Life insurance is an important part of your financial planning. Your needs change over the years of your life and the amount of coverage you require also changes. At Knippenberg Insurance Inc. in Cumberland, MD, we pride ourselves on knowing our customers and being about to make recommendations about when to review life insurance needs.
When to review your life insurance coverage
You buy a home
One of the first major milestones in your financial life is probably buying your first home. It raises your liability level, and when you have a mortgage, it is a big financial investment. Raising the amount of life insurance that you have will make sure that your family is not financially crippled by your taking over your debt.
You change jobs
If you have life insurance as a benefit of your job, that is great, but it should not be the only life insurance you have. If you change jobs you will lose and maintaining it on your own may not be a wise financial decision.
You get married
When you take a partner, the first thing you do is to make sure that you change the beneficiary on your insurance policy. You may also need to increase the amount of life insurance that you have in order to provide financial protection to your spouse.
You have children
Children change everything, so it is not surprising that they also change the amount of life insurance that you now have. You need to potentially provide for them for an extended period of time.
You retire
When you no longer have dependents other than your spouse, you can go back to the amount of life insurance you require as a married person and perhaps even less since the income you are replacing is probably less.
Get Insurance Coverage For Your Needs
Contact Knippenberg Insurance Inc. in Cumberland, MD for all your life insurance needs. We are happy to help!
