When should you update your life insurance

You may have had life insurance since you were a child. Many parents purchase policies for their children to provide protection and promote savings. Once you have gotten your first full-time job, you might have life insurance provided as one of your benefits. Often, this is something people don’t think about much. Financially, it is a good idea to keep your eye on your life insurance since it is most affordable while you are young and healthy. At B & G Insurance in Miami, FL, we understand the importance of life insurance for your entire life and we are here to help answer any questions you have. 

When your financial situation changes

As you start to accumulate wealth you should take a good look at the amount of life insurance you have. If you have no dependents, you don’t need vast amounts of life insurance but you are in a position to think ahead. Life insurance is affordable when you are young. Getting a rate that stays with you forever or for 30 years isn’t a bad idea. 

You add dependents

Being financially responsible for someone else is a major change in your circumstances. Whether it is a spouse, children, or another family member/members, you need to face the reality that if you are not there to provide support, how are they going to survive? Life insurance is the safety net that allows your dependents to maintain the lifestyle they have become accustomed to. 

When you retire

By the time you retire, the people who depend on you has probably been reduced. You may not need as much life insurance as you did through the years you were providing them. 

Contact B & G Insurance in Miami, FL for all your insurance needs. We have an experienced team to give you the level of service you deserve.