When To Reassess Your Life Insurance Needs

21
Jun

young biracial father with daughter on his back smiling with arms outspreadWhen it comes to Life Insurance, there is no one-size-fits-all. Like Health Insurance, your desired coverage amount can change depending on your unique circumstances. What works for you now, may not work for you five to 10 years from now, and as your life changes, so do your needs.

No One Can Predict The Future

While Life Insurance may be the furthest thing from the minds of most 20-year-olds, those in their 30’s and 40’s may be beginning to take a closer look at the benefits of Life Insurance and just how it could help them.

So when is the right time to start thinking about Life Insurance, if it’s right for you, or if you have enough coverage?

The truth? There is no right answer. There is no single answer that can be applied to everyone because everyone is different, has different needs, and go through different life stages at different times. So, at what point in their lives do the majority of people tend to start considering, or re-considering, their Life Insurance coverage options?

Hispanic family having a picnic on a bright summer day in grassHow Much Life Insurance Is Right For You?

While a person’s twenties may not seem like the time most people start thinking about Life Insurance, the truth is some do. Our twenties are often times when we become truly financially independent and begin developing those life skills we always considered to be “adult things” therefore for many, this is the time when they may begin to start thinking about whether or not it’s right for them. Getting married, starting a family, and even dealing with private loan debt, student loans, or even new cars and mortgages may be worth looking into insurance over.

As time passes and our needs change, you may find Life Insurance a must-have for your situation. Here are a few instances where you may want to adjust your Life Insurance amounts:

  • Getting married or divorced
  • Having a child
  • Purchasing a new home
  • Dealing with debt whether it is home, auto, student, or other
  • Starting a new job or a business
  • Caring for aging parents financially or otherwise
  • Planning for college for your kids
  • Planning for retirement

Safeguarding Your Family’s Future

The main purpose of Life Insurance is to help safeguard your family’s financial security in the event that you are no longer there to take care of them. According to recent statistics published by the National Funeral Directors Association (NFDA), the median cost for a funeral in the United States in 2017 was $8,755. Not every family could afford to foot the bill in the event of something unexpected. This total also doesn’t include anything related to the manner of an individual’s passing, therefore, it doesn’t include medical bills or the cost of prescription drugs.

Term Life Insurance can help; is it time for you to take a second look at your policy? Our licensed Benefits Counselors are standing by to help guide you to just the right coverage amount for your unique needs.

To learn more, request a quote, or apply online, please visit www.floridabar.memberbenefits.com/term-life-insurance/.