Do we obtain or update our life insurance coverage for ourselves? No, we do it for our loved ones or for our favorite charities. We should reevaluate our coverage from time to time to ensure our families are properly provided for if we were to pass on too soon.
When is the right time to reevaluate our coverage though? The short answer is before it’s too late. There are a number of hurdles, beyond an untimely passing, that can negatively impact your ability to obtain life insurance. Being diagnosed with certain diseases can make you uninsurable and aging can make coverage more expensive.
Some healthy people wait to purchase life insurance because they think of it as a frivolous expense. If adequate life insurance is cheap for you to obtain now, would waiting for it to become more expensive save you money?
Here are some key points in life that we should reevaluate our coverage
When taking on college debt –
This can prevent the debt from becoming a burden to anyone else. Often a student’s parents take on the responsibility of cosigning their loan. Proper insurance would ensure that if they were to lose their child, they wouldn’t have to pay off their child’s student loan too.
When Marrying –
Proper protection would allow your spouse to pay off any debts and continue the standard of living for your family that they are accustomed to in the unfortunate event that you pass away. Not only that, but it’s also a way to replace your income. We’ve been told time and time again, that our clients want to leave behind something for their spouse.
When Buying a House –
Becoming unable to pay the mortgage and having to sell the home that stores so many happy memories can be a truly painful experience. The proper life insurance coverage can prevent this from happening to your loved ones. Even if you’re currently insured, the value of your new house might necessitate that you raise your life insurance coverage. If you have a $300,000 home loan is $100,000 of life insurance coverage sufficient?
When Having Children –
Raising child is an expensive and exhausting feat. Doing it alone and on one income is a far greater challenge. If you can prevent this financial burden from happening to your spouse would you? Not to mention, the proper coverage could help send your child or children to college.
If it were in your power to protect your loved ones from any of those situations, wouldn’t you?
If properly insuring your life is important to your family’s safety, isn’t this subject worth discussing with an experienced financial advisor? It’s as easy as a 15 minute phone call.
To schedule a time to speak with Michael Romanello, a financial advisor with over 18 years of experience click or call PRO Financial Network at 440-871-3067.
Our office offers services including retirement planning, estate planning, investment brokering, life insurance, disability insurance, long-term care insurance, and other financial services.