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Life insurance provides the resources your loved ones will need to rebuild their lives and go on if something happens to you. However, as you go through life, needs and priorities will change, so a life insurance policy should adapt to meet your evolving responsibilities. Here are a few situations that may call for updated life insurance quotes and a review of your coverage options.

When You Should Update Your Life Insurance Policy

1. You’ve Gotten Married

Getting married is a major life step that comes with significant responsibilities. If something happens to you, you may want to leave behind enough for your spouse to pay off the mortgage and other bills, especially if you’re the primary breadwinner. Remember that your spouse doesn't automatically receive the death benefit if something happens to you, so it's essential to update your beneficiary designations as soon as you decide to get married.

2. Your Marriage Has Ended

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A divorce can automatically revoke your spouse’s right to receive life insurance proceeds after the marriage is officially over. However, those funds will likely go to your estate and be distributed according to your state’s intestate laws. This may not reflect your intentions, so assigning a new life insurance beneficiary should be a definite step in the divorce process.

3. You’ve Become a Parent

Becoming a parent is one of life’s most important responsibilities, so you’ll want to continue providing for your child if something happens to you. After the birth of a child, many parents request insurance quotes for enough coverage to fund an education plan or even replace their income entirely.

Many people also assume that their children will automatically receive the death benefit if something happens to both parents at the same time. In fact, only the individuals named on the policy receive the death benefit, so be sure to keep your beneficiary designations updated.

4. You’ve Purchased a Home

Buying a home is likely the largest purchase you’ll ever make and may represent an investment you want to pass on to your loved ones. If you’re married, leaving enough to pay off the mortgage will provide security and peace of mind for years to come. If you plan on leaving the property to a child or another family member, purchasing enough coverage to pay off the loan ensures your loved one can keep your home.

 

Since 1995, Barnes and Howell Insurance has helped families across Georgia protect the ones who matter most. As an independent agency, they work with a wide selection of respected carriers and will take the time to find insurance quotes tailored to your unique needs. Visit their website for more on their wide range of coverage options, get updates and tips on Facebook, or call the Gainesville, GA, office at (770) 718-0202 to request your insurance quote today.

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