Needs change, and you’ll likely experience this with your life insurance policy. The best course of action is to prepare by accounting for possible future needs when you initially sign up for your policy.
Why Would I Need More Life Insurance With Age?
The need for more coverage is often due to family growth. Getting married and having children means there will be more people who rely on you for income. Or, you may have grandchildren, and you’ll want to make provisions for them, such as funding their education.
Other reasons for needing more life insurance include purchasing a new home and needing collateral for a loan.
Whatever the case, you don’t have to make changes to your life insurance policy as these events happen. You can do this in advance, which can be accomplished by purchasing multiple policies, choosing a flexible policy, and/or attaching riders.
Why Purchase Multiple Policies?
This could be a good idea because of having life insurance through your employer, or having specific costs you want to cover.
Life insurance through an employer isn’t guaranteed to last. You could lose it for a variety of reasons, and it’s encouraged to prepare for this by getting a policy of your own.
You may want a policy like final expense insurance, which covers expenses such as funerals and medical costs. The majority of these policies are sought by individuals entering their later years, and are easily obtainable because they don’t require medical exams. These policies, however, are considerably smaller than most life insurance policies, with a death benefit of no more than $50,000.
What Type Of Policy Is Best For Adjusting According To Needs?
If you’re concerned about whether your coverage will be enough as you get older, you may want adjustable life insurance. Adjustable life insurance lets you increase or decrease the death benefit. However, if you decide to increase the benefit, you will have to pay higher premiums. This type of policy is more expensive than others, but it can eliminate the need to buy additional coverage if your needs change.
How Can I Get More Benefits With My Current Policy?
Another option is attaching riders. Riders are features you can add to your policy for an additional cost. These can include accelerated death benefits, which allow you to access your policy’s death benefit if you’re diagnosed with a terminal illness. You can also get an accidental death rider, which disburses more money to your loved ones if you die as a result of an accident.
Riders vary, so it is best to see which ones are available when you enroll in your life insurance policy.
Get Everything You Need, All In One Place
At Secure Insurance Group, we’ll help you cover all the bases necessary. We want you to have the perfect life insurance policy for you and your family, and when you call us, we’ll be more than happy to help. Call us today at 1-877-871-7328.
