Resolve to Review Your Life Insurance Coverage
Unlike other resolutions, here’s one you can keep
Woburn, MA, January 26, 2023 — Exercise more, eat healthy, lose weight, spend more time with family and friends. By now, all those well-intentioned resolutions you made for the coming year may have fallen by the wayside. If you own a life insurance policy, however, the start of a new year is the perfect time to make one resolution you can actually keep: Schedule a comprehensive review of your coverage, to ensure you don’t have a gap in your protection.
If you do have a gap, you’re not alone. According to LIMRA’s 2022 Insurance Barometer study, 41 percent of Americans say they need life insurance, or more of it; and 44 percent acknowledge that their families would face financial hardship within six months if a wage earner died unexpectedly.
Life insurer SBLI points out that things can change significantly over the course of a year, affecting the amount of coverage you need, including:
- Hearing wedding bells – With marriage comes the need to provide for your spouse so that they can maintain their lifestyle in the event of your premature death.
- Welcoming a new addition – A growing family means additional child care expenses as well as saving for college.
- Making career moves – If you got a new job or were promoted and are earning a higher salary, you should make sure that your policy will sufficiently replace your earnings for your beneficiaries.
- Buying a home – Your policy’s face amount should be enough to cover your mortgage balance, so that your family can continue to live in the home you’ve worked so hard to provide.
- Increasing your household debt – Life insurance provides a cash payment to your beneficiaries, which they can use however they see fit, including to pay debts left behind.
- Becoming a grandparent – By purchasing a life insurance policy for a grandchild, you can lock in the premium at their current age – when rates are low – for life.
Other resolutions may be difficult to maintain, but a review of your current life insurance coverage is one that’s easy to keep and offers peace of mind knowing your family’s future is secure.
About SBLI
For more than 115 years, SBLI (The Savings Bank Mutual Life Insurance Company of Massachusetts) has specialized in providing hassle-free, affordable life insurance. Whether it be term life, whole life or a plan that combines the two, we offer dependable protection, at a fair price.