If you have forgotten about the details of your permanent life insurance policy, then you are doing it wrong. Like every other thing in life, your life insurance policy should be constantly reviewed to reflect the changing times. However, if you are still not convinced, we have listed some reasons you should immediately update your permanent life insurance policy.
Starting a family
Getting married and having children increases the number of people dependent on you for their daily needs. If a job loss or death were to happen to you suddenly, your loved ones’ life could be put at risk. But when you update your permanent life insurance to include these new sets of dependents, you are providing a financial covering for them. And irrespective of any negative event that might happen to you, you can rest assured that your partner and children will be adequately protected.
Purchasing a home
Every home purchase comes with the added baggage of mortgage debts that have to be paid every month. So, if you are in the market for a new house or if you just bought a new home for your family, ensure that you also update a permanent life insurance policy to reflect this. Doing this will enable your family to easily keep up with the mortgage repayment if you are no more. And of course, because of your permanent life insurance policy, your loved ones will not have to sell the house in order to repay the debt.
Improvement in health
Do you know your insurer can adjust the premium on your permanent life insurance policy and even downgrade your risk factor just as long as there is an improvement in your health? So, if you are consistently practicing healthy living, update your permanent life insurance policy to reflect your current lifestyle. This action will have a positive impact on both your disability insurance and disease insurance needs.
Owning a business
Assuming you are no more, what do you think will happen to your business? Updating your permanent life insurance policy to protect your business is one of the smartest decisions you could ever make. With your permanent life insurance policy, you could make sure that your business partners would have the financial resources to buy up your owner’s share.