​Life can change quickly. When it does change, it’s helpful to review your financial strategy and make sure it still aligns with your needs and goals. Of course, life can also be hectic, so it’s easy to forget to review investment accounts, retirement plans and important financial documents.
 
If you own life insurance, it’s possible that you haven’t reviewed your coverage in years. Maybe you’ve never reviewed it. After all, life insurance operates in the background. It provides protection when you pass away, so you may not feel a need to review it. It’s a financial tool that you hope never gets put to use.
 
However, there are some changes in life that can have a sizable impact on your life insurance needs and protection. Below are a few such changes. If any of these sound familiar, it may be time to meet with your financial professional and review your coverage.

You’ve added dependents to your household.
 
Having a child is a major life change in many ways, but it’s an especially sizable change to your financial strategy. Your child is completely dependent on you for food, shelter and a wide range of other needs. If you pass away unexpectedly, your child could be in a financially challenging situation. Life insurance helps mitigate that financial risk.
 
Similarly, your financial strategy could change when your child moves out of the home and becomes financially independent. If they’re no longer dependent on you for financial support, you may not need as much life insurance. Whether you’ve added a child or recently become an empty nester, take time to review your coverage and make sure it’s appropriate.

You got married or divorced.
 
Your spouse also may be dependent on you for financial support. If so, your death could be a financial disaster for them. Again, life insurance is a helpful tool to provide financial support to your spouse in the event of your death.
 
If you recently divorced, you may want to check and see if your life insurance is still necessary. Also, be sure to check your beneficiaries. If you don’t make a change, your ex-spouse could get a large life insurance benefit that should have gone to a child or other loved one.

You took out a sizable loan.
 
Did you recently buy a home, vacation property, boat or other big-ticket item? Did you take out a loan for that purchase? If so, that loan could become a big burden for your family if you pass away. They may not be able to sell the item for full value, and that could leave them saddled with the loan balance. Consider life insurance as an affordable protection tool to cover the loan balance in the event that you pass away.

You made a career change.
 
Very few people stay with one employer their entire career anymore. Anytime you change jobs, it’s wise to review your life insurance protection. You may have been dependent on robust group life coverage at your old job. If your new job doesn’t offer such protection, you may want to fill in the gaps with an individual policy. Also, if your income increased substantially with the job change, you may need more coverage to replace your income if you pass away.
 
Ready to review your life insurance strategy? Contact us today at Beacon Retirement Planning Group. We can help you analyze your needs and adjust your plan. Let’s connect soon and start the conversation.
 


Licensed Insurance Professional. This information is designed to provide a general overview with regard to the subject matter covered and is not state specific. The authors, publisher and host are not providing legal, accounting or specific advice for your situation. By providing your information, you give consent to be contacted about the possible sale of an insurance or annuity product. This information has been provided by a Licensed Insurance Professional and does not necessarily represent the views of the presenting insurance professional. The statements and opinions expressed are those of the author and are subject to change at any time. All information is believed to be from reliable sources; however, presenting insurance professional makes no representation as to its completeness or accuracy. This material has been prepared for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice. This information has been provided by a Licensed Insurance Professional and is not sponsored or endorsed by the Social Security Administration or any government agency.
 
17962 – 2018/9/4

Nearly 56 percent of Americans don’t own life insurance. Among those who do, 40 percent say they don’t have enough. Are you a part of those groups? Life insurance ownership has been on the decline for decades. In fact, LIMRA, an insurance industry organization, estimates that Americans as a group are underinsured by more than $15 trillion.1
There are many reasons why people don’t buy life insurance. You may buy into some of those reasons. However, if your death would cause financial hardship for someone else, you probably need some level of protection.
A wide range of different types of policies are available, so you can likely find one that fits your needs and budget. If you’ve been avoiding the purchase of life insurance, you may want to reconsider. It’s possible that you’ve bought into false ideas. Below are a few common myths about life insurance and why you shouldn’t believe them:

Life insurance is too expensive to fit in my budget.
 
The most popular reason why people don’t buy life insurance is that they think it’s too expensive for their budget. According to LIMRA, 83 percent of those who don’t have life insurance say they believe it’s too expensive. Another study found that most Americans believe life insurance costs more than double what it actually does.1
A term life policy could help you get the coverage you need and stay within your budget. These policies provide temporary protection for a set period of time, such as 10 or 20 years. Because the coverage is temporary, term policies are usually more affordable than permanent insurance. A financial professional can help you find the right policy for your budget.

I don’t need individual life insurance if I have it at my work.
 
Does your employer offer life insurance? It’s a common element in group benefit packages. Some group life coverage may be free, while additional coverage could be available at a relatively low cost. If you participate in your employer’s group life insurance plan, you may not feel that you need additional insurance.
 
Group insurance is helpful, but you still may need an individual policy. If you leave your employer, you’ll likely lose your insurance. If your health has declined, you may not be eligible to purchase insurance after leaving your job. Of course, you can avoid that risk by purchasing an individual life insurance policy today.

Death isn’t a risk for me because I’m young and healthy.
 
No one likes to think about dying. If you’re young and healthy, death may not be on your radar. After all, there are probably more pressing risks and needs to consider.
However, when you’re young and healthy is usually the best time to buy life insurance. Your premiums are based on the probability of you dying relatively soon. If you purchase when you’re young, there’s a low probability of that happening, so you get a lower premium. If you wait until you’re older, your premiums could be substantially higher. You can save yourself significant money over the course of your life by purchasing life insurance at a young age.
Ready to find the right protection for your needs and budget? Let’s talk about it. Contact us today at Beacon Retirement Planning Group. We can help you analyze your needs and develop a plan. Let’s connect soon and start the conversation.
 
1https://www.thinkadvisor.com/2013/08/30/the-shocking-statistics-behind-the-life-insurance/?slreturn=20180727144059
 
Licensed Insurance Professional. This information is designed to provide a general overview with regard to the subject matter covered and is not state specific. The authors, publisher and host are not providing legal, accounting or specific advice for your situation. By providing your information, you give consent to be contacted about the possible sale of an insurance or annuity product. This information has been provided by a Licensed Insurance Professional and does not necessarily represent the views of the presenting insurance professional. The statements and opinions expressed are those of the author and are subject to change at any time. All information is believed to be from reliable sources; however, presenting insurance professional makes no representation as to its completeness or accuracy. This material has been prepared for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice. This information has been provided by a Licensed Insurance Professional and is not sponsored or endorsed by the Social Security Administration or any government agency.
 
17965 – 2018/9/4