Life Insurance Questions & Answers: Life Events
Life Events Q&A
Showing 4 questions
What happens to my life insurance if I change jobs?
If your life insurance benefit is through your employer most of the time you loose that benefit although some cases you can take it with. If you have your own policy outside of your employer that is always yours and you do not loose that as long as premiums are paid.
What happens to your life insurance policy in a divorce?
This depends on how the policy was structured in the beginning. If spouse a is the insured and spouse B is the beneficiary, then nothing is required to change. If there is insurable interest among the parties and premium costs are shared or determined as to who will pay it
How often should someone review or update their life insurance policy?
It is usually recommended to review your policies on a yearly basis. If your situation changes it is also advisable to review your policies to see if you need to make any changes. If you have a broker, they can usually keep up with the appropriate times you may need to review your policies to make any needed changes.
At what age should someone start thinking about life insurance?
There isn't a set age when someone should start thinking about life insurance. However, if someone is old enough to ask this question, they are old enough to think about life insurance. There are many variables, of course.Folks who are about to have a new child, buying or building a home, between jobs, don't have enough life coverage with their current job, etc--at ANY age--can consider life insurance.
If someone is thinking about life insurance for themselves, it's a good idea to consider getting covered when you are young. Premiums will be lower and whole life policies will maintain a static premium as long as they are paid (and build cash value).
As many parents will have policies on their children until they are adults (and beyond frequently), many people will start thinking about a policy for themselves when they begin to become more autonomous.
Browse Other Questions & Answers
How Life Insurance Works (27) Coverage (18) New to Life Insurance (17) Eligibility (13) Advice for Beneficiaries (11) Rates and Costs (10) Financial Planning (9) Term Life (8) Advice for Families (8) Whole Life (7) Riders and Addons (5) Life Events (4) Retirement (2) Universal Life (2) Final Expense (2) Agent Interview (1)Have a Life Insurance Question of Your Own?
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