When Should You Review Life Insurance?

InMore Group Inc., serving Miami, FL, is here for you when you are ready to renew your life insurance. However, like other investment portfolios, you don’t take a “set and forget” mindset after purchasing a life insurance policy. As a rule of thumb, you should review your life insurance plan at least once every year. This frequency ensures that you are carrying the right amount of life insurance coverage to protect your loved ones. 

The other reasons you need to review your life insurance before a year lapses include:

You got a new job

You have worked hard to earn a promotion — congratulations! Amid the new jobs frenzy, you need to check with your agent to ensure that your life insurance plan meets your financial goals. You might want to put part of the extra income earned on your life insurance policy.

You got married or divorced

Changes in your marital status have a say in your life insurance plan. If you are married, you would want to ensure that your spouse is included in your life insurance policy. Likewise, if you are divorced, you might want to review your beneficiary list.

Birth or adoption of a child

If you have added a little one to your family, you might want to make sure that their future financial needs are well covered. One way to do this is to adjust your life insurance plan to accommodate your family’s changes.

You add debts

When you are long gone, you wouldn’t want to burden your loved ones with financial liabilities. Whether it’s funeral expenses, home loans, or credit cards, life insurance can help relieve the burden of your loved ones. That said, you need to adjust your life insurance plan to reflect your debt position.

Are you ready to get started with life insurance? Contact InMore Group Inc. of Miami, FL, today, and we will help secure a future for your loved ones.