When Should You Review Your Insurance Policies

Since the first insurance policy was written in 1752 by the Philadelphia Contributionship, citizens have relied on their insurance policy for financial protection in times of misfortune. Your insurance policies should provide you comfort from the unpredictability of life. However, insurance policies should evolve as your life changes.  

Your insurance may not be sufficient in a time of need if you don't evaluate it regularly.

As your family and finances prosper, your insurance needs change. Therefore, reviewing your insurance policy on a yearly or biannual basis would be a wise decision.

We bring five milestones to your attention below and suggest, at a minimum, reviewing your insurance policy at each juncture.  

1. Changes in your family
Many individuals invest in personal life insurance as soon as they start earning. Most designate a family member as beneficiary. If you don't currently have life insurance, we recommend looking into a life insurance policy if you are considering marriage. 

If you currently have a life insurance policy at the time of marriage, you will want to consider making changes to your policy beneficiaries.

If you are planning to start a family, or if a baby is on the way, you will want to reevaluate your life insurance plan to include their financial well-being. As the number of new family members grows, so may the changes in your insurance needs. Consider every new life event an opportunity to review your insurance policies to effectively protect your loved ones in the event of catastrophic loss.  

2. Purchase of a new property
When you purchase a new home or invest in real estate, you will want to consider how your family would pay the mortgage if one of you were not there. The purchase of new property, new car, or investment in rental properties are financial ventures where a life insurance policy can protect your family. Keep all your financial obligations in mind when determining life insurance needs and adjust your insurance policy(s) accordingly. You will want to find an insurance agent that understands your needs and will check with you annually to ensure your family security insurance Louisiana is sufficient protect your family.

3. Promotion or a change in job
A new job can quickly increase or decrease your annual income, thereby prompting you to reconsider your liabilities. Your liability insurance needs may increase as your standard of living does. Take this opportunity to ensure your family's standard of living will be maintained if the unfortunate happens.  

4. Changes in your physical and mental health
Every person chooses the most appropriate life insurance policy to suit their family size, their financial position, as well as their health conditions. Health and age play a role in life insurance premiums; if at the time of purchase you were involved in unhealthy habits but changes were made, your life insurance agent in Lake Charles Louisiana might be able to have your rates lowered.

In such circumstances, you might consider investing in a policy at a premium and have it reevaluated to lower rates as you take better care of your health. Evaluation of all aspects of your life and review of your policy(s) by a family security insurance company in Louisiana will work in your favor.

We at Kelly Lee Insurance, a family security insurance company in Louisiana, can assure you an in-depth review of your insurance policies to help you keep your family financially secure in the event of the unthinkable. Contact our office a comprehensive quote on family security insurance Louisiana!

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Life Insurance Lake Charles LA, Family Security Insurance Lake Charles La, Family Security Insurance Louisiana, Term Life Insurance, Whole Life Insurance