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