Remember Me
forgot your password?

When Should you Review your Life Insurance Needs?

There are certain times in everyone’s life when they need to sit down and review their life insurance needs. Circumstances change and it’s important to stay on top of your own individual insurance needs.

Some situations in which you’ll want to review your life insurance needs are obvious. These may include:

* Marriage. When a person marries their life insurance needs change as they have a partner to consider. It’s important to think about how your death may impact your spouse’s financial future and set your insurance policy at a level that will allow them a comfortable future.

* The birth of a new baby. When a couple welcomes a new baby into their family their financial situation changes and it’s important to consider the fact that their life insurance now needs to cover additional expenses.

* Divorce. When a couple decides to end their marriage, all of their financial ties are severed as well. If they had joint life insurance policies it’s wise to revert back to an individual policy and have the beneficiary changed as well if it was your former spouse.

* A home purchase. Purchasing a home is one of the most substantial expenses any person will incur in their lifetime. Because most people have to take out a mortgage in order to pay for the property it’s important to consider adjusting your life insurance to cover the amount of your mortgage. This will be a comfort to your family who won’t feel the burden of having to upkeep the financial obligations that come with inheriting the home.

* Leaving or losing a job. Many employers offer life insurance benefits as part of the employee benefit package. If you leave a position that offers these types of benefits it’s your responsibility to seek out life insurance coverage.

* Stopping smoking. It’s a well known fact that individuals who smoke pay higher life insurance premiums than non-smokers. If you have stopped smoking for a length of time you may be eligible for a reduced life insurance premium.

* As you age. As people mature it’s a good idea to review the life insurance coverage that they have. If you took out a policy when you were in your twenties and you are now in your fifties, the coverage that you have may not be adequate because of cost of living increases.

Regardless of whether or not you have any significant changes in your life it’s a very wise idea to review your life insurance policy every few years. Keeping abreast of what you need and what you have in terms of life insurance is the best way to take care of those who will suffer most from your passing.

Read more at the Efinancial ELearning Center and receive your free life insurance rate quote

Marty Weishaar

Marty Weishaar is a respected insurance industry analyst and advisor who helped create one of the life insurance industry's first ELearning Centers at Efinancial.com. The Efinancial Learning Center contains hundreds of helpful articles and calculators to educate today's insurance shopper and help them make the best decisions for the financial health and future of their family.

Rate this Article: 0 / 5 stars - 0 vote(s)
Print Email Re-Publish

Add new Comment



Captcha

  • Latest Insurance Articles
  • More from Marty Weishaar

Is Purchasing a Whole Life Insurance For Children a Wise Decision?

By: Bill Gatton | 10/11/2009
There has been a long debated issue whether or not purchasing whole life insurance for children is a wise decision. This is because adult insurance buyers are looking for an insurance policy which will prevent any financial difficulty in case of an untimely death unlike in the cases of kids.

Overpriced Health Insurance Plans For Students

By: Yamileth Medina | 10/11/2009
Health insurance plans for Massachusetts college students often provide substandard care for too high a price; yet students are mandated to buy insurance. What can be done to help them?

Searching for Affordable Insurances

By: Simon Bukai | 10/11/2009
When you look at New York City, you will notice that it is really a very busy city. In fact New York has approximately 810,000 people that are roaming the streets of Manhattan at any one time. This is, of course, understandable since New York is one of the very few municipalities in the US which actually finds the time in tracking the self-employed businessman.

Lieberman Opposes Public Option In Challenge to Reid

By: Rick Lewis | 10/11/2009
Connecticut Senator Joe Lieberman, an independent who generally votes with Democrats, said he opposes a government-run health-insurance program and won’t support the party in allowing a final vote on the measure.

Bridgeport schools face health insurance funding gap

By: Rick Lewis | 10/11/2009
Three months into the new fiscal year, the Board of Education has a brand new budget gap to fill.

Schools May Offer H1N1 Vaccine

By: Rick Lewis | 10/11/2009
First-priority will be given to pregnant women, children between 2 and 18 eyars without chronic medical conditions and healthy caregivers of infants less than six months old.

What is the difference between health insurance in California?

By: Rick Lewis | 10/11/2009
Whether you already know or not California has many options for health insurance. There are companies that we've all heard and there are companies we've never heard of.

The Advantages of Whole Life Insurance Policies - It Could Save You Tons of Money

By: Bill Gatton | 10/11/2009
When it comes to getting a life insurance, people usually wonder what the advantages of whole life insurance are. In addition, people continue to ask if buying such policies will be more beneficial as compared to the other available insurances. Before the advantages of the insurance are discussed, we must first interpret what a whole life insurance is.

Term Vs Whole Life Insurance, Different by Design

By: Marty Weishaar | 06/07/2009 | Insurance
Learn about the different types of life insurance and determine which one suits you best

Are Two Single Life Insurance Policies Better Than a Joint Policy for Couples?

By: Marty Weishaar | 06/07/2009 | Insurance
You just got married. Should you have two life insurance policies or one joint policy? There are many different benefits to both, learn what they are and what is best for your family

What are the Different Types of Life Insurance

By: Marty Weishaar | 06/07/2009 | Insurance
Purchasing life insurance can be a daunting task, even more complicated by the many varieties of policies that you can purchase. In this article, learn about the different types of life insurance and see which options are the best fit for you.

Why Do Life Insurance Quotes Vary So Much?

By: Marty Weishaar | 06/07/2009 | Personal Finance
Why am I paying a different insurance rate than you? Efinancial, an online leader in term life insurance coverage, provides you with some explanation for why life insurance rates vary from person to person. This will help you understand how to make yourself a better applicant for insurance and get cheaper insurance rates as a result

Can Your Weight Affect Your Life Insurance Coverage?

By: Marty Weishaar | 01/07/2009 | Insurance
An article explaining your weight impacts your life insurance coverage

Getting Life Insurance after Retirement

By: Marty Weishaar | 01/07/2009 | Insurance
A short guide on purchasing life insurance after retirement.

Do You Need Life Insurance for a Non-Working Spouse?

By: Marty Weishaar | 01/07/2009 | Insurance
Answers about if/when life insurance is necessary for a non-working spouse

Do You Need Life Insurance for a Non-Working Spouse?

By: Marty Weishaar | 01/07/2009 | Insurance
Answers about if/when life insurance is necessary for a non-working spouse

Submit Your Articles Free: Signup
Article Categories




Use of this web site constitutes acceptance of the Terms Of Use and Privacy Policy | User published content is licensed under a Creative Commons License.
Copyright © 2005-2008 Free Articles by ArticlesBase.com, All rights reserved. (0.12, 1, w1)