- 1Write down your current debts
- 2Analyze your income and your partners income compared to expenses.
- 3What lifestyle do you want for your surviving partner? Stay in family home?
- 4Is your life insurance protection needed short term, long term or permanent?
- 5Review your budget with both the amount and type of life insurance available.
Important life events that should urge you to review/update your life insurance
7 in 10 families with kids under 18 would have trouble paying their bills if their primary wage-earner died
- 1New baby in the household. Responsibilities and priorities change overnight with the arrival of a beautiful new baby!
- 2Purchase of a home. Easiest and least expensive way to protect your home is with a life insurance policy covering all or part of your new mortgage.
- 3Wedding bells. Often new couples have combined salaries that cover their bills. The loss of your spouse may be financially devastating.
- 4Divorce or separation. Remember, if children are involved in a divorce there are financial obligations due from one or more of the spouses. A loss of either spouse could result in financial ruin for the survivors.
- 5Aging parents. Very prudent to talk to Mom and Dad about their life insurance program before they become too old to purchase or too unhealthy/uninsurable. Many times the children are the beneficiaries and have no idea what their parents have purchased nor for what reason (pay off debts, etc.).