Thursday, September 25, 2008

Will Your Insurance Grow with You?

This article by Susan Roberts touches on the insurance of whether or not your insurance will grow with you. Many people are now aware of the importance of insurance and more Canadians are getting the life insurance that is so important to them. However, many people do not realize the need for insurance to grow with you.

As you get older and things in your life change, you will need to update your life insurance policy. You are never too young or too old to get life insurance but it’s important that you understand that as your circumstances change, so will your needs in a life insurance policy.

If you have children, you will then need to update your policy and possibly increase your coverage amount to ensure that their needs are taken care of if something should happen to you. If you purchase a home or get married, these are other factors that can change your policy as well as if you get divorced, your children are older and moved out of the home, etc.

Here are some reasons why your insurance coverage should change as you age:

To keep it fully effective
To update names, beneficiaries and other details
To insure your family is properly covered
To reflect changes in your career or business
To reflect retirement

To make sure your insurance policy is growing with you, it should be evaluated at least once every year. You may also need to make adjustments around your mid 40s to early 50s to adjust for life changes. When you take the time to update your life insurance policy and make sure it grows with you, you will be certain that you always have the best and most fully effective coverage available to you.


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