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August 25, 2015

Deciding On The Right Amount Of Life Insurance

Life insurance concept

Life Insurance Review

Your life insurance policy is the only insurance policy that you invest in that is not meant for yourself. Your life insurance policy is meant to provide financial stability for your loved ones after you are gone. As your life changes, so should your life insurance coverage. There are many situations that you should conduct a life insurance review, including:

  • Your child becomes disabled – if you have a disabled child, you will want to increase your coverage to help cover the costs of the care that they need throughout their life. If you only had a term life policy, you may also want to consider converting it to a whole life policy to ensure that they will be properly taken care of no matter when you pass away.
  • Your number of dependents has changed – in general, the more dependents you have, the more coverage you should have. If you welcome a new child to your family or get married, increasing your coverage can help to keep them all protected. On the other side, if you lose a dependent, such as getting a divorce, you can lower the cost of your policy by lowering the amount of coverage that you have.
  • You pay off your mortgage – one of the main reasons that people invest in life insurance is to pay off their mortgage so that their loved ones can continue living in the same house. However, once you pay off your mortgage, you will no longer have to worry about your family losing the house and can lower your coverage.

Contact Brewer-Lloyd Insurance Group in Mesa, Arizona for all of your life insurance needs. As an independent insurance company, we will work with you to make sure that you have the coverage that you deserve, all at the right price for your budget.