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Three Life Changes That Can Impact Personal Insurance Coverage

Major life changes will often lead individuals or families to update or increase personal insurance coverage. For example, when a couple gets married or welcomes a new child to their family, it can trigger a change in life insurance coverage, estate planning, and beneficiary information. However, there are some life changes that can still impact personal insurance coverage that people forget about. In today's blog post, we'll look at three life events that can impact personal insurance coverage, and explain what individuals and families should do to account for these new life changes.

Change In Financial Status

Incomes can fluctuate greatly within a household for various reasons. For example, a person could receive a major promotion and pay raise, inherit a sum of money from a deceased loved one, or see an investment reap large dividends. An increase in personal wealth will often lead to an increase in spending or an upgrade in assets and real estate. In any case, a substantial change in financial status may mean an individual or family need to consider reevaluating current personal insurance coverage, such as additional Life Insurance, Inland Marine coverage for new high-value assets, Umbrella Liability to protect against lawsuits, or an increase in Homeowners Insurance.

Job Change

Over the last two decades, individuals have changed jobs more frequently than ever before. Gone is the time when an employee starts and ends their career with the same company. Instead, workers switch jobs often, which results in relocations, commute changes, and increased personal risk. A relocation might mean a family needs to sell their current suburban home and move to a busy city area, or an employee now has a cross-city commute of over an hour each day, or they take a job that involves international travel. Job changes might require individuals and families to review their current Homeowners or Renter's Insurance, Auto Insurance, and Life Insurance coverage to ensure they have adequate coverage to account for recent changes.

Retirement

When someone retires, it's more than simply not working anymore. Retirement creates a ripple effect for how an individual spends both their time and money when they're no longer going to a full-time job. Reviewing and updating Personal Insurance is necessary after retirement because a retiree will likely need new Life Insurance coverage to replace any lost when retiring from their company. In addition, retirees are less likely to commute on a daily basis, so this impacts their vehicle usage and possibly their Auto Insurance needs. Retirees may also consider purchasing a vacation home, which would require Rental Property Insurance as well.

Life events impact our time, money, daily schedules, and even our insurance needs. It's important to have Personal Insurance coverage that meets our current needs and helps us thrive in whatever situation or life event we face. Aegis Insurance & Financial Services is pleased to provide a full range of dependable, top-quality Personal Insurance solutions at competitive rates. The friendly and knowledgeable team at Aegis can create a customized Personal Insurance solution that meets the unique needs of individuals or families. Contact Aegis today at 713-850-7622 for more information, or complete our online form for a free quote!

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