As your life changes, so should your policy.
In fact, many people don’t understand just how important life insurance is until it’s too late. Even existing policyholders typically fail to update their plans frequently. Life insurance requires more than a "set it and forget it" mentality. Just like financial strategy or estate planning, you should regularly review and revise a life insurance policy.
Fortunately, Golden Way Insurance Services can help. Serving Garden Grove, CA, the agency shares five life events that should prompt a re-evaluation of your life insurance needs.
Marriage is a financial commitment. If someone passes, the bills and debt left behind may be overwhelming. Life insurance provides for the surviving partner, helping alleviate this burden.
Having a child
Having a baby changes everything. A life insurance policy that protects your child’s future may help you have a few less sleepless nights. Add more coverage with a child to cover expenses in case of an emergency.
Owning a home
You’ve likely worked hard to buy a house. If something happens to you, a spouse, or partner, life insurance can supplement the mortgage payments so that the house can remain with your family.
Starting a business
Small business owners and entrepreneurs perhaps value the most from having life insurance. Most importantly, these policies protect inventors, who could have concerns about the companies’ direction if you were to pass.
The sole purpose of life insurance is to replace wages earned by a deceased partner. In retirement, these needs are likely less because of pension and Social Security.
Call Golden Way Insurance Services today
Make sure your life insurance coverage matches your needs. Serving Garden Grove, CA, their experienced agents can ensure you and your family have proper life insurance coverage. Schedule an appointment today.