May always feels like a “milestone month,” with graduations, proms and weddings at every turn. While a milestone is a wonderful opportunity to celebrate, it’s also a reminder to check in on your life insurance to make sure it’s meeting your needs. Here are some key life events that should also trigger a review of your life insurance policy:
Marriage: Everyone likes a spring or summer wedding, just make sure when you’re planning, you take a moment to review your life insurance policy. Will it provide enough coverage for your spouse? If this is a re-marriage for you, have you updated the beneficiary information? Taking time to make sure your spouse will have financial security is always a smart idea.
Home Ownership: If you’ve just received the keys to your new home, you’ll want to review your policy to make sure that it will cover your mortgage.
A New Addition: New babies bring great joy, and also additional financial considerations. Did you know that the US Department of Agriculture estimates that a child born in 2013 will cost almost $250,000 to raise — not including college costs? Make sure your life insurance plan is set up to provide financial security for all of your children.
More Money: If you’ve recently gotten a raise, or you haven’t looked at your life insurance policy in the past 3-5 years, it’s a good time to do so. The policy that you selected when you first started working is probably not a great fit for you now.
The Robin Weingast & Associates team recommends making life insurance review an annual practice. We’re always available to review your policy and ensure it’s the right fit for you and your family’s financial security. Contact us today to set up a time to talk.