While it’s good practice to get into the habit of reviewing your coverage routinely, every year or so, there are other times when it pays to review your needs and discuss your options with a professional. 

When You Buy a Home

Your debt load has increased. You want to ensure that your life insurance can pay off existing debts so you don’t burden your family with them after death. 

When Your Income Increases

A pay raise is often cited as a moment to review your life insurance policy. If your policy includes income protection, a review after a change of income is critical as your benefit amount and premium cost are linked to your income. 

When Your Family Expands

New family means new potential beneficiaries. It might also be worthwhile to reassess if you have enough insurance for your changing obligations. 

When You Start a Business

Not only has your income likely changed, but your debt load will also have likely increased as well. You may have additional considerations as a business owner that can impact your life insurance needs. 

When You Become the Sole Provider

Your obligations to your family increase when they are reliant on your income to maintain their existence. You may wish to discuss your situation to ensure you are carrying enough life insurance to protect your family should something happen to you. 

When You’ve Gotten Healthier

Life insurance companies use what’s called ‘premium loadings’ to account for personal risk factors. Examples of risk factors that might increase your premiums due to this practice include:

• Smoking.
• Having a high Body Mass Index (BMI).
• Having a risky occupation.
• Having underlying medical conditions. 

Serving Columbia, SC

Call or stop by the Michael Taylor Agency when you are ready to discuss your life insurance options. Our friendly agents are happy to help you understand what’s available and help you make the best choice for your needs.