A one-size-fits-all insurance policy doesn’t exist. Insurance needs will change significantly throughout an individual’s lifetime and it can do so within a very short time. Everyone should review their life insurance policy with their agent once a year to ensure their coverage is sufficient for final expenses and debts in the event of their death. Some life-changing events that affect your insurance needs include the following.
Both spouses should have their own life insurance policy to protect the other against the loss of income. It also provides a financial buffer during the grieving process.
Purchase a House
When a couple buys a house, both names will be on the paperwork and they’ll be equally responsible for paying the mortgage. A life insurance policy should provide enough to pay for any funeral expenses and cover any personal debts, including the mortgage.
The addition of a child to a family substantially changes the need for life insurance. Individuals will want enough coverage to enable the surviving spouse to continue working, pay for childcare, and pay off cars and homes. Life insurance can also provide the funds for a college education.
When couples separate or divorce, it’s imperative for individuals with children to ensure the youngsters are provided for financially. That doesn’t necessarily mean naming the ex-spouse as a beneficiary. Policy holders may simply need to change their beneficiary or they may prefer to cancel an existing policy and start a new one.
Whether an individual is moving up the business ladder, taking a new job, or going into business for themselves, life insurance will play a pivotal role. Life insurance doesn’t transfer with the job and it’s essential for providing necessary protection against the unforeseeable. The same is true for separation from the military and similar circumstances.
Life insurance can help a spouse or disabled child bridge the gap due to a loss of Social Security benefits after you die. It’s also an opportunity to leave a financial gift to a favorite charity or cause.
For more information about how The Sena Group can help you with any
of your insurance needs, please contact us at 561-391-4661.
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The Sena Group
6501 Congress Ave., Ste. 100
Boca Raton, FL 33487