TABLE OF CONTENTS: What is Life Insurance? Why Life Insurance Matters in Your 20s-40s Locking in Lower Rates Protecting Your Loved Ones Covering Final Expenses Tax-Free Payouts The Cost of Life Insura...
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3 min read
So, you have insurance. You can check that off your list, right? Wrong. If this thought has ever crossed your mind, please keep reading. While purchasing insurance is the first major step to ensuring your protection and future, insurance is one of those items that will occasionally need to be updated or revised based on certain factors that may arise.
Here are nine life changes that you should let your insurance agent know about to ensure that you are properly covered.
1. Buying a new home, moving, or remodeling
A lot of planning goes into buying a new home, moving, or remodeling. One thing that should be on your to-do list is contacting your insurance agent. Whether it’s a new homeowners policy or a renters policy, by contacting your agent, you can rest assured that you’re properly insured should anything happen. But what about remodeling? Depending on the scope of work, your existing policy may need to be updated which is something that your insurance agent can help you figure out and achieve.
2. Purchase of a new car
Buying a new car is exciting! It’s also one of the times that you must call your insurance agent. With the help of a licensed agent, you can walk through your>auto insurance options, compare coverage rates, and find out if you are eligible for any discounts.
3. Expecting or adopting a baby
A new baby is certainly a life changing event which means that it is also one of the most important times to contact your insurance agent. Whether you’re a stay-at-home parent or employed, policies like life insurance will need to be adjusted or even purchased for the first time now that you have new responsibilities.
4. When your baby starts college
Sending your child off to college is both exciting and scary but by contacting your insurance agent, you’ll be well prepared with the right insurance changes in place.
5. After a marriage or a divorce
Getting married can bring on a lot of great options for you and your new spouse—if you know where to look. Many carriers will offer benefits like marriage discounts, multi-car discounts, and combined insurance policies. Not to mention that you probably have a shiny new rock on your ring finger just waiting to be insured. On the other side of the spectrum, going through a divorce is also a primetime to contact your insurance agent as policy coverages will need to be adjusted along with possible name changes.
6. A change in job
Promotions can mean bigger paydays which also means you’re contributing more to your family income. Let your agent know when you are starting a new job because it may also be time for a bump in your life insurance coverage.
7. You’ve added a security alarm
This is just one of the ways that you can qualify for a discount. Changes that you make to your home or car can add up in a big way. Contacting your agent, even if you aren’t sure if it would qualify you for a discount, is always a smart idea.
8. Becoming a business owner.
Starting a business can be a lifechanging event. It is a big commitment and can be extremely risky—from both a personal standpoint and a financial standpoint. Make sure that your assets are covered, no matter the size of your business.
9. Your identity was stolen
This one is a bummer. However, your insurance agent may be able to assist you with questions you have and also set you up with identity theft coverage. Should you unfortunately fall victim to this type of coverage again, you’ll be well prepared!
These nine changes are just a few of the major examples of when you should contact your insurance agent. Even if you don’t experience one of above situations, that doesn’t mean that you shouldn’t still review your insurance yearly. It can be easy to purchase a policy, feel at ease, and completely forget about your life insurance coverage. Completing a yearly review can help you find better rates, discover bundle options appropriate for you, or even learn about discounts that may not have applied when you originally purchased your policy. It’s important to remember that as life changes, so should your insurance policies.
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