WHEN TO RECALCULATE YOUR LIFE INSURANCE NEEDS Randon James Morris
Life Insurance Policy Plays a Key Role According to Randon James Morris, Life Insurance Plans can play a key role in protecting your loved ones financially when you pass away unexpectedly. Often the role of protection plays in your financial plan depends on your life stage.
Examples of When to Recalculate your Life Insurance Needs
• Young adults starting their careers • Newly married couples • Parents of minors or young adults
• Older adults nearing or in retirement
Life Insurance Policies for Young Adults Starting their Careers
In the happening of your death, it may become difficult for your family to manage the mortgage of a Student Loan. However, a life insurance policy may help provide the cash flow for your family or other trusted beneficiary to handle your affairs without it becoming a potential burden.
Life Insurance Policies for Newly Married Couples
Life Insurance Policies for Parents of Minors
For many individuals, the need for life insurance becomes a topmost priority following the birth or adoption of a child. If you have or are considering starting a family, this is the right time to evaluate your insurance policies.
Life Insurance Policies for Older Adults Few types of life insurance policies may offer the flexibility to borrow against accumulated cash values in order to provide cash flow in retirement.
Final Thought
Randon James Morris advises every individual to regularly review your coverage and ensure it covers the changing needs of your family.