The life insurance that is right for you when you are 25 is probably not the life insurance that is right when you are 45 or 65. From time to time during your life, it is important to look at the type and amount of coverage you have. At Travers Insurance in Webster Groves, MO, we have 70 years of experience that we are happy to share with our customers.
Your employment changes
You may have a life insurance policy with your employer. If you decide to move on or you get laid off, what will become of that policy? Will you be able to keep it and take it with you? If you don’t know, you are not alone. Do you really want to let your employer control any of your life insurance decisions? Employer life policies are a nice bonus, but you need to have your own insurance that you control.
You get married
When you get married, you should take a look at your life insurance and perhaps change the beneficiary. You also need to consider whether your partner needs any support from you to survive. A working spouse can probably manage on their own, but if you have a mortgage, it might be too much to support on only one salary.
You have children
Children change everything. They are a long-term investment. You need to consider how they will be supported if you are not there to provide that support. Do you want to make sure the money is there for them to attend college? How young are your children? Experts say having between 7 and 10 years of income in life insurance is the best figure, but that may not be enough or too much for you.
Contact Travers Insurance in Webster Groves, MO when you are ready to review your life insurance.