We suggest reviewing your life insurance policy once per year to make sure you have enough coverage. Most importantly, you should review it anytime your life and circumstances change.
When reviewing your policy you should look for anything that may need updating. Examples include your name, address, phone number, billing information, and beneficiary.
Make sure you keep your beneficiary designations up to date. There are certain circumstances that will warrant a beneficiary change. These include:
Just as life is ever changing, so are your life insurance needs. You may have purchased a small insurance policy when you were fresh out of college to cover your student loans. A few years have passed and now your lifestyle has changed. Here are some common circumstances in which you may want to increase your life insurance coverage:
Natasha Cornelius is the content manager and editor for Quotacy. She has worked in the life insurance industry since 2010 and has been making life insurance easier to understand with her writing since 2014. A long-time Mint user, Natasha lives in Bozeman, Montana where she loves to garden, DIY anything she can, and explore beautiful Big Sky country. Connect with her on LinkedIn.