A person needs to reexamine their life insurance needs every few years because as our life events change so do our needs.
When starting a family, a person needs to consider starting a life insurance policy. In the event that death occurs to one of the parents, there needs to be some insurance that money will be there to help raise and support the rest of the family.
When buying a home, life insurance needs to be considered or reexamined, as well. If a spouse should die, it is important to know that the other spouse could pay the mortgage and bills.
Getting a new job is another life event that requires some thought about life insurance. Most companies that provide health insurance, offer a life insurance policy to their employees as well. It is a great place to start the life insurance policy.
Lets talk about retirement. So many people rely on their 401(K), mutual funds and IRA's to survive after retirement. In the event that the spouse dies before they retire, the other spouse would lose the salary plus the retirement benefits, as well. Life Insurance would not only be beneficial in this life event, but crucial.
Another benefit from life insurance is that a permanent life insurance policy offers cash value. That means that you could borrow against it for college loans, a down payment for a home, or any personal loan. The lender uses the life insurance policy for a down payment.
So throughout all these stages in a person's life, life insurance should be considered and reexamined to fit the different life changing events. From the day you graduate high school to the day you retire. A qualified life insurance professional can help you decide which policy to start, how much you can afford to pay and how much to open a policy for.
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