One of the universal truths about life is that there are often changes ahead, whether they're planned or not. Most of these changes involve our personal relationships, family, or career, meaning they have a lot of significance and impact for years to come. However, big life changes can also influence our financial situation, making it necessary for us to adjust our insurance coverage accordingly. In today's Aegis blog post, we'll discuss three significant life changes that may require an addition or change in personal insurance coverage.
Marriage or Divorce
When it comes to personal insurance changes, marriages and divorce top the list in life changes that require an insurance coverage tweak or increase. When a couple marries, Life Insurance should be adjusted to ensure both spouses have adequate coverage, and it may be necessary to update other policies as well, including Auto Insurance, Group Health Benefits, Homeowners, and Renter's Insurance. Much in the same way, a divorce may require a change in both coverage amounts as well as beneficiaries. Custody agreements and property division can also require an adjustment of personal insurance policies to ensure coverage in compliance with court orders.
New Additions To Family
As your family expands over time, the addition of new babies or adopted children in your home is an ideal time to consider adjusting your personal insurance, particularly Life Insurance. Each year the total cost of raising a child from birth to adulthood increases dramatically, so having adequate Life Insurance coverage in place can help ensure that surviving family members have all their immediate and long-term needs met in the event of an untimely death of a breadwinner or primary child care provider.
Change In Income
Finally, changes in income can also create the need for an adjustment in personal insurance coverage. For instance, an increase in income might allow individuals or families to move to a nicer, larger home or purchase a newer vehicle, while a decrease in salary due to layoffs or retirement might also mean adjusting coverage amounts, especially if you also downsizing vehicles or a home.
Let the insurance experts at Aegis Insurance & Financial Services help you create a strategic personal insurance plan tailored to your specific needs and long-term goals. We offer a full range of Personal Insurance policies, including Life Insurance, Homeowners, Renters, Personal Auto, Umbrella Insurance, RV and Motorcycle Insurance, and more. In addition, your policies may be bundled together for additional savings on annual premiums. Contact Aegis today at 713-850-7622 for more information, or fill out our online form to request a free quote!