When you should review term life insurance coverages

A clever fellow once observed that the only certainty in life is change. We go from single to married, from being someone's child to being someone's parent. Maybe we get divorced. Maybe we get rich. Maybe we get ill. For this reason, we also get term life insurance or whole life insurance so our loved ones and dependents are protected financially in case something happens to us.

To remedy the situation, start by asking yourself how much money it takes to support your present way of life and where that money comes from. Maybe you have children in college, a mortgage to pay, a chronic medical condition, and a parent that needs long-term care.

Well, remove your income from the equation and think about what new expenses could emerge if you weren't around. Now you have a good idea of how much coverage you need. Do the same for your spouse. If the amounts on your policies are less than the figures you come up with, it's time to call your agent and update your term life insurance or whole of life insurance coverage.

The cost of whole life insurance is related to your health, your weight, your occupation and lifestyle. When any of these change, you should reassess your coverage. Working for yourself is a big change. You may have had life insurance benefits through your former employer that are no longer in place, or your new environment might be considered less of a risk to your safety. The only way to find out is to reevaluate your policy with an agent. Do it when you retire, when your children become self-sufficient and when illness or great wealth strikes.

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