Do you remember when you last reviewed your life insurance policy? If not, you are probably long overdue for a checkup. If you or your family members have experienced significant life changes since purchasing your life insurance policy, it may need to be updated to reflect those changes. If there have been no major life changes, you still may have experienced a shift in your financial goals that need to be addressed. To ensure that your life insurance policy meets your family’s security and financial needs, it’s a good idea to contact your Bye Financial Group, LLC agent to review your policy yearly to make the necessary adjustments.
When Should I Update My Life Insurance Policy?
There are many compelling reasons you might want to consider adjusting your current life insurance. Here are just some of the more important life changes that call for a re-assessment of your coverage.
- You have recently gotten married or divorced
- You have a new baby or other dependents
- You are planning to retire
- You have purchased a new Michigan home
- You have experienced a change in salary or employment
- Your children have moved out of the home
- You started or sold a Michigan business
- Someone in your household needs higher education funding
- You have received an inheritance
- Your spouse or child has died
If any of the above life changes apply to your personal circumstances, it is time to look over your life insurance policy and make needed upgrades. Every person and family has different needs and circumstances, so every life insurance policy should be tailored to those unique situations. Making sure your policy meets your family’s security and financial goals will give you peace of mind and reassurance that everything is in perfect order. If you haven’t reviewed your life insurance policy recently, it’s time to meet with your Bye Financial Group, LLC agent and evaluate your changing needs.