As life changes, so do your insurance needs. Your age, financial situation, and dependents all play a role. If you’re thinking about getting life insurance, here are some key points to consider.
Life insurance can offer financial security to your loved ones if the unexpected happens. The basic idea is that it provides a payout to your named beneficiaries when you pass away. Typically, the person whose life is insured buys the policy, but spouses or anyone with an insurable interest can also take one out.
. Some people rely on Social Security or retirement plans to cover burial costs and provide income for dependents. Others might use an accelerated death benefit rider in their policy for nursing home expenses, though it usually doesn’t offer the same protection as long-term care insurance.
When shopping for commercial insurance in New York, consider these questions to determine your needs:
- What financial responsibilities will your family inherit, like a mortgage or car loan?
- What long-term goals, such as your spouse’s retirement or your children’s education, will they still have?
- How much of the family income do you provide?
- Who else depends on you financially?
- How will your family cover final expenses and repay debts after your death?
Regularly reviewing your life insurance coverage is crucial. Make sure your policy’s benefit matches your current needs. Life changes like births, divorces, remarriages, new mortgages, or job changes might mean it’s time to adjust your coverage. In short, life insurance isn’t a one-time decision. Keep these questions in mind and review your policy as your life evolves. Your future self (and your family) will thank you!
Looking for better insurance choices? Your peace of mind is important to IAJA Insurance Agency LLC. Our insurance agency in South Richmond Hill, New York offers a comprehensive range of insurance options to protect what matters most to you. Contact us today.
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