Often, people in Marshall, MI, purchase life insurance policies and then forget about them. However, like anything else that protects the financial well-being of you and your family, your life insurance policy can benefit from a periodic review. Assessing your needs may benefit you by adjusting your life insurance coverage with Great Michigan Insurance.
Why You Need to Review Your Coverage
Many carriers recommend reviewing your policy annually, while others suggest doing so after significant life events. We recommend this assessment to ensure you have sufficient coverage. Life changes, and family responsibilities shift as you go through the years. Just as your life is not on autopilot, neither should your life insurance. Reviews are quick and easy. You don’t need to sit down with your insurance agent immediately, but if you find an issue that needs addressing, discuss your life insurance needs with a financial advisor to get a clearer picture of what may be necessary. Increasing coverage or switching to another type of life insurance policy may benefit you.
Put your life insurance review on your calendar and stick to it. Look for any policies that are about to expire and determine what to do with them.
What Life Events Necessitate Adjustment?
Certain life events necessitate a quick review of your life insurance policies. If you can’t review them immediately, set a date on your calendar and stick to it. These life events should trigger questions about whether you have sufficient coverage:
- Marriage or divorce
- Birth of a child
- Adopting a child
- Buying a house
- Taking on more debt
- Starting a business
When you have determined that your life insurance policies need adjusting, contact Great Michigan Insurance. Our Marshall, MI, agents will gladly advise you to ensure sufficient coverage.
