As your life changes, your life insurance shouldn’t remain the same. So, it’s smart to update your life insurance from time to time to ensure it covers your current needs. HBW Insurance Group in Catonsville, MD looks at certain aspects of life that signal when you have to take a second look at your life insurance policy. These include:
- Starting a new business: Owning a business is exciting, but if you want to create a venture that outlasts you, you must invest in life insurance. Life insurance ensures proper succession of your business by buying your partner’s time and ensuring that business loans are paid by the life insurance proceeds.
- Marrying/divorcing: Love isn’t the only thing you share when you get married. One of the other things you share is financial obligations, and you had better ensure your partner is protected when something happens to you. While life insurance won’t replace you when long gone, it reduces the financial burden of the partner you leave behind. Similarly, don’t forget to update your life insurance in the sad event you divorce. However, please pay attention to the divorce decree as it may still require you to maintain your spouse as a beneficiary.
- Welcoming a baby: When you have a baby, you know that childcare expenses, college fees, and other expenses will follow suit. Since you wouldn’t want these obligations to be cut short when you die, you must update your life insurance policy when you bring a little one into your family.
- Buying a house: Owning a house is one of the most significant financial commitments you will ever make. However, if your home is purchased through a mortgage, you need to update your life insurance to ensure you don’t leave the burden on your loved ones when you die.
Want to learn more about life insurance in Catonsville, MD? Please talk to HBW Insurance Group for all your life insurance needs.