When to Revisit Your Policy

Your life insurance needs change as you move through different stages of life. Revisiting your policy at the right times can help ensure your loved ones have the financial support they need. Below are three key milestones when you should consider reviewing and possibly updating your coverage.

Marriage

Getting married means sharing financial responsibilities and building a life together. After you say “I do,” you may want to:

• Adjust coverage amounts to reflect combined debts such as student loans or credit cards
• Add your spouse as a beneficiary so payouts go where you intend
• Convert a term policy to permanent coverage if you want lifelong protection

By updating your policy after marriage, you can help protect both partners from unforeseen financial burdens.

Home Purchase

Buying a home is often the largest investment you’ll make. Your mortgage balance can become a burden if something happens to you. Consider these actions:

• Increase your death benefit so it can help cover your remaining mortgage
• Include a mortgage rider that pays off or reduces your loan if you pass away
• Review policy term length to match the remaining years on your mortgage

Keeping your life insurance aligned with your home loan ensures your family isn’t left with mortgage payments alone.

Parenthood

Welcoming a child brings new expenses and long-term financial goals. To help provide for your growing family, you may want to:

• Boost your coverage to help cover childcare costs, education expenses and daily living
• Add a child rider so you can purchase coverage for your child later without new medical underwriting
• Set up trusts or guardianship provisions in your policy documents to reflect your wishes

Updating your policy when you become a parent helps ensure your child’s future needs can be met no matter what.

Next Steps

Your life insurance needs evolve with each milestone. To review your current policy or explore new options, reach out to us at Contact Us. Our team at Robins Insurance is here to help you every step of the way.