To get the most out of your life insurance policy, it’s important to update it periodically to ensure it meets your current needs. Failure to do so can make the difference between financial security and financial hardship for your loved ones after your passing.
How Often Should You Update Your Life Insurance Policy?
There’s no set schedule for updating a life insurance policy. Instead, you should make changes whenever there’s a significant change in your family situation. For example, if you have a new child, you’ll need to update your policy to add your son or daughter as a beneficiary. If you get divorced, you’ll want to remove your ex-spouse from the policy. Similarly, adding a new spouse after marriage is a good idea, especially if you want to ensure they are the primary beneficiary.
If your life insurance policy is sponsored by your employer and you’ve been laid off or expect to be, check the policy details to determine how long you have before you need to switch to a new policy. In some cases, you may be able to convert your group policy into an individual one, but this option is typically only available for 30 to 60 days after your employment ends.
Contact Homeowners Insurance Group in Scottsdale, AZ for Assistance
Homeowners Insurance Group in Scottsdale, AZ specializes in helping local residents find quality life insurance that meets their needs and budget. With over 20 years of experience, we offer a variety of policy options to help you secure the best coverage. Contact us today to learn more about our life insurance options or to request policy quotes.
