Find out when you should review your life insurance policy.
You never know what life will throw your way and this is why it’s so important to have updated life insurance in Los Angeles, California
. The best way to ensure that you have the coverage that you need is by reviewing and updating your policy regularly. Here’s how often you should be reviewing your life insurance policy.
When Should You Review?
The general rule of thumb is that you should review all your insurance policies, including your life insurance, on an annual basis. If you haven’t had any major life changes during the year, then your coverage needs may not change too much. However, as you are bound to experience life changes every couple of years or so, it’s important to maintain your yearly insurance reviews.
Should I Review More Frequently?
In some cases, you can anticipate major life changes and adjust your insurance ahead of time. In other cases, sudden changes can catch you completely off guard. In the event of a major change, you should conduct and insurance review as soon as possible. Some of the major life events that warrant an insurance review include:
What Should I Consider During an Insurance Review?
- the birth of a child or grandchild
- your kids starting college
- caring for a sick relative
- business success
- unexpected inheritance
- winning the lottery
When reviewing your insurance, one of the things you need to consider is your debt. As we move through life, the amount of debt we carry fluctuates. Because your life insurance should include enough coverage to pay off your debts, you need to adjust your insurance coverage limits to match your current debt amount. Another thing you need to consider are your fluctuating financial responsibilities. Whether it’s college tuition, family healthcare costs, business expenditures, or so on, it’s important that you have the right life insurance coverage to meet all your financial obligations.
This is when and how you should review your life insurance coverage. Do you have further questions regarding your life insurance in Los Angeles, California
? Then contact the experts at Fuller Insurance Agency in Southern California. We are ready to assist you with all your coverage needs today.