There are many reasons why individuals change their life insurance policies, but most often than not, insurance companies prompt you to change your policy to increase your coverage for a few reasons– new job, new home, new member in the family, etc. Each of these events require you to adjust your life insurance policy accordingly to protect your familys financial security. However, there are a few instances where you might need less life insurance.
It may sound weird at first because you may be thinking, Well why would I ever need less life insurance? Is there actually such a thing as too much life insurance? Well, if you experience a life-changing event in which you no longer need to support someone financially, you may actually want to lower your policy. For instance, an individual who goes through a divorce may not be responsible for the financial status of his/her partner any longer. In this case, s/he would get a lower policy.
You also might want to reconsider your policy if your child, who is no longer a child, can now take care of themselves financially. Maybe they just recently graduated college and they just landed a good paying job. In this case, they can support themselves entirely and wouldnt be negatively affected financially in the case of your death.
Each and every case is unique and specific and we are here to help you discover the life insurance policy best suited for you and your loved ones. Even if you dont need less coverage you should still contact us because Many Term Life Insurance rates have actually gone down over the past few years. Today, SelectQuote is America’s #1 Term Life sales agency. Call for a free comparison between what you’re paying now and what you could be paying.
Call us 1-888-279-6192 or click for a free quote.