Life’s Curveballs Can Affect Your Life Insurance Policy
Life throws curveballs, so being prepared for any situation is vital. Having life insurance can be a great way for you to protect your loved ones in the unfortunate event that you pass away. If you already have life insurance, the changes that life throws your way can affect not only you but your life insurance policy as well. Here are some events that could change your life insurance and how you can re-evaluate your policy if it happens.
When you have children to support, the need for life insurance is generally the greatest. Lucky for you, life insurance usually costs less when you are younger. Since a lot of new parents tend to be younger (in their 20’s and 30’s), life insurance to protect the new lives they have brought into the world is more affordable.
Divorce is one of life’s more painful experiences. It takes a toll not only emotionally, but financially too. Depending on the state you live in, marital assets are split in half. This includes the life insurance policy you bought when you were married. If you live in a state that is not a community property state, the court may decide to give the entire policy to one party. Make sure you know whether or not you will be required to maintain insurance for your ex’s benefit in the case of a divorce.
Changing or Losing a Job
In the modern world, many people jump from job to job instead of remaining with the same employer for a long period of time. With the current job market, many people are getting laid off. With a new job come new benefits, which can give you an opportunity to reassess your finances and your life insurance policy. If you get laid off, you might want to change your life insurance plans to make sure you have coverage that you can afford.
Contact Remland Insurance Service for all of your Orange County life insurance needs. Stay protected no matter what curveballs life may throw at you. Get a life insurance policy, today!