5 Moments to update your life insurance in New Jersey

Life insurance requires more than a "set it and forget it" approach. The Insurance Outfit believes that life insurance should grow with you. Unfortunately, many don’t realize this until it’s too late. Even existing policyholders fail to make routine updates and adjustments. As life changes, so should your life insurance policy.

The Insurance Outfit can help. Located in Chester, NJ, the agency shares five life events that demand an immediate review of your life insurance needs.

Getting married

The sound of wedding bells is also a reminder to update your policy. If a spouse passes, it can leave behind a financial burden. In this way, life insurance is mainly for the surviving partner, enabling them to handle bills and expenses that may be left behind.

Owning a home

Most families rely on two sources of income. Mortgage payments can be a particular challenge. Life insurance supplements these payments, enabling your family to keep their home after you’re gone.

Expecting a baby

Having a child is already filled with worry, stress, and sleepless nights. Rest easier with life insurance. This secures and safeguards your child’s future.

Starting a company

Bringing a new business into the world can be equally scary. Life insurance could help your family assume control and keep the doors open after you’ve passed. But it’s suitable for investors too. Life insurance grants them peace of mind, stability, and continuity also.

Retiring

Life insurance serves two primary purposes: reducing risk and replacing lost wages. Both of these are less important during retirement. For this reason, you might consider decreasing your coverage. Social Security and pensions may be enough.

Contact an agency serving New Jersey.

The Insurance Outfit can fit you with a personalized life insurance policy that can adapt with you throughout your life. Schedule an appointment today.