At Blue Lion Insurance Advisors, LLC, located in Red Bank, NJ, we are in the business of protecting clients like you from the dangers that threaten them and those close to them. We are aware that it is not only important to purchase Life Insurance while you are still young; it is also important to update your level of coverage to reflect changes in your life circumstances.
We are happy to help you make wise Life Insurance decisions initially and to see to it that you keep your policies updated to meet your current needs. Consult with us soon to see to it that your family is protected. We can be reached at (732) 649-1600 or contact us online.
Reasons to Revisit Your Life Insurance Coverage
Most people require Life Insurance but do not understand why. If your spouse, partner, children, parents, or other relatives depend on your income to sustain them, having adequate Life Insurance to provide for them if you should die is a significant part of the legacy you will leave.
Even if you live a totally solitary life, you may want to use a Life Insurance Policy with a cash value to feather your nest at retirement.
Regardless of your circumstances, when you first purchase a Life Insurance Policy, your situation is likely to change as the years pass. You should be prepared to make sure your Life Insurance coverage reflects those changes. The following are common reasons to have one of our experienced insurance advisors reevaluate your coverage:
Marriage or Commitment to a Relationship
Whether you become one of two wage earners in a couple or take on the role of a homemaker, you will want to know that you or your spouse/partner will remain financially viable if one of you dies. Debts (e.g., auto loans, credit card bills, student loans, mortgages, etc.) will still have to be paid; earnings or household services will still have to be provided. The death benefit of a well-crafted Life Insurance Policy can meet these needs.
Welcoming a New Child
Along with the jubilation surrounding a newborn or newly adopted child comes a lot of expense. As a matter of fact, it is estimated by the United States Department of Agriculture that the typical American family spends more than $200,000 raising a child from birth to age 18. Like every parent, you want to be sure that your child will be able to be well-cared for and well-educated even if you unexpectedly pass away, so you want to increase your Life Insurance to reflect this.
Purchasing a New Home Mortgage
While there are always existing costs associated with having a place to live, purchasing a house, apartment, condo, or co-op typically brings the costs to a higher level, involving (as it most often does) a mortgage, property taxes, and maintenance fees. With real estate prices as high as they are, any reasonable Life Insurance Policy should cover continuing to live in the dwelling for at least some period of time in order not to uproot the grieving family.
Embarking on a New Career/ Changing Jobs/ Starting a Business
For some, changing jobs means losing at least part of their Life Insurance and/or having to purchase a supplemental policy. For others, who are becoming self-employed, it means putting together their own benefits package. If you are creating a partnership, you may require a “key person” policy (paid as a business expense) to ensure that the business will survive even if you or one of the other partners dies.
Separating/Divorcing/Remarrying
No matter how much we want marriages to last forever, the reality is that nearly half of them do not. If your marriage or partnership comes to an end, you and your ex will have to renegotiate the terms of your Life Insurance. Depending on your particular situation, this may mean taking over an existing policy or purchasing a new one. It will almost certainly mean changing the beneficiary. There may also now be stepchildren to add to the equation.
Deciding to Retire
As noted earlier, if you have a Life Insurance Policy with cash value and no longer have young children who depend on your support, you may decide to cash in on a long-held policy to give yourself supplemental retirement income. You may also decide to keep your current Life Insurance Policy so your adult children can more comfortably pay funeral expenses or legal fees following your death. It is also possible that you will decide you no longer need Life Insurance since you will be leaving your beneficiaries sufficient assets in your will or trusts.
Why Blue Lion Insurance Advisors, LLC Is the Right Firm to Contact
Because our experienced insurance advisors are dedicated to meeting your needs rather than those of typical insurance companies, we are free to guide you towards insurance products that will serve your best interests. We do not “push” particular policies; instead, we act as advisors whose goal is to provide you the most suitable, cost-effective Life Insurance Policy. So why not protect yourself, your loved ones, and your assets with insurance policies Blue Lion Strong™? Please contact our office today at (732) 649-1600 or use our convenient online form to find out why New Jersey residents have been trusting our insurance agency.
Schedule an appointment today to have an advisor give you a complimentary evaluation of the coverage you currently have. Do not wait until you need this protection to find out you are not covered.