Life insurance is not always on a person’s mind when they walk down the aisle, but for your coverage to have the desired impact, your insurance company needs to be made aware of any changes of this nature.
Not only will your beneficiary information likely be affected, but you may wish to update your death benefit if you carry the type of policy where that can be edited.
When Should I Update My Life Insurance?
Life insurance is not a requirement for residents of Orlando, FL but can be a way to pass wealth down to descendants and can be used in tandem with other financial instruments, such as trusts or retirement accounts. Your Insurance Warehouses of America agent can give you more specific information in this regard.
In the event that you get a divorce, you may no longer wish for your former spouse to be listed as an inheritor, as you may wish to name someone else, such as a relative or child.
If the person is under the age of 18, you may also need to set up a guardian to oversee their inheritance until they reach maturity. A momentous event, like having a child, is also one such time you need to speak to your life insurance company.
All of these situations can affect the amount of debt you carry and the needs of your beneficiaries. Assess your total financial picture to determine the amount you will need to care for surviving relatives with every change in life.
Contact Us Today
Let us at Insurance Warehouses of America tailor a life insurance package to meet your needs. We serve those who live in Orlando, FL, and invite you to reach out to us with any questions you may have. Call us or stop by our office for more information today!