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3 Signs You May Need More Life Insurance

Have you recently had a big change in your life? Perhaps you got married, grew your family, or even started a new business venture? Big changes are often exciting, but they can also bring new financial needs and complexities. If the new change in your life comes with new financial responsibilities and obligations, it may also mean that you need more life insurance. Now could be a good time to review your life insurance coverage and determine whether you need more protection. Here are three signs that you may need more coverage:

You had children. Many people purchase their first life insurance policies when they have children. The reason is clear. Your children are dependent on you for care, support, and financial well-being. If you were to pass away, consider what might happen to your children. If you're married, would your spouse be able to shoulder the burden of supporting the household without you? If you're single, would anyone be able to financially support your children?

Even if you don't work outside the home, you still may need life insurance. If you were to pass away, your spouse may need to enroll the children in daycare, hire a nanny, and possibly hire other help, such as a cleaning person or cooking help. As a stay-at-home parent, you bring significant value to the household and you may need life insurance protection.

You bought a home. Purchasing a new home is an exciting time, but it also brings added responsibility. If you're like many buyers, you probably used a mortgage to finance the purchase. That means you could have financial responsibility for the home for years or even decades. If you pass away, that obligation doesn't disappear. Life insurance can protect your loved ones from having to assume the financial obligation for the house should you pass away.

You started a business. Business ownership  can be rewarding and fulfilling, both personally and financially. However, it also can bring financial complications into your life. You may have business loans that you used to fund your company. You may have employees who are dependent on you for their paychecks. Your customers are probably reliant on you for products and services.

If you were to pass away, who would step in and lead the business? And how would they be able to support the business financially and meet all obligations? Life insurance can be used to provide your loved ones or your business partners with liquidity so they can keep the business afloat while they figure out the company's long-term plans.

For more information, contact an insurance agency in your area, like Collier G William Agency. They can help you determine your need and they can recommend a solution that's right for your goals and your budget.