Think about big changes and purchases in your life. When you move to a new home, you update your home or renters insurance. When you purchase a new car, you update your car insurance. When you start a new job, you update your tax information. The same concept should be applied when you review your life insurance.
When big changes in your life happen…think new baby, new job, new home, etc., it is always a good reminder to review your life insurance policy.
When reviewing your life insurance coverage consider the following items:
The cost of your mortgage or rent
If you have recently moved you probably pay a different amount for your mortgage or rent than you did before. If the unexpected were to happen, would your family be able to maintain this home?
Your family’s ongoing expenses (utilities, food, transportation, etc.)
Along with a new home comes new expenses; your utility bills probably have changed. If you have a new member of your family, your food and transportation costs may have changed and you may have added new expenses, like childcare. Will your loved ones be able to keep up with these ongoing expenses?
Any new or old outstanding debt (loans, credit cards, etc.)
Did that new car come with a new loan? Maybe you upgraded your appliances and you have a new credit card. Consider all outstanding debt that may be left to your family; do they have the savings to cover the remaining balances?
Future needs (funeral expenses, college costs, leaving a legacy)
No one wants to think about final expense costs but the truth is, the costs can add up. During your family’s time of need, it’s not an extra burden you want to place on them. Also, think about your family’s future. Will your children be able to afford college? Will you be able to leave a legacy?
You never know what could happen tomorrow so making sure you are fully covered today will ensure your and your family’s future remains secure. Speak to a PFP | The Family Security Plan® Representative today. Give us a call at 855-789-4976 or schedule a personal consultation.