Many people forget that during major life events it’s very critical to update your life insurance policy. If you forget to update your life insurance policy your family may later find that you were underinsured and this may leave them in a very difficult financial situation. To ensure that your family is always taken care of you should always review and change your insurance policy to suit major life events.
Getting married is likely the first major life event that one will need to change their life insurance for. You will want to change your beneficiary and make sure that your spouse will be provided for if you pass on. Getting divorced is also an important time, however, because it is when you will need to change your beneficiary again. When children are born and when major purchases such as homes are made are also important times to review your life insurance plan, as are any times you make large financial against such as an inheritance.
For more information about when to review your policy or if you simply want help reviewing your life insurance policy contact the experts at the Insurance Agency of Dean Davis.