Between weddings, peak homebuying season and job changes, there are plenty of reasons you may want to adjust your coverage.
Spring is in the air — a season of renewal and change filled with weddings, job changes and an annual heat up in the housing market. That’s what also makes it the perfect time to check your life insurance policy.
Like any policy, life insurance isn’t something you should just set and forget. Big changes in your life such as getting married or divorced, having children, buying a new home, starting a business or changing jobs can mean a shift in the level of coverage you need to best protect and care for your loved ones.
Plus, Primerica’s most recent quarterly Financial Security Monitor survey found a gap in life insurance policy coverage among middle-income households. About one-third (34%) reported having a policy through their employer and about a quarter (24%) indicated they had purchased a policy outside of work. However, about half (52%) of all those with life insurance said their policy was worth $100,000 or less — which could be an insufficient amount given that the common rule of thumb calls for 10 times your annual salary.
Here are a few examples of major life changes where you may want to adjust your coverage.
- Getting married: The start of a marriage means you may want to add beneficiaries to your plan.
- Having children: As your family grows, you may want to add these new dependents to your policy and make sure you have the right level of coverage to take care of them should the unthinkable happen.
- Buying a new home: Whether you’re buying your first home or your fourth, or even just changing your mortgage, it’s important to review your life insurance policy to make sure your family has enough coverage to maintain the mortgage payments. The last thing you want is for your loved ones to lose you and their home at the same time.
- Changing jobs or starting a business: Leaving your current employer for a new one or starting your own business will likely change not only your income but the benefits you receive with each paycheck. While some employers offer life insurance, you may want to consider a different policy on your own.
If figuring out the right policy for you feels complicated, you aren’t alone. Primerica’s recent survey also found that nearly one-third (29%) of middle-income households aren’t confident when it comes to buying life insurance without professional help. That’s where Primerica comes in.
Primerica is constantly innovating and building on its deep understanding of the middle market and the experience it has gained over the past 45 years to help middle-income families achieve financial security. By leveraging leading-edge technology, the company offers an easy, straightforward and convenient process for families to shore up the financial protection of their families with term life insurance — providing ease of mind no matter what life throws your way.
Primerica representatives market term life insurance underwritten by National Benefit Life Insurance Company, Home Office: Long Island City, NY in New York State; Primerica Life Insurance Company, Executive Offices: Duluth, GA in all other U.S. jurisdictions; and Primerica Life Insurance Company of Canada, Home Office: Suite 400, 6985 Financial Drive, Mississauga, ON, L5N 0G3, Phone: 905-812-2900 in Canada.
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