As you move through life, your responsibilities and priorities will undoubtedly change, so your life insurance should also evolve. Adjusting the benefit amount and updating beneficiaries after major events can help ensure those you love most are taken care of if something happens to you. Below are a few situations that should trigger a conversation with your insurance company.

When Should You Update Your Life Insurance?

1. Marriage

When you got married, you probably planned on spending your life with your spouse. Unfortunately, accidents can happen at any time, which is why life insurance is so important. Depending on your needs, you may want to leave behind enough to pay off the mortgage or replace your income for several years.

Stay-at-home parents may not bring in a paycheck, but they do offer valuable services to the household. If you’re not working, a life insurance policy can help your spouse cover the costs of cleaning, child care, and other expenses if something happens to you.

2. Divorce

If your marriage doesn’t work out, you may not need to carry as much coverage. Decreasing the death benefit and changing beneficiaries can save money and ensure the funds go to the right person.

However, the divorce decree may stipulate that you must carry life insurance with your former spouse as beneficiary. In this case, you may want to talk to an attorney before contacting the insurance company.

3. The Birth of a Child

Becoming a parent changes every aspect of your life, including your priorities and plans for the future. If your family is growing, you may want to adjust the coverage because of your additional responsibilities. Many parents choose to leave behind enough to fund their children’s college education or give the family a stable place to live. You might also want to replace your income indefinitely so any loved ones can still pursue their dreams without financial pressure.

4. Salary Changes

Perhaps you’ve earned a major promotion or started a business of your own. If you’re making significantly more money than you used to, you may be able to set aside enough for your family to live comfortably if something unexpected happens to you.

Alternatively, if you experience an income reduction or have recently depleted your savings, life insurance becomes even more important. The policy provider may recommend increasing your death benefit to provide any loved ones with the resources they need.

Since 1898, Somers Agency has been helping families throughout Lorain County, OH, protect themselves from the unexpected. The agents at this insurance company work with a broad network of leading carriers and have the resources and experience to write policies tailored to your unique needs. Whether you need home, small business, or car insurance, they will find you a comprehensive and affordable plan. Visit the website or call (440) 324-3447 to request a quote from one of the area’s most established insurance companies.