Sadly, many times the response I receive to this question is never. Most people think or inquire about life insurance when they get married, have a baby or get a mortgage, but few people ever review their life insurance to make sure it is still the proper protection.
My daughter Patty and her husband Josh purchased life insurance after they bought their first home about two years ago. This May, Patty and Josh will make Tammy and I grandparents for the first time. We are very excited! Of course, being her father and an insurance agent, I wanted to make sure they had the proper protection so I suggested we do a review of their life insurance (Okay, maybe it was more than a suggestion). They need to think about the cost of child care, education, and other expenses related to raising a child.
So I ask. . . When was the last time you reviewed your life insurance?
Here are reasons you need to review your life insurance:
- You refinanced your mortgage, possibly for another 30 years
- You had a second or third child
- You are recently divorced
- You have children from two marriages
- You have a special needs child
- You purchased or started a business
- You have a Key Person in your business whose death would financially impact your business
- You will need to buy out a partner if he or she dies
- You have downsized and don’t need as much term life insurance but still need some coverage
- Your health has improved
- You no longer smoke or use tobacco products
These are just a few reasons to review your life insurance. For our Special Report on Life Insurance, go to our website at www.spencerinsurance.com and click on the resources tab. Give us a call today at 215-885-2200 for a life insurance review. At Spencer Insurance “Your Protection and Peace of Mind is our only Business.”