How Often Should I Update My Life Insurance Policy?

Life insurance is designed to protect your family from financial ruin after your passing. It can cover large bills such as mortgage payments and college tuition. Alternatively, your beneficiaries can use the money to pay for day-to-day living expenses such as groceries and utility bills. However, to ensure your immediate family receives maximum benefits from your policy, you’ll want to update your life insurance coverage periodically to ensure it meets your needs.

When to Update Your Life Insurance Policy

There is no recommended time frame for updating your life insurance policy. Instead, it would be best if you did so whenever significant changes to your current situation occur. These changes include marriage, divorce, and the birth or death of a child or spouse. Furthermore, you may also want to update your policy if there are significant changes in your financial situation. For instance, if your spouse stops working to stay home and take care of the kids, you may need additional coverage to support them in the event of your passing. If you decide to buy a home or invest in your business, you may want extra coverage to ensure large new bills will be fully covered if you die unexpectedly.

Call Pikes Peak Insurance Agency in Falcon, CO for Help Updating a Life Insurance Policy

At Pikes Peak Insurance Agency, we understand the importance of up-to-date life insurance coverage. We specialize in helping Falcon, CO, residents update existing life insurance coverage, pick a new life insurance policy, or bundle a life insurance policy with other forms of insurance coverage. Contact us at your convenience to learn more about our insurance policy options or get a quote on the policy of your choice.