Most of us need life insurance at some point in our lives. But don't buy a policy just because you heard it was a good idea. Life insurance is designed to provide your family with financial security in case you, your spouse, or a parent passes away.

 

Not sure what life transformations may require a policy tune-up? Take a look below:

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• You recently got married or divorced

• You became a parent or grandparent

• You started or expanded a business

• Your health or spouse’s health has deteriorated

• You recently purchased a new home

• A dependent requires assistance/long-term care

• You recently purchased a new home

• You're providing financial assistance to a parent

• You are concerned about retirement income

• You recently refinanced your home mortgage

• You or your spouse recently received an inheritance

• You have a sizable estate

 

Also, the younger you are, the less expensive life insurance will be, so even if you don't have an immediate need you may want to consider purchasing a "starter" policy for the future.