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When to Review Life Insurance

September 24, 2018

We often say that our clients buy life insurance for one of two reasons – you love somebody or you owe somebody. For most, it will be the first reason. You want to protect a loved one and there is a financial dependence on your income. According to a recent study, 38% of Americans believe they would feel the impact from the death of a primary wage earner within a month of their passing.1 However, the second scenario can have a major impact when a mortgage, student loans or other debts are a part of your financial picture.

So when do you review your life insurance plan to ensure you and your loved ones are set up for the future? Any time there is a major life change! These can include:

  • New child/grandchildren
  • Change in marital status
  • New job/promotion/salary change
  • Receipt of an inheritance
  • Sale or purchase of home
  • Death of a family member

Although each of these is an opportunity to have a conversation about life insurance and any potential changes, it’s also not an exhaustive list. Other life moments that may change your lifestyle or plans for the future should also be considered. These may include:

  • Major investment gain/loss
  • Health concerns
  • Change in estate plan
  • Start/purchase a business
  • Sold or acquired assets
  • New investments or insurance

You work hard every day to establish yourself and take care of your loved ones. Don’t leave tomorrow or the future of your loved ones to chance. There are several life insurance options depending on your current situation and plans for the future we can take into account to guide you on the right track.

1 https://www.lifehappens.org/wp-content/uploads/2013/10/brochure_LI_WhatYouNeedtoKnowAboutLifeInsurance_Consumer.pdf

 

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Securities and insurance products are offered by Cetera Investment Services LLC (doing insurance business in CA as CFG STC Insurance Agency LLC), member FINRA/SIPC. Advisory services are offered by Cetera Investment Advisers LLC. Neither firm is affiliated with Centier Bank where investment services are offered. Advisory services may only be offered by Investment Adviser Representatives.

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