy or sell a house you take a new debt Family relationship I would like to know that your family's financial need is covered if you can no longer offer it. Most of life insurance is needed to keep your child growing until you grow up and cover your college education as your child grows. If you are a hero, this is even more important.
Your child is financially independent if your marriage or divorce Your children finish college Your long term goal will change The general rule of life insurance life insurance is that your insurance ' "(The amount paid to you) The beneficiary in case you died should pay seven times your annual salary. As your salary changes, your family's lifestyle will change to match. If you are a self-employed person, or if you own a business, business related expenses are included.
Let's consider adjusting your policy in the following cases: Changing your salary You start or sell your business Changes in your spouse's work
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