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
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.
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 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.