family update life insurance

When Should I Update My Life Insurance Policy?

People have many reasons to update life insurance policies for themselves and their families. Life can change dramatically after first purchasing a life insurance policy and policies must be reviewed and possibly amended to reflect those changes.

Consumers must contact their life insurance companies (or come straight to Active Brokers if you are an existing client) if their lives change in any of the ways listed below.

Major Purchase

If you purchase a home, or even take on a substantial loan, you should contact your life insurance agent to review and possibly update your life insurance policy. You should consider a life insurance policy review with the birth of each child to reflect the extra future expense. Even though a child is a wonderful addition to your family, do you know just how much raising a child costs? Find out in our blog post and infographic.

Change in Marital Status

If you marry or get divorced, you should contact your life insurance company to review and possibly change your life insurance policy to reflect your current status. If you have a joint policy then you really need to consider amending your policy or update life insurance to a completely new policy. Do you want to include your new partner in your insurance policy to make sure they benefit? Do you need to remove beneficiaries? These changes mean you need to update Life Insurance so that you’re paying for exactly what you want.

Other Life Changing Events

You should contact your life insurance agent if you experience a life changing event of any kind. Any event that has the potential to significantly alter your life, such as a considerable change in your financial circumstances, major changes in your health or that of a family member. You might be eligible for a partial payout if you fall down with a critical illness. Check your policy details to find out if you should update life insurance to better fit your circumstances.

Update Life Insurance with Active Brokers

Updating your life insurance doesn’t have to be hassle, if you’re an existing customer with Active Brokers then you’ll know just how simple it is to apply with us. If you’re new to Active Brokers then welcome! Don’t worry if you have an existing policy, we will try our best to find you a better deal at a price that’s better for you. If not then don’t worry, we won’t charge you for our services.

If you have any questions then you can talk directly to us via the web chat function, give us a call, or fill in a form to get a quote here.

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