Here at Don Allred Insurance, serving the Burlington, NC area, we advise our life insurance customers to consider increasing their life insurance policy when they have had significant life events or changes. However, this leaves many customers wondering what a major life event is and what warrants an increase in a life insurance policy. Read on to see a few specific circumstances that qualify as life-changing events and warrant an increase in a life insurance policy.
One of the life events that may warrant an increase in your life insurance policy is getting married. When you get married, your spouse may not rely on your income to get by. As such, you may need to increase your life insurance policy.
Having a Child
Another life event that warrants a life insurance policy increase is having a child. When you welcome a new child into your home, you now have someone else to provide for. Many people drastically increase their life insurance policies when they have a new child.
Making Major Purchases
Lastly, if you have made significant purchases, such as purchasing a new home, purchasing expensive toys, such as cars, boats, or RVs, or have a lot of debt, such as student loan debt, you may want to increase your life insurance policy. You want to ensure your debts can be paid off and your loved ones have all the things you have purchased for them should you pass away unexpectedly.
Suppose you are looking to purchase your first life insurance policy or are looking to make changes to an existing life insurance policy because you have had a major change in your life. In that case, the team at Don Allred Insurance, serving the greater Burlington, NC area, can help you. Reach out to us today, and let’s schedule an appointment to discuss your life insurance needs.