When Should I Reevaluate My Life Insurance Portfolio?

When Should I Review My Life Insurance Policy? 

Buying life insurance in Vancouver, WA is an important step to protect your loved ones and their financial future. Life is unpredictable, and you can never be certain of how the future will turn out. Even if you already have a life insurance policy, it’s critical to review coverage often to ensure it stays in line with your needs. If you purchased it some time ago, it’s a good idea to review your current policy. Maybe your life has changed in significant ways and you’re wondering whether it’s time to adjust your coverage. Here is when it may be time to reevaluate your life insurance portfolio.

  • Your family has grown

If you’ve got married, had a child, or if you’ve started caring for an older parent, it’s a good idea to review your coverage. You want to make sure that you and your spouse are adequately prepared, that your children have enough protection, and that your policy will cover all dependents that rely on your income.

  • Your career/income has changed

Maybe you’ve changed career or been promoted at work. Either way, review your coverage. Experts recommend a coverage amount equal to seven years of your salary. That means if your salary has increased or decreased since you first took out your policy, you will want to adjust coverage.

  • You have new financial obligations

Have you bought a house? Started a new business? Signed yourself up for some other major financial obligation? The more financial responsibilities you accept, the more life insurance coverage you may want to consider. Your policy should be able to cover all of your financial commitments. If it doesn’t, you may be leaving your family in the lurch. 

Life insurance doesn’t have to be difficult. At Action Insurance Group, we work with you to find the right coverage for your needs – whatever your budget. Our life insurance experts are ready to get started. Contact us today for more information.

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