In our previous blog post, we discussed that many of the changes that impact our personal lives often do not result in proper adjustments or changes in our insurance coverage. This can lead to individuals and families being underinsured or not having the correct kind of insurance to protect their changing assets or financial situations. In today's blog post we'll focus on the importance of adding or adjusting Life Insurance coverage as major life events impact our personal lives.
The primary life change that warrants an adjustment or addition of Life Insurance coverage is when two people are united in marriage. This wonderful life event brings about many immediate changes for a couple, but newlyweds should also be proactive and plan for their long-term future as well through proper life insurance coverage. In our chaotic world, accidents can occur at any time, so it is critical to ensure that quality, reliable Life Insurance is in place to offer financial security for our spouses or us. Newly married couples often bring to their marriage various debts, including student loans, credit card balances, mortgages or car notes, and Life Insurance can help pay off those outstanding debts when a spouse dies.
Life Insurance coverage should also be added and/or increased after the birth or adoption of a child into a family. The benefit of Life Insurance coverage is that it provides financial protection for both the parents and the child. By adding or increasing Life Insurance coverage for parents, the child receives financial security in the event a parent passes away. A Life Insurance policy can help pay for future costs and living expenses such as college tuition or medical coverage. Parents should also consider acquiring a Life Insurance policy for their child, to help offset unforeseen funeral costs.
Finally, a difficult but common life change that warrants the need to change Life Insurance coverage is a divorce. During a divorce, the assets of the divorcing couple are normally divided, but life insurance policies and beneficiaries are not always updated and changed to reflect the change in marital status. Life Insurance policies should be updated to reflect proper beneficiaries, and in many cases, Life Insurance coverage amounts might also need to be increased, particularly for divorcing couples with young children to ensure their children's long-term needs are met.
Life changes can occur at any time, so it's important to have an insurance strategy in place to ensure both peace of mind and financial security for the immediate and long-term future. Aegis can help you develop strategic insurance solutions for any kind of life change, including marriage, children, divorce or other major events. The friendly and knowledgeable agents of Aegis can help you choose the Life Insurance coverage that best fits your unique needs, whether Whole, Term or Universal Life Insurance coverage. Customers can save even more by bundling Life Insurance coverage together with other Aegis insurance policies such as Homeowners, Renters, Auto or Business Insurance for maximum premium savings. Contact Aegis at 713-850-7622 for more information, or go online for a free Life Insurance quote today!