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Any number of life changes can encourage a change in beneficiaries. You might have a falling out with someone, but more often it’s a joyous occasion, like marriage or the birth of a child. When these sorts of life events happen, it’s always wise to review and update life insurance policies. Let’s walk through some of the most common significant life events that can affect your life insurance in this way.

  • Marriage
  • Divorce
  • Having a baby
  • Buying a house
  • Starting a business

The takeaway

  • It’s essential to keep your life insurance policy up to date.
  • Significant life events are an excellent time to review your life insurance policy.
  • The person you want as beneficiary can change over the years.
  • The size of policy you need can change due to certain life events.

Your life insurance policy is only as good as you make it. If you don’t take the time to update your life insurance after significant life changes, you might end up with a policy that doesn’t meet your needs. By checking annually to make sure that your policy size and beneficiary list are what you want, you can keep your policy tailored to your specifications. Whether this means increasing the size to offset business debt or changing the beneficiaries to include a new grandkid, the goal is to have your life insurance compliment your life.

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