As we bid farewell to 2022 and welcome 2023 in Braselton, GA, we must reflect on the past year and take stock of our lives. Your life insurance policy is no different. Make sure to review it annually.
Here are a few changes you should contact the Bingham Insurance Group about to make sure your life insurance policy is up-to-date and tailored to your needs for the upcoming year:
Change in Financial Status
If you had any significant changes in financial status during the past year, such as getting married or having a child, this might require an update to your existing life insurance policy. Having more people dependent on you means that there will be more financial responsibilities if something were to happen to you. The same goes for if you had any significant economic losses due to job loss, business failure, etc. Here, it may be wise to decrease the coverage on your policy.
Health Concerns and Changes
It is also essential to review any health concerns or changes over the past year, as this affects the cost of a life insurance policy. If you have had any major health issues since taking out your policy, like cancer or heart disease diagnosis, this could affect how much coverage you qualify for and how much it will cost you each month.
Changes in Family Structure
If there have been any changes in family structure during the past year—such as divorce or remarriage—this could cause an update to your existing life insurance plan. When making these updates, it’s essential to review who would be financially impacted by your death and ensure it fully covers them under your updated policy terms and conditions.
Updating your life insurance policy at least once a year is essential to accurately reflect your current financial situation and lifestyle habits. Contact Bingham Insurance Group in Braselton, GA today for a free quote so that we can help make sure that all aspects of 2023 are adequately covered!