The times are always changing, and sometimes those changes means you should begin reviewing your insurance policies. As you go through life - getting married or divorced, having a child, career changes, approaching retirement - your insurance needs are changing, too. Failure to address these changes can leave yourself, your family and/or your assets vulnerable.
Let's review some of the most typical changes that affect our clients and how insurance coverage should be adjusted accordingly. Here are some tips on how to prepare for insurance changes:
You got married. Now that you're married and the two of you are building a life together, it's time to think about how that affects your insurance policies. At the simplest level, you'll want to add each others' names to auto, homeowners and life insurance policies. If you don't have a life insurance policy, now's the time to get one so your spouse is provided for if something happens to you and vice versa. The earlier you get life insurance, the cheaper the premiums.
You had a baby! Make sure the policy will cover your child's day-to-day expenses, the pay-off on your mortgage, college tuition, etc.
Approaching retirement. Now it's time to think about long-term care insurance. Like life insurance, the earlier you purchase it, the more affordable your premiums will be. These policies can be complicated, so review your options with a knowledgeable agent.
Contact us at Connelly Campion Wright Insurance for more information regarding how to prepare for insurance changes.
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