Reasons You Need to Increase Your Life Insurance Cover

life insurance coverage

Buying life coverage is an important step to protect your loved ones and their financial future. Life is unpredictable, and you can never be certain of how the future will turn out. Even if you already have a life insurance policy, it’s critical to review coverage often to ensure it stays in line with your needs. If you purchased it some time ago, it’s a good idea to review your current policy. Maybe your life has changed in significant ways and you’re wondering whether it’s time to increase your policy.

  • Your family has grown

If you’ve got married, had a child, or if you’ve started caring for an older parent, it’s a good idea to review your coverage. You want to make sure that you and your spouse are adequately prepared, that your children have enough protection, and that your policy will cover all dependents that rely on your income.

  • Your career/income has changed

Maybe you’ve changed career or been promoted at work. Either way, review your coverage. Experts recommend a coverage amount equal to seven years of your salary. That means if your salary has increased or decreased since you first took out your policy, you will want to adjust coverage.

  • You have new financial obligations

Have you bought a house? Started a new business? Signed yourself up for some other major financial obligation? The more financial responsibilities you accept, the more life insurance coverage you may want to consider. Your policy should be able to cover all of your financial commitments. If it doesn’t, you may be leaving your family in the lurch. 

For more information about selecting the right life insurance policy to suit your growing family in Phoenix, Arizona, contact the team at American Premier Insurance. As life insurance experts, we’re able to walk you through the process of selecting the right policy to meet your needs.