Sometimes, life changes quickly. When sudden shifts in your life circumstances happen, it’s important to take some time to reflect on how those changes affect your financial plan. At the Select Insurance Agency, our focus is on helping our Coppell, TX neighbors protect the things that make life worth living. Use these guidelines to ensure that your life insurance coverage is always adequate, appropriate, and active.
Changes in Marital Status
Whether wedding bells are still ringing or it’s time for two partners to find their own path, changes in your legal relationship status should prompt you to reexamine your life insurance coverage. Newly joined couples may want to consolidate their plans, increase coverage to provide extra protection for surviving spouses or subscribe to new policies to protect their future interests. For those going through a dissolution, it may be a good idea to discuss changing beneficiary information, transferring policies, or separating joint accounts.
Birth and Death
A new addition to your family via birth, adoption, or other legally recognized circumstances means you have more people who depend on you. Make sure you don’t let them down by reviewing your life insurance policies with a qualified professional. You may need to increase your current coverage or open new policies to ensure there are enough funds to ensure everyone’s future.
The loss of a loved one also means changes in life insurance coverage. Your agent can help you understand expected payouts, schedules, and other options like transferring funds into a new policy.
Shifting Business Responsibilities
Life insurance is also an important way to protect your business interests. When entering into new partnerships, committing large amounts of capital to improvements or expansions, or launching a risky new venture, make sure you have plenty of life insurance coverage to help your partners and loved ones pay for your plans in case of your sudden demise.
The Select Insurance Agency provides life insurance policies in the Coppell, TX area. Contact our office for help understanding how your life circumstances affect your policy.