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Just because you have a life insurance policy now doesn’t mean your life will be the same every day for the rest of your life. Your life will continue to change, especially after significant life events like marriage, having a child, or retiring. Your needs for life insurance will change as well. That’s why it’s important to reassess your needs periodically. You may find another option that’s better for your needs. Here are some basic guidelines:
- Single adult: Life insurance for the single adult is often overlooked. But, if you have any loans, mortgages, or debt with a cosigner, your death could leave that individual in financial hot water.
- Newly married: Life insurance is more important when you welcome a partner into your life. It’s at this time you must determine the amount of coverage you’ll need to cover enormous debts and replace future lost income so your partner doesn’t have to worry when you pass.
- Parenthood: Children are expensive, so you must consider them and their future when reviewing your life insurance policy. If that’s applicable, you will need to consider higher education costs and coverage for a stay-at-home parent.
- Empty nesters: When you get to this stage of life, you might not need as much coverage as before since your children are no longer home. Still, keeping protection is important if you’re still working and have a significant other.
- Retirees: Depending on your long-term priorities and retirement planning, you may not need that much coverage. This is a good time to talk to your financial representative about your overall financial plan.
As your life changes in Saint Paul, MN, so will your life insurance needs. You must review your circumstances at every stage of life with your favorite agent at Rising Star Insurance to make sure your coverage fits your needs.