When should you review your life insurance coverage

Life insurance is not the sort of insurance that is one and done. The amount and type of life insurance you require when you are 20 is probably not the same as what you need when you are 40 or 60. It is important that you review it from time to time to make sure that what you have matches up with what you need. At Higgins & Halloran in Columbia, SC, we share our years of experience with our customers to help them make educated decisions when it comes to life insurance. 

When to review your life insurance coverage

Changing jobs

Many people get life insurance through their employers. While this is a great benefit, it should not be your primary life insurance coverage. When you change employers, you may not be able to take your life insurance with you and even if you are able, it may not be a good financial decision. 

Buying a house

When you buy a home, you now have a mortgage. You need to make sure that you have enough life insurance to cover what you owe if anything should happen to you. You don’t want to leave your loved ones with a liability. 

Getting married

When you get married you need to review your life insurance. The first thing to do is to change your beneficiary to your new spouse. It is also a good time to review the amount of life insurance that you have. 

Having children

Having children probably causes the most need to review your life insurance. Providing for your children until they are adults is a huge responsibility and requires a lot more life insurance than probably any other time in your life. 

Contact Higgins & Halloran in Columbia, SC when you need to review your life insurance. 

 

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Life insurance is not the sort of insurance that is one and done. The amount and type of life insurance you require when you are 20 is probably not the same as what you need when you are 40 or 60. It is important that you review it from time to time to make sure that what you have matches up with what you need. At Higgins & Halloran in Columbia, SC, we share our years of experience with our customers to help them make educated decisions when it comes to life insurance. 

When to review your life insurance coverage

Changing jobs

Many people get life insurance through their employers. While this is a great benefit, it should not be your primary life insurance coverage. When you change employers, you may not be able to take your life insurance with you and even if you are able, it may not be a good financial decision. 

Buying a house

When you buy a home, you now have a mortgage. You need to make sure that you have enough life insurance to cover what you owe if anything should happen to you. You don’t want to leave your loved ones with a liability. 

Getting married

When you get married you need to review your life insurance. The first thing to do is to change your beneficiary to your new spouse. It is also a good time to review the amount of life insurance that you have. 

Having children

Having children probably causes the most need to review your life insurance. Providing for your children until they are adults is a huge responsibility and requires a lot more life insurance than probably any other time in your life. 

Contact Higgins & Halloran in Columbia, SC when you need to review your life insurance. 

 

How much life insurance is enough?

When it comes to how much life insurance is enough, only you can answer that question. You may not have any idea how to come up with that figure, and that is why you need to have an independent insurance agent like those at Higgins & Halloran in Columbia, SC. An experienced agent has the information you need about life insurance; the types and the amount that makes sense for you in your current situation. 

Life insurance is something that it is never too early to think about. When you are young, the rates are the lowest they probably ever will be, and getting at least a start on your lifelong plan makes sense. Life insurance is a lifelong part of your financial planning. 

When you are figuring how much life insurance is enough, you should not include the insurance you get from your employer in your overall plan. It is a bonus not part of the primary coverage you need. You can’t guarantee that you will have the coverage when it is needed since most jobs don’t last a lifetime, and it might not be transferable. 

When you are in the prime years of your life, it is the welfare of your children if anything should happen to you that is the main motivator for the amount of life insurance you need.  Term life insurance has a term of between 20-30 years and as a parent, you will likely need all of that. Your income is the main factor in determining how much your family might need to survive without you while your children are young. Ten years of your income may or may not be enough, but it is a goal to shoot for.  

If you are ready to discuss your life insurance requirements, Higgins & Halloran of Columbia, SC is here to help. 

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When it comes to how much life insurance is enough, only you can answer that question. You may not have any idea how to come up with that figure, and that is why you need to have an independent insurance agent like those at Higgins & Halloran in Columbia, SC. An experienced agent has the information you need about life insurance; the types and the amount that makes sense for you in your current situation. 

Life insurance is something that it is never too early to think about. When you are young, the rates are the lowest they probably ever will be, and getting at least a start on your lifelong plan makes sense. Life insurance is a lifelong part of your financial planning. 

When you are figuring how much life insurance is enough, you should not include the insurance you get from your employer in your overall plan. It is a bonus not part of the primary coverage you need. You can’t guarantee that you will have the coverage when it is needed since most jobs don’t last a lifetime, and it might not be transferable. 

When you are in the prime years of your life, it is the welfare of your children if anything should happen to you that is the main motivator for the amount of life insurance you need.  Term life insurance has a term of between 20-30 years and as a parent, you will likely need all of that. Your income is the main factor in determining how much your family might need to survive without you while your children are young. Ten years of your income may or may not be enough, but it is a goal to shoot for.  

If you are ready to discuss your life insurance requirements, Higgins & Halloran of Columbia, SC is here to help. 

What factors should I think about when choosing a new life insurance policy?

Those in the Columbia, SC area will always have insurance needs that should be taken seriously. One form of insurance that many people should consider getting is life insurance. Various factors need to be considered as you are shopping for life insurance in this area.

Amount of Life Insurance Coverage

One of the most important factors to consider is the amount of coverage you will receive. Your life insurance plan should provide financial protection so your dependents can reasonably meet their future financial needs. This can include ensuring that living costs, higher education, and even future retirement needs are met. You can offset their total future expenses by other savings and investments that you have to determine the level of coverage that you should obtain in your next policy. 

Type of Plan

You should also carefully consider the type of policy that you should choose. There are multiple options available, the most common of which are term and whole life. With your whole life, you can have coverage for the rest of your life and enjoy an investment benefit. With term life, you will only have coverage for a specific period of time and not investment benefits, but your monthly payments will be less. 

If you are looking for a new life insurance plan and are in the Columbia, SC area, it would be helpful to call Higgins & Halloran. There continue to be many factors to consider when choosing a life insurance plan, and Higgins & Halloran can make the process easier for you. The team can help you evaluate all of your needs and give the support needed to build a plan that will offer ideal coverage.

Read More

Those in the Columbia, SC area will always have insurance needs that should be taken seriously. One form of insurance that many people should consider getting is life insurance. Various factors need to be considered as you are shopping for life insurance in this area.

Amount of Life Insurance Coverage

One of the most important factors to consider is the amount of coverage you will receive. Your life insurance plan should provide financial protection so your dependents can reasonably meet their future financial needs. This can include ensuring that living costs, higher education, and even future retirement needs are met. You can offset their total future expenses by other savings and investments that you have to determine the level of coverage that you should obtain in your next policy. 

Type of Plan

You should also carefully consider the type of policy that you should choose. There are multiple options available, the most common of which are term and whole life. With your whole life, you can have coverage for the rest of your life and enjoy an investment benefit. With term life, you will only have coverage for a specific period of time and not investment benefits, but your monthly payments will be less. 

If you are looking for a new life insurance plan and are in the Columbia, SC area, it would be helpful to call Higgins & Halloran. There continue to be many factors to consider when choosing a life insurance plan, and Higgins & Halloran can make the process easier for you. The team can help you evaluate all of your needs and give the support needed to build a plan that will offer ideal coverage.