Keeping up with life’s changes


We all know that life isn’t static. A constant ebb and flow of events like family developments, career changes and retirement inevitably bring changes to your financial needs and lifestyle. When these events occur, they can often impact whether your insurance coverage still reflects your needs. To help you prepare, here are some key events that should prompt you to revisit your life insurance and long-term-care coverage.

Marriage: Whenever you get married, your insurance needs to be changed. You now have another partner in your life who also becomes part of your financial experience regardless of whether you share a bank account. No one likes to think of their loved ones passing away, but should something unfortunate happen to you or your new spouse, having adequate life-insurance coverage will help remove financial strain during an emotionally challenging time.

New baby or new dependents: Any time a new child is born or you have dependents move in with you, you need to revisit the insurance coverage you have to make sure it aligns with your needs. You should update both your life insurance and long-term-care insurance to reflect not only the number of people dependent on you, but also which beneficiaries you list.

Divorce: Divorce is rarely a simple process and you have many financial items to address during this time. Not only do you have one fewer person in your household to account for, you may need to revisit who owns your current life insurance policies. Beneficiaries will very likely need to be changed. You also want to make sure that the coverage you currently have covers your needs as a single individual.

Changes in income and career: Sometimes career changes also change your household income. Whether that means you’re going into business for yourself, becoming a stay-at-home parent, or receiving a promotion that substantially increases your salary, income changes affect the type of life insurance coverage you need. Remembering to revisit your individual policies whenever your career and income change will help you prepare for your new financial profile.

Retirement: Once you enter the retirement phase, both your life insurance and long-term-care insurance should evolve with you. Where you are in your financial life will guide what steps you need to take. If you’re entering retirement, revisiting your life insurance is a must. Plus, ensuring you’ve lined up long-term-care coverage for later in life when your healthcare needs may increase is a beneficial step to take for yourself and your family.

Checking your life insurance and your long-term-care insurance policies annually is a great habit to develop. It’s a good idea to set a specific time of year to go over these policies: January (first of the year), your birthday month…basically whatever time of year that you’ll easily remember to look over these important documents. Of course, remembering to make any necessary changes as soon as those life changes occur would be ideal. This habit can keep you and your loved ones protected and prepared for life’s varying events.

Frederic “Ric” Schilling is a Florida native, born in Jacksonville, Fl. Ric is President of Senior Guardians of America, a local North Florida firm specializing in tax reduction, long term illness planning, asset protection, probate avoidance and life income planning. Ric is a National Speaker and Advocate on Senior Issues and has been featured by the Florida Times Union and WJXT, TV-4 in Jacksonville as an authority on Estate Planning and Retirement Issues. Senior Guardians has an A+ rating with the Better Business Bureau and is a member in excellent standing with the National Ethics Association. Contact Frederic: 904-371-3302 or 888-891-3381 Please visit: www.seniorguardian.comThis article is not intended to give tax or legal advice. Securities offered through Center Street Securities, Inc. (CSS), a registered Broker-Dealer and Member of FINRA & SIPC. Senior Guardians is independent of CSS.