You’re, of course, welcome to ask your independent insurance agent about life insurance any time you’d like to. There are, however, a few particular times when you should make a point of talking with your Massachusetts agent about life coverage. Whenever you go through one of these significant changes, it’s probably a good idea to review your life policy.
When Should I Talk with My Massachusetts Insurance Agent About Life Insurance?
Whenever Your Family Experiences Significant Events
Since most people in Massachusetts use life insurance to provide for family members if something happens to them, it’s generally wise to review your life policies anytime your family situation changes. You may want to make changes to your life policy after any of the following major events:
Your own wedding
The birth of a child
The graduation or moving out of a child
The death of a spouse or child
Depending on what family events you go through, you might want to increase how much coverage you have, decrease your coverage, or change your named beneficiaries. (Name beneficiaries are the people who will receive a policy’s death benefits if something happens to the policyholder.)
Whenever You Change Jobs
Some employers offer free or discounted life policies to their employees, so it’s a good idea to check your life coverage anytime you change jobs. Usually, these policies are fairly small, but they offer some coverage -- and the coverage they provide might affect how much protection you want to purchase yourself. By reviewing all your life policies anytime you change jobs, you can be sure all of the life policies you have work together to provide the amount of coverage you need.
Whenever You Join or Leave Associations
Similarly, some associations include a little life coverage with membership. Again, these policies usually aren’t large, but they can offer you some protection. Therefore, it’s a good idea to review your life policies anytime you join an association that offers members life policies.
Whenever Your Lifestyle Changes
If your family makes any significant lifestyle changes, its living expenses will likely increase or decrease. You ought to consider increasing or decreasing your life coverage accordingly, so your family members can still enjoy the lifestyle they’re becoming accustomed to if you unexpectedly pass away.
For example, you might want to purchase an additional life policy if your family is now living off of a higher income. Alternatively, you may be able to save a few dollars by reducing your coverage if your family is being more frugal now.
Whenever You Begin Saving for Retirement
You may not think to contact your insurance agent when you get ready to save for retirement. Some of the life policies that agents help clients find, however, can double as investment vehicles.
Specifically, whole life policies are designed to remain in effect throughout a policyholder’s entire life, and they frequently include an investment component that grows over time. Later in life, the funds invested in this part of a policy might be used to pay for the policy, withdrawn to pay for a large expense or taken out slowly to help provide a retirement income.
Whole life policies certainly aren’t the only investment vehicle available to you, but they’re one that you should be aware of when you begin considering how to save for retirement.
Talk with Your Massachusetts Agent About Life Insurance Anytime
All of these are times when you should talk with your independent insurance agent about your life insurance coverage. You don’t have to wait for one of these events before you bring up life coverage, though. As mentioned, you can ask questions about life policies anytime you have them. Your Massachusetts agent will be able to help you understand your coverage and make any changes that are appropriate.