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300 S. Park Ave, Ste. 903
Pomona, CA 91766

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California Insurance Blog

When Should I Update My Life Insurance Policy?

Reviewing your life insurance policy is a task many people don’t often consider. Yet, it’s something that people should consider for specific circumstances and life-changing events in Pomona, CA. If you haven’t reviewed the terms of your life insurance policy lately, the agents at THINK Insurance & Financial Services will gladly sit down with you to determine if you need updates.

Schedule Updates as Your Life Changes

Change is the only thing constant in life, so it makes sense that your circumstances will change. When a significant event happens, such as marriage, having or adopting a child, buying a house, divorce, getting a new job, receiving a promotion, or a substantial raise, you should re-evaluate your current life insurance policy. You’ll need to increase your coverage for many of these life changes to protect your family.

Other circumstances that warrant a review include:

  • Buying or selling a business
  • Receiving an inheritance
  • Having a loved one needing long-term care
  • Becoming disabled
  • Becoming an empty nester
  • Retiring

Another situation that many individuals overlook is a change in their health status. This change can work either way. A turn for the worse may have you questioning the need for additional coverage. An improvement like losing a substantial amount of weight or quitting smoking can result in a rate reduction.

Consider New Coverage Not Previously Available

Periodic reviews of your life insurance offer another advantage. You may be able to acquire additional coverage that wasn’t available when you first bought your policy. Don’t forget also to review your beneficiary designations.

If you are unsure of what changes you need after a significant life change, THINK Insurance & Financial Services serving Pomona, CA, can help. Contact our office today to get started on a policy review.

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