Once you have purchased a life insurance policy, it will remain active for years, as long as you pay your premiums. Most residents of Quinlan, TX don’t often give their life insurance policies a second thought other than paying their monthly premiums. However, it is important that this coverage is reviewed occasionally, as modifications may be necessary over the years as circumstances in your life change. To help you better understand, here is a look at three instances that warrant an update to your life insurance policy and a quick call to Slaughter Insurance Agency.
Marital Status Change
When you get married, you may be interested in designating your new spouse as the beneficiary of your life insurance policy. However, when you get divorced, you will probably want to remove your ex-spouse and ensure your children or another family member will receive those funds in the event of your death.
Increase in Significant Debt
Your policy should be evaluated any time a change in your debt occurs. For instance, if you finance a new vehicle, purchase a home, or even take out a loan, you will want to sit down and take a look at your life insurance. You want to ensure that your existing coverage will offer enough for your family to pay off any debt that you have incurred if you were to pass away unexpectedly. If not, reach out to an agent at Slaughter Insurance Agent about purchasing more coverage.
If you change jobs, you will be making more or less than you were at your previous job. In either case, your new salary may not be compatible with your existing life insurance coverage. By reviewing your current policy, you can ensure that you have sufficient coverage to match your job. In some cases, you may have the option of an employer-sponsored policy. If this is the case, you may still need to obtain a supplemental life insurance policy to properly protect your family.
If your life circumstances have changed and you believe you need additional life insurance coverage, reach out to the agents at Slaughter Insurance Agency. Serving the residents of Quinlan, TX, we will work with you to find a policy that meets your individual needs.