When you think about life insurance, you see a safety net that protects your family and loved ones when you are long gone. While life insurance protects what matters most, have you thought about updating your policy? Life insurance isn’t a “buy and forget” policy. Rising Star Insurance in Saint Paul, MN, recommends you update your policy from time to time to ensure it meets your needs.
Not sure when you should update your life insurance policy? Here are the reasons you should review your life insurance policy.
Change of beneficiaries
A beneficiary is a person entitled to receive your life insurance proceeds when you die. Always have an up-to-date beneficiary list. Remove or add your beneficiary list should you marry, add a child, or divorce. Updating your beneficiaries smoothens the claim process when your loved ones lodge one.
You have a new job
Landing a new job is a big step in your life. As such, you need to check with your life insurance agent to see if your needs are still covered adequately. It’s essential to account for the changes in your income and lifestyle in your life insurance policy.
You have started a business
Life insurance isn’t for individuals only – it can benefit your business, too. Life insurance is pivotal for a business as the proceeds can be used to settle commercial loans or buy your shares to keep your legacy in the business.
You have added debts
Added a mortgage to your debt portfolio? Your life insurance agent should know about this and adjust your policy accordingly.
Learn more about life insurance in Saint Paul, MN
Still not sure when you should review your life insurance plan? Don’t worry. Life insurance can be a confusing topic for many. Fortunately, at Rising Star Insurance, we are here to become your lifelong partner when it comes to life insurance. Contact us today to get the conversation started.