We know how fast life can change. After all, our motto is “Life Changes. Get Set!” But are you all set? Even if you set up your insurance in the past, chances are you have had some changes and may need to take a few moments to review. Here are some of the life changes we have found that trigger the need to review:
- Moving. If you moved locally into a new place or across the country, chances are your budget has changed and it would be a good time to evaluate your life and disability insurance. Do you have a larger rent payment? Bigger mortgage payment? Have your property tax bills increased? Homeowner dues? If so, make sure you are able to carry out these obligations if you become too sick or injured to work.
- Job change. Whether you finished medical or dental school and started a residency program or made partner in your firm, your income has changed and you need to ensure you are adequately insured. In addition, you may have either lost, gained or changed your group insurance benefits. Now would be a good time to review.
- Marriage. Now there are two of you and you ought to review your financial situation to see what would happen if either of you were too sick or injured to work or died prematurely. Could you sustain the household?
- New child. Whether you adopted or had a child of your own, you now have someone else dependent on you. Even if you are a stay at home parent, you carry an economic value that needs to be insured. Be sure you avoid naming Junior as your beneficiary on your life insurance. They legally cannot have access to the proceeds until they are age 18.
- New business. If you are starting a new business, you now need to make sure you not only insure your personal expenses, but your business expenses. For instance, if you are a dentist or veterinarian, you may carry high overhead expenses and need to ensure the business can continue to run if you are too sick or injured to work.
- New debt. Whether you took out a large mortgage or bought a dental practice, you are obligated to pay back those expenses, disabled or dead. Some banks actually require your loan is insured before they will issue the loan.
For more information about insurance for life insurance and to ensure you are Set 4 Life, contact Set for Life Insurance today!