Once I Buy the Policy, Will I Even Need to Change My Insurance Coverage?
If you already have a policy, it will usually have a lower premium rate than a new policy you would buy. If you’re buying a permanent policy, the cash value will also be smaller for several years. Keeping all these factors in mind, it might be worth considering a new policy if you have any significant changes in your life circumstances, such as if you:
- Are recently married or divorced
- Have or adopt a child (or became a grandparent)
- Have children or grandchildren who are about to enter college
- Provide care or financial help to a child or elderly parent
- Receive an inheritance
- Retire (or your spouse retires)
- Start a business
- Change or lose your job or salary