Life insurance is not a one-and-done kind of insurance. You do not need the same amount and type of life insurance at every point in your life. What that means is reviewing the insurance from time to time. But when to review is the question. At Alloy Insurance Partners in Dallas, TX, we have 25 years of experience making sure we protect your assets and your family.
Changes in your employment are a good time to review your life insurance. Will you be allowed to keep your employer-supplied life insurance if your employment terminates? If the answer is yes, what is the amount and type of insurance, and most importantly, what is the cost to continue it. It may end up being a bad deal and you will be better off replacing it with a new life insurance policy that you buy on your own.
When you get married, it is time to talk to your insurance agent about any life insurance you have. You may want to change the beneficiary on your policy and depending on whether your spouse is self-supporting or dependent on your income for all or part of their support, you may need to review the amount of coverage you have.
Once you have children, everything changes and you not only have to think about now but the future. They will be dependent on you for many years to come and if anything was to happen to you, you must provide for them until they are grown.
Once the kids are grown and you retire, it is time to look at what life insurance you have and what you actually need in this phase of your life. It may be that you really don’t need any or a very minimal amount.
Contact Alloy Insurance Partners in Dallas, TX when you are ready to review your life insurance coverage.