We grow up. Things change. Life happens.
Major life events are an ideal time to think about making adjustments to your financial plan, estate plan, property/casualty insurance, and life insurance strategy.
At Quotes Parade, many of our clients come to us for assistance during or immediately after a major life event. Which life events require life insurance planning? Here is our guide to the most popular:
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Marriage is an ideal time to consider purchasing life insurance. When combining your lives you are also combing assets, debt, and most importantly: another person who cares for you.
In addressing your newly combined finances, be sure to have enough insurance so your loved one will not be burdened with your debt in addition to a loss of income.
Buying a House
Homeownership is a serious commitment in terms of length and expense. In the event your family is left with a mortgage in your absence, life insurance can be used to pay off a property or continue making mortgage payments.
Graduating from University
One of the biggest milestones in a young person.s life, graduating from college means taking on more responsibility. Those responsibilities usually mean student loans and/or credit cards.
With a life insurance policy, you can assure that your student loan or other debt is clear and not handed to your family.
A New Child
Anytime you bring a new child into the home you must rebalance your budget and assure that life can continue running smoothly. (Parenting hiccups aside!)
With a life policy, you can sure that your family is financially secure and your child can attend the best University; realizing her potential and honoring your memory.
While changing employers everyone worries about common things like selecting health insurance or rolling over a 401k. Most people neglect to think about employer provided insurance generally being non-transferable.
With a need to replace coverage, it is a good time to consider updating your life insurance strategy, particularly if you are now earning more money.
Updating a Will or Estate Plan
When updating your will and laying out your final wishes, it is important to assure that your plan is funded and will not leave behind a burden for your family.
A Change in Income
Creating wealth, whether through a new job or promotion, is a great thing. So is sustaining wealth for the next generation.
Should you find yourself creating wealth or being the recipient of an inheritance, we recommend you pay it forward by insulting it from a tax burden. Life insurance is an ideal conduit for this.
Moving out of the Country
If moving outside of the United States, life insurance may be crucial. In addition to concerns for safety, there may simply not be life insurance available in your new place of residence.
Before you depart, update your financial plan and purchase life insurance. You may not be able to once living abroad.
Meeting a New Fitness Goal
Three cheers for managing to do what so many of us only attempt during New Years! Meetings a fitness objective is a big deal and may have financial benefits in addition to health ones.
Whether losing those love handles, reducing cholesterol, or training for a marathon, increased fitness level typically translates into lower life insurance premiums. Lower premiums means higher coverage and/or a better insurer. Update your strategy or buy a new policy.
Start the Conversation
We find that clients who come to us for planning around a specific life event rarely know how they want to plan, just that they want to plan. Here is where your Life Insurance Broker can add tremendous value. At Quotes Parade, we begin with a conversation about age, health condition, and the life event triggering the conversation. Through consultative dialogue, we will assure you have not overlooked any key areas of planning.
At Quotes Parade, we begin with a conversation about age, health condition, and the life event triggering the conversation. Through consultative dialogue, we will assure you have not overlooked any key areas of planning. We will even schedule an interval for us to check back with you and assure your plan and policy are still appropriate for your needs.
The overall outcome of these conversations tends to be a sense of relief knowing that loved ones will not bear a burden when planning a life celebration.
If you are ready to discuss your plan, give us a call and see how Quotes Parade is Putting the Life Back Into Life Insurance.