Throughout life we continue to play different roles
, which come with different responsibilities. If we were a son or a daughter there will soon come a time when we become a parent. If we were once looked after by our parents, there will come a time when they need looking after. From being single and carefree, we go on to be married with the life and well being of another person intertwined with ours. So, are we ready for all the changes that our life goes through? And more importantly, are we ready to take on these roles and do them justice?
Todays world revolves around money. Unless one is financially sound they cannot hope to rise to the occasion and be of any help to others in times of trouble. The more money you earn, the more reasons to spend it will crop up. Be it paying the mortgage of your house or paying your kids college tuition fee, there is really no dearth of payments you need to make. So, how do we assess if the life insurance policy we took some time back is right for us even at this point of time?
Life insurance plans needs to be assessed once in a while because your financial condition keeps changing. Gauge your current lifestyle and the responsibilities you have. From this sum subtract your income and to it add the extra expenses that could incur in your absence. Do this little exercise for you and also your spouse. Now compare the sum you ended up with the amount on your policy. Is your policy having the right amount of money? This a simple exercise for you to calculate if the policy you are prescribing to, has the required amount of coverage or not.
In this your policy does not, do not hesitate to call your agent and upgrade. It is never a bad thing to buy additional coverage. Bear in mind that the factors that affect your insurance policy are your age, occupation, weight and lifestyle. If you notice a change in any of these factors, then it is time to update your policy as well. Policy assessment should also be done when one changes jobs, retires or when illness befalls one. It is good to have a word with your agent even when your kids become self-reliant and you no longer need to support them financially.
Change is the name of the game. Be vigilant and sensible if you want to strike pay dirt.