When you buy life insurance, be prepared to monitor the changes in your life so that you can make adjustments to the policy as they happen. You might be surprised how a small change can have an enormous impact, let alone something big.
Policyholders who buy life insurance early in life can expect to make many changes over the years. Buying insurance when you first get married means you have all of life ahead of you, with kids, school expenses, houses and mortgage. A lot of the decisions you make may be predicated on both of you working and having two incomes to build the lifestyle you’re after.
That can come crashing down around the survivor’s ears if one of you dies unexpectedly. Imagine how much worse it might be if you’ve not kept up with your insurance and your policies are still set up as you needed them in the early days – only now there’s a posse of kids all at school with college ahead of them and a big mortgage to pay.
That’s not a situation anyone wants to face. You need to keep an eye on those life insurance policies and make adjustments to the level of cover as your financial commitments increase so that if something does happen to one of you, the other one will have the means to maintain them. Like many families, you may have a number of different policies, so it might be worth having your Wisconsin insurance agency manage them for you. That way, you will get reminders for premium payments as well as access to someone who can assist you with a regular review of everything so nothing is overlooked.