Tag: life insurance

Life is a series of changes, and your life insurance coverage should adapt accordingly. The policy that was suitable for you five or ten years ago may no longer be the best fit. At Insurance Warehouses of America in Orlando, FL, we frequently assist clients in reviewing their policies and making updates that reflect their current needs and objectives.

Significant Life Events

Major life events are one of the most common reasons to modify your life insurance policy. Events such as getting married, having a child, purchasing a home, or changing careers can all influence the amount of coverage you require. As your responsibilities increase, so should the protection you provide for your loved ones.

Policy No Longer Aligns with Your Needs

There may be instances where the type of policy you chose years ago no longer aligns with your current situation. Perhaps you started with a term life policy and now wish to switch to permanent coverage for lifelong protection. Or perhaps you’re looking for a policy that accumulates cash value over time. If your goals have shifted, your insurance should reflect that.

Improved Rates or Benefits

If your health has improved or if you’ve quit smoking, it’s worth revisiting your policy as these changes could qualify you for better rates. The life insurance market is constantly evolving, and new products may offer more flexibility or features that weren’t available when you first purchased your policy.

At Insurance Warehouses of America in Orlando, FL, we’re here to help you navigate these changes and ensure your life insurance keeps pace with your life. If you think it might be time for an update, don’t hesitate to reach out today. We’re more than happy to guide you through your options.

The conversation about which family members need life insurance coverage can be emotionally charged and difficult. However, since the primary purpose of life insurance is to protect the family’s financial well-being in case of a loss, it’s best to focus on the financial aspects of the topic. If you’re interested in life insurance and live in the Orlando, FL area, contact Insurance Warehouses of America for assistance.

Determining Which Family Members Need Insurance

The need for life insurance among family members largely depends on their role in the family, particularly the income and care they provide. Income earners and those who provide care that would be costly to replace are prime candidates for life insurance.

You can assess the importance of life insurance for each household member by considering the following factors:

Income Contributors

Consider the amount of income each person contributes to the family and the financial impact their loss would have.

Caregivers

Do certain family members provide unpaid care for children or adults? What would it cost the family to hire someone else to provide similar care?

Heredity

Does the family have hereditary health issues that may affect a child’s ability to qualify for life insurance as an adult?

Final Expenses

Does the family have the resources to cover a family member’s final expenses?

Family Business or Debt

Do certain family members co-own a business, share a mortgage, or owe each other money?

Partnering with Insurance Warehouses of America

Insurance Warehouses of America, serving the Orlando, FL area, can help structure your family’s life insurance plan. Call (407) 982-3266 to schedule an appointment.

Life insurance may not be at the forefront of your thoughts during a divorce. However, a divorce can significantly impact your life insurance in several ways. Decisions about policy ownership, premium payment responsibilities, and the policy’s influence on other matters like child support can be as crucial as deciding who gets the house or how to split bank accounts.

Life Insurance and Support Obligations After Divorce

Some divorce agreements may require one or both spouses to maintain life insurance for the children’s benefit. This is especially true if one parent depends on the other for financial support for the children. Life insurance policies covering child support until all children reach 18 may be necessary. Your divorce settlement will dictate how your life insurance policy is divided.

Life Insurance and Beneficiaries After Divorce

In Florida, the Automatic Revocation Statute automatically removes an ex-spouse from a life insurance policy upon divorce. However, this revocation does not apply to every policy. You need to consider whether you should change the beneficiary of your life insurance policy. If the court does not mandate you to name your spouse as a beneficiary, you might choose to name a minor child as the beneficiary.

Partner With Insurance Warehouses of America in Orlando, FL

Since 1999, we have been assisting individuals and families with their insurance needs. Navigating life insurance issues during a divorce can be challenging. At Insurance Warehouses of America in Orlando, FL, we can provide you with suitable insurance that meets your needs and inform you about how a divorce may affect your policy. Contact us today for more information.