It makes good financial sense to periodically examine your life insurance coverage to make sure the coverage is still sufficient. After all, life insurance is often a family’s most important financial and estate planning tool.
With today’s frequent changes in financial circumstances and goals, it’s a good idea to re-examine your life insurance coverage on the occurrence of any of the following:
- Marriage or divorce;
- Birth or adoption, or acquiring a financial dependent such as a parent;
- Children leaving for college;
- Children “leaving the nest”;
- Purchase or sale of a home;
- Serious illness;
- Substantial growth or depletion of assets;
- Retirement; and
- Start-up of a business.
Tip: In addition to the amount of coverage, you may need to make a change relating to beneficiaries, policy ownership, or type of coverage.
Consult with us if you think it might be time to adjust your life insurance coverage.
RC Holsinger Associates, P.C. – March 2011 Newsletter