It’s Time to Review Your Life Insurance Policy

Life Insurance

It’s Time to Review Your Life Insurance Policy

Most Americans need life insurance, and many who already have it may need to update their coverage. While over 80% of Americans believe they need life insurance, only 57% own a policy, and about 20% say they aren’t fully covered.1

If someone depends on you financially, you probably need life insurance.
Are you:

  • Getting married? Many families depend on two incomes to make ends meet. Would your spouse have enough money to cover funeral costs, credit card balances, outstanding loans, and daily living expenses?
  • A parent or about to become one? Raising a child is expensive. If you were to die tomorrow, would your children have the opportunities you’ve always dreamed for them?
  • A homeowner? If you’re like most people, your home is your most significant financial asset. Life insurance can be used to pay down the mortgage and keep your family in your home.
  • Changing jobs? If you’ve recently been promoted or changed jobs, it’s a good time to re-evaluate your coverage. When your income rises, your spending tends to rise too. Updating your life insurance can help ensure that your family can maintain their lifestyle.
  • Planning for retirement? If something were to happen to you, would your spouse have to make drastic lifestyle adjustments to make ends meet?
  • Single? If you’re carrying significant debt like student loans that would be assumed by loved ones, or simply want to make sure final expenses would be covered, you should consider life insurance.

If you have life insurance, it’s a good idea to re-evaluate your coverage every few years, especially after major life changes, such as marriage, divorce or having children. As your financial life changes, so will your insurance needs. You should also periodically review your beneficiary designations, especially after divorce or remarriage. As the policy owner, you have the right to change your life insurance beneficiary at any time, and the process is as simple as filling out a short form.

If you’re unsure if your adequately covered, our helpful life insurance calculator can help you assess your current life insurance needs.

Life Insurance Awareness Month is the perfect time to take stock of your current situation. Whether you’re purchasing insurance for the first time or need to increase your coverage to meet mounting financial obligations, Group life insurance through the alumni insurance program has options to meet a variety of needs.

12019 Insurance Barometer Report, LIMRA
SMRU 1785859

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