It’s that time of year again! As you select the perfect turkey and begin whipping up those old family recipes, we encourage you to take a few minutes to reflect upon your current and future life insurance needs. After all, Thanksgiving is about taking stock in everything that we’re thankful for; why not take this time to ensure that those who matter the most are protected?
What to Consider:
Just as your financial responsibilities change, so too do your life insurance coverage needs. What was enough when you were first married is simply not adequate if you’ve made advances in your career, had children or even purchased a new home.
Ask yourself, when was the last time you reviewed your life insurance coverage. If it has been more than a year, now is the perfect time to review your options.
Life Insurance Coverage and Life Stages:
Young families, struggling to make ends meet cannot always afford much in the way of life insurance coverage. It is however extremely important to have your proverbial bases covered if you fall into this category. Be sure you have enough life insurance coverage to protect your family from financial hardships if you are no longer here to provide for them.
As the kids grow and you and your spouse begin earning more income, it’s extremely important to consider how your life insurance coverage needs have changed. What would once cover the mortgage and help with daily expenses may no longer be enough. This is why it’s so important to reassess your needs throughout the course of your life.
Again, your life insurance coverage needs will continue changing year after year. As you near retirement your needs may in fact begin to decrease. Perhaps you have fewer dependents or you’ve downsized your home. As your financial responsibilities begin to shrink so too do your life insurance coverage needs.
We encourage you to set aside the grocery lists and Black Friday ads for a few minutes this weekend and consider your current stage in life. Wherever you fall, if you haven’t reviewed your life insurance coverage in the past 12 months; there’s no time like the present! As you do here are a few additional points to consider
Updating Your Life Insurance Coverage:
If all of your dependents are not currently listed on your policy, be sure and do this immediately. Not sure where to begin? Your life insurance agent can help!
Purchasing More Coverage
If you find that you simply do not have enough life insurance coverage to provide for your loved ones; you will either need to replace your existing coverage or purchase an additional policy. Most seniors do not have an adequate amount of coverage. Use this time of seeing family to have a real conversation about your families needs for this. Contact us right away if you find this to be the case.
On behalf of everyone at Dynamic Insurance Services, we would like to wish you and your family a happy and healthy Thanksgiving! We hope you will take a few minutes out of your long weekend to consider each of these points. Have questions? Contact us! Our staff of highly experienced, Licensed Benefit Consultants is here to help you review your life insurance coverage needs.