Do you have a life insurance policy? If you don’t, it’s time to begin thinking about how you can adjust your financial planning to reflect your family’s long-term security. Life insurance isn’t about covering expenses—it’s about ensuring your loved ones are financially protected if something happens to you. In this blog, we’ll dive into what you should consider when customizing your life insurance and when you should review your policy.  

Assessing Your Family’s Life Insurance Needs 

When choosing your life insurance policy, it is important to consider the individual needs of your family. Here are some factors you should keep in mind: 

• Family Size: Family size and age significantly impact the amount of coverage you may need. If you have a large family, especially with young dependents, you should consider higher coverage.  

• Education Expenses: If you have young children, factor in the cost of education when customizing your insurance plan. Don’t forget to consider tuition alongside living expenses and materials. 

• Financial Goals: Consider any long-term goals you may have, including paying off any debts and maintaining your family’s lifestyle.  

• Retirement and Long-Term Security: If you have a spouse, consider their retirement savings and any care they may need, such as medical services or nursing home care. 

When to Reassess Your Family’s Life Insurance 

Whenever you experience a significant change in your life, you should ensure that your life insurance policies keep up. As a good rule of thumb, insurance advisors recommend you review your policy at least once a year, in addition to adjusting your plan to life changes. Here are some key moments when you should review your policy. 

• Major Life Events: If you have changed jobs or welcomed a new family member, it is important to adjust your life insurance to reflect these financial changes. Keep in mind the child’s future education. 

• Children Reaching Adulthood: If your children have reached adulthood or finished school, you may be able to allocate your savings elsewhere. 

• Buying a House: If you have bought a new house or changed locations, it is important to keep any rent or mortgage expenses in mind. 

Here at the Safeside Insurance Agency, we are committed to finding you the coverage that works for your family’s unique, individual needs. If you need guidance on life insurance, our blog, Whole Life Insurance and Term Life Insurance: What’s the Difference?, is a great resource. You can also contact us here or give us a call at (508) 753-8862.